Congratulations on passing your driving test, you must be over the moon. Now, it’s time to get you on the road as quick as possible and that’s where we come in. But what exactly is leasing, is it right for you and how much does it cost?
To help explain the leasing process for new drivers, Nationwide Vehicle Contracts has put together a short guide to answer all these questions and more.
Essentially, car leasing is the long-term rental of a car.
The difference between the two is, PCP means if you want to buy the car at the end of your agreed contract you can. Whereas, PCH means you can’t, you give it back.
Did you know that 1 in 5 young drivers aged between 18 and 24 are now choosing to lease their vehicle? That’s because leasing a car is a great option when you're ready to hit the open road. Check out the benefits of leasing with Nationwide Vehicle Contracts below:
We can’t give you an exact optimum credit score, but we can give you a few tips and tricks. Obviously, in order to be accepted for vehicle finance you must have a good credit rating. And by that, we mean a good to excellent credit score. However, it is worth pointing out, that no lender uses your credit score alone to approve or decline you for finance. Many other factors come into play such as your ability to make regular payments on time and any other debts you may have.&
In order to lease a vehicle through Nationwide Vehicle Contracts you must:
Before you even start thinking about the makes and models that catch your eye, we think it’s beneficial to calculate your budget. Once you have a realistic idea of the budget, it’s time to think about a few other variables:
Once you’ve had a think about everything we’ve outlined above, take a look at the plethora of vehicles we have available on our website. And to help make all this even easier, we have a great comparison tool on our homepage.
There are additional costs to factor in when you’re deciding if leasing is right for you. Firstly, at the start of the agreement, you pay an initial rental (usually equivalent to three months rentals), and obviously your agreed upon fixed monthly price for a set period of time.
A few other things to consider are also running costs (fuel, insurance, service and MOT.) And finally, any end of contract chargers you may have incurred – including damage to the vehicle outside of Fair Wear and Tear, additional mileage over the agreed amount, also known as Excess Mileage and returning your lease vehicle early, also known as Early Termination.
Have another question about leasing? Leave a comment below or call Nationwide Vehicle Contracts on 0345 811 9595 to speak to one of our leasing specialists.