Personal car leasing is probably something you have heard a lot about from friends, colleagues, relatives, radio adverts or even online. However, like many new customers, actually understanding what this product is can be somewhat confusing.
Let’s start are the beginning ... as car leasing can a generic term for a number of financial products, it is important that you distinguish between the different financial products so that you choose the one which is correct for your circumstances.
If you are looking for a long-term rental style agreement, then personal contract hire may be right for you. However, if you require a purchase style agreement then a personal contract purchase might be more suitable for you.
How Does Personal Car Leasing Work?
Providing our customers with accurate and timely information is paramount. We understand the decision is an important one. Therefore in supplying information about the process and leasing life cycle, we hope to manage any queries or concerns which you have may have.
While contract hire and leasing may at first appear complicated, it is actually quite a simple process. In essence, this is a contractual agreement between an individual and a finance company, whereby an individual will use a vehicle for a fixed period of time i.e. 2, 3 or 4 years. The contract will be based upon a fixed amount of annual mileage. At the end of the contract, the car will be collected; there is no purchasing or ownership of the vehicle.
Choose your Car – take a look at our website, or visit a dealership, and decide which car or type of car you require;
Choose your Mileage – work out your annual mileage and provide this with your enquiry;
Choose your Term – work our how long you need a car for; the minimum term is 2 years and the maximum is 5 years. Choose carefully, as this contract is fixed and you will need to pay an early termination charge to end the contract;
Choose your Maintenance – you don’t need to include a maintenance package i.e. to include the cost of servicing, maintenance and tyres. However, it is often much more cost effective to include this into the contract, as opposed to doing this yourself (please note that our advertised rates do not include this) ; and
Check your credit – this is a credit based product. Please ensure you have reviewed your credit status before liaising with us.
Product Stages/Life Cycle:
Request a quotation from our team – this will be emailed or posted to you (subject to requirements).
Following receipt (and acceptance), make a finance application to one of our selected funders based on the agreed quotation - CarLease UK operate alongside a limited number of funders and they may make a payment to us if you elect to enter into an agreement with them.
Once accepted by the funder, proceed with your quotation to the order stage - you will be issued with a formal order from the team at CarLease UK which needs to be signed and returned.
Pay your deposit - this is held in a separate client account.
The vehicle is then ordered with one of our supplying dealers – you will receive confirmation either before or after this process as to when the vehicle is expected to arrive (subject to change if factory ordered).
Finance documentation is emailed to you via our administration team – as part of this you will receive comprehensive signing instructions. Please also note you may need to supply proof of identity and/or address as necessary.
You return the original documentation to us via post – hard copies will be required in most instances. Once we receive signed copies, our administration team will send details of the cooling-off period.
When the vehicle arrives with our supplier, you will be contacted to arrange delivery – while we can accommodate some requests, weekend and out of hours deliveries are generally not available.
When the vehicle arrives with you will be required to sign a vehicle acceptance note – you will need to return this together with a copy of your insurance certificate.
12 Months into the contract you will be contacted to ensure that your vehicle meets you expectations – use this opportunity to discuss any concerns you may have.
6 months before contract end date – your account manager will contact you again to ensure you aware that the vehicle is due to be returned and we can then discuss options moving forward.
Vehicle will be collected at the end of the contract – one of your administration team members will contact you to arrange this. While we can accommodate some requests, weekend and out of hours deliveries are generally not available.
Why Is Personal Car Leasing So Popular?
Low initial rental options available – you control what you can afford to pay at the start of the lease;
Fixed period of car userership ranging from 2 years to 5 years – you decide how long you need to use the car;
Option to include a maintenance package to cover servicing, maintenance and tyres i.e. “fully-maintained” car lease – if you simply want to fuel and insure the car, let CarLease UK arrange it;
An individual can benefit from ‘fleet’ discount levels – why pay more at the dealer; and
Above all, no concerns – if it increases in value BUY IT, and if is depreciates, LEASE IT!
Our Selected Panel of Lenders
CarLease UK work alongside a limited number of lenders who may make payment to us if you elect to enter into agreement with them. As such, not only can we offer the best car lease deals but we can also deal with a variety of requests.
ALD Automotive Ltd
Oakwood Park, Lodge Causeway, Fishponds, Bristol BS16 3JA
Arval UK Ltd
Arval Centre, Windmill Hill, Swindon, SN5 6PE
Close Motor finance
Roman House, Roman Road, Doncaster, South Yorkshire, DN4 5EZ
All images on this website are for illustrative purposes only.
CarLease UK & VanLease UK work alongside a limited number of finance providers who may make payment to us if you enter into an agreement with them. Failure to maintain payments may result in the vehicle being withdrawn.
CarLease (UK) Ltd is Authorised and Regulated by the Financial Conduct Authority FRN 706617. Please note that CarLease (UK) Ltd is a credit broker and are not a lender. | FRN 706617 | BVRLA Membership No. 1471 | Data Protection Reg. ZA088399 | Registered in England 09312506