Which Leasing Option Suits You?

Last Updated: 21st Oct 2016
Which Leasing Option Suits You?

15th May 2015

If you’re looking into leasing your own car, whether it’s for personal or business use, then make sure you know which type of lease would suit you best. There are different cars available depending on which lease you go for, which range from 2-4 years on brand new or used vehicles.

For example, if you’re looking for a car for yourself, whether it’s driving family around or getting to and from work, then personal car leasing would suit you best. Alternatively, if you have been given an allowance from work for a company car, or have owned a business for over 3 years and want a fleet of vehicles, then business car leasing is the best option for you.

Personal Lease

Leasing is a simple way for you to finance and maintain a car that matches your needs. If you work in an urban environment, you can get yourself a small city car. If you often have to carry lots of passengers, you can get a spacious family car. Or even a prestige car if you’re looking for something a bit more high-end. There are different lease options available for personal leases, such as Personal Contract Purchase (PCP),Hire Purchase, Personal Contract Hire and Lease Purchase.

Business Lease

Business leasing has become very popular over the past couple of years, and it’s a great way for companies to get a cost-effective and reliable fleet of cars. This is because they don’t have to worry about depreciation, and can get into a new or nearly new car every couple of years or so, which is great for business image. Leasing options for businesses include Personal Contract Purchase (PCP),Hire Purchase and Lease Purchase.

No Deposit Lease

There is an option, when leasing a car, to not pay a deposit. Although this will slightly increase your monthly payments, they will still be kept at an affordable price. It also means that you can get into your perfect car a lot quicker, without having the time-consuming process of saving up for a deposit.

Bad Credit Lease

Even if you have bad credit, leasing a car is still an option. We have a whole department dedicated to helping people who may have bad credit, get into their ideal car. Bad credit could be due to anything from missed payments to CCJs and defaults. Another option for you, if you credit situation doesn’t match with any of our lenders, is to get an accommodation deal. This agreement means the credit can be in a close family member’s name, but the direct debits are made from your account.

Personal Contract Purchase

PCP is available for both personal and business leases. It’s a cost-effective way to get into your choice of car, and into a new or nearly new vehicle every two or three years. The fixed monthly charge is easy to budget for, and there is the option of an all-inclusive maintenance package. Advantages of PCP include: optional ownership, optional final payment, flexible deposits and an optional maintenance contract.

Hire Purchase

With a hire purchase, you enter into an agreement at a fixed monthly price over a fixed period of time. Once you’ve paid the final instalment, the vehicle then becomes yours. You also have the choice of incorporating a balloon payment which will lower your monthly payments.

Personal Contract Hire

PCH is exclusively available for private individuals and is the most common form of car leasing. With PCH, you get to drive the car for a contractual period of time, but you are not classed as the ‘owner’. You make fixed monthly payments, and at the end of your lease period, you return the car. Benefits of PCH include: fixed prices, low initial payment and no depreciation. PCH also allows you access to better vehicles, as your budget will stretch further if you are leasing.

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