Finding a budget-friendly car leasing deal can help you save money and fulfil your needs to have a faster and more convenient mode of transportation. An auto leasing deal is a long-term rental agreement. You will be required to sign a contract, pay the monthly payments and return the car without a scratch once the term ends. Below is a more detailed guide on how you can find good car leasing deals and determine which package works best for your goals and budget.
The first few steps
The process starts by finding a reliable auto financing company. Each company has a collection of available cars that you can choose from, so select a car based on your working budget, the number of expected passengers, and other essential factors. You must also check the accreditation of the company.
They should be a member of the BVRLA or British Vehicle Rental and Leasing Association. The organisation sets the standard for car leasing terms and agreements. They also investigate complaints against car leasing companies. Other certifications and accreditations come from organisations such as the Finance and Leasing Association, and Financial Conduct Authority.
You must also check the company’s background. How long have they been providing leased vehicles? Checking the length of experience of a leasing company is crucial to finding the right deals. Also, you should consider what their clients say about their autos and customer support service. You will also greatly benefit if you check if the company offers cheap car lease deals.
How to find cheap deals
Car leasing costs have significantly increased over the years, especially for German-made autos. According to UHY Hacker Young, an accountancy group, the monthly car lease payments have risen from £232 to £253 within one year. Nevertheless, it’s still possible to find a perfect deal that will work for your needs.
It’s not that hard to find cheap car lease deals in the city because there many leasing companies. However, you must be extra cautious when dealing with different companies. Some might offer bargain deals at first but charge you high monthly payments after. Other may also add hidden fees to your monthly payments.
Is car leasing for me?
If you don’t have enough budget for a car down payment, then leasing a vehicle may be a good option for you. The deposit fee or initial payment for most companies varies. Sometimes they allow customers to pay at most nine months-worth of payments for the deposit fee. The dealer will deduct the initial payment from the total leasing charge. The difference between the cost of buying versus leasing an SUV can amount to £5,843.
If you now think that car leasing is for you, you should start finding an auto financing company to help you. Be extra careful when you're dealing with a company. Ask about their pricing, study their terms, and clear up any questions you have when you talk to their staff. Also, once you have the leased vehicle with you, make sure that it doesn’t get scratched or dented. Otherwise, you will pay hefty damage fees.