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- How Leasing Works
How Leasing Works
What Is Car Leasing?
By Donna Kelly
Leasing is a long-term rental agreement offering the exclusive use of a car or van for a set period of time at a fixed monthly price. It offers an alternative, and often cheaper, funding solution to buying a new car or van with a bank loan or dealer finance.
Car leasing helps you avoid any unexpected costs by offering a fixed monthly payment for the term of the lease. The customer also doesn’t have to worry about depreciation or selling the car as this job falls to the lease company.
How Car Leasing Works
At the start of a contract, the customer pays an initial rental usually equivalent to three monthly payments.
The customer then makes monthly payments for the duration of the contract term. At the end of the contract (typically two, three years or four years), the customer simply hands the car back without any further obligations, or may choose to purchase the vehicle depending on the type of contract taken.
Car Leasing vs Buying:
There are many practical reasons to leasing a car than buying. Features include:
- Fixed, lower monthly payments
- Lower initial deposit
- Inclusive road tax and breakdown recovery
- Variable contract duration and mileage terms
- Optional maintenance package to spread the cost of servicing
With a leasing contract, you also have the opportunity to drive a new car every two, three or four years and all of the vehicles include the standard manufacturer’s warranty.?
Types of Lease Contracts
There are a number of different types of lease contracts available to cater to your business or personal requirements. To find out more about the different types of leasing options, simply follow the links below.
- Contract Hire
- Contract Purchase
- Finance Lease
- Personal Contract Hire
- Personal Contract Purchase
- Lease Purchase
Have a question about leasing? Visit our FAQ’s page or call Nationwide Vehicle Contracts on 0844 482 9595.
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