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Top five car leasing questions

Can I lease a car if I have bad credit?

As Personal / Business Contract hire is a form of motor finance, all customers have to submit a finance application. Funders will look at an applicant’s credit score but also take into account other factors such as current loans and the ability to make regular payments on time. Ultimately, lenders have a responsibility to make sure people can afford to repay the finance being offered.

If you have bad credit, or are unsure on your credit status, it may help to use a credit check service (such as Equifax or Experian) prior to looking for a lease car. Is there a minimum age limit to lease a car?Providing you have a full UK driving licence and pass the finance check, anybody can lease a car from the age of 18.

Is insurance included in a lease deal?

Unfortunately, insurance is not included. This is as every customer is different; ie age, area etc, therefore it is impossible to cost insurance in with the lease price. All lease cars must be insured comprehensively.

Do I have to pay a deposit on my lease car?

You may have seen other leasing companies offer “no deposit” leasing deals, but you will see a huge increase in monthly payments if you go for a “no deposit” deal. All deals advertised on our site require an initial payment, which is usually set at one, three, six or nine months’ worth of the monthly payments. You Pay your initial rental e start of the contract and, unlike a deposit on a rental property, the initial payment is not refundable.

What happens at the end of my lease contract?

Once your lease comes to an end, you are faced with a number of options, depending on what type of contract you have taken out. You can either choose to hand the car back and not take out another vehicle or hand the car back and take out a new lease. In some cases, a purchase price can be requested if you really like the vehicle. (Not all finance companies offer this so this is not always an option.)

it's usually best practice to check over your vehicle, making sure all electronic and safety features are in working order, no rust or corrosion appears on the car, the car is roadworthy and no warning lights are displayed and that there is enough fuel for collection. Make sure the car appears in good condition and represents the age of the vehicle, minor stone chips usually aren't a problem but if there is substantial damage to the car such as dents or scratches it's always good to take it to a body specialist to get it checked out and have any work that is needed carried out.

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Posted on 20th September 2018 at 10:36 AM

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