Frequently asked questions
When should you start thinking about leasing a vehicle?
Ideally about 4 months before you want to lease a vehicle. This will give you a few weeks to do some research into what vehicle you want, get some quotes and be approved for credit.
Most people want a specific vehicle and they want it straight away. This is fine, if you are not fussy about the spec and colour etc.
Many people wrongly assume that their preferred vehicle will be in stock, quite often this isn’t the case, especially if you are not willing to compromise on colour etc.
Therefore, we always suggest allowing about 4 months, just in case the vehicle you want has to be factory ordered - This can take anything from 8 to 12 weeks.
What happens at the end of the lease?
At the end of the lease, your leasing company will make contact with you and arrange a time to come and pick up the vehicle. Alternatively, you may have the option to purchase the vehicle for a specified price - this depends on the type of agreement you are contracted to.
For many people, the benefit of leasing is that you can simply return the vehicle and walk away at the end of the contract. This means no messing around with trying to sell your vehicle or receiving a low payment for a part exchange. You simply hand it back and take out a lease on another new vehicle.
When handing back your vehicle, it will be expected to have no more than normal wear and tear. Excess damage and extra mileage over and above your contract-specified limits are likely to be charged for.
How to find the right vehicle leasing company
Most people start by looking on the Internet. This is a great place to start, but you are likely to be overwhelmed by the amount of leasing companies and all the offers that they are advertising.
Contact 3 companies
The more you shop around, the more confusing it will get. I would suggest, contacting about three companies – talk to them about what you want and get a few quotes.
Who are you comfortable with?
Once you have contacted a few companies, decide on a company who you are comfortable with and someone who you trust. If you are confused about leasing, they should be prepared to talk you through it and not push you into a deal that they want you to have, it must be right for you.
Price – look at quotes carefully
Obviously the price will be important to you, but make sure you check out each quote carefully. What might seem like a really cheap offer might have a catch. For example, today I saw an offer which seemed ridiculously cheap. It turned out that the deposit was £5000! One of the benefits of leasing is that deposits are generally low - typically 3 months rental. If you pay a high deposit your monthly payments will be much less, making the offer appear cheaper, but overall, the quote isn’t actually any different.
Think about service
In some cases we don’t always advise going for the cheapest quote. If you have a better feeling about another company who may be a pound or two more each month, it may be worth going with them.
The saying ‘you get what you pay for’ applies very much to leasing. You may not realise this because you get the same product, whoever you buy from. But what happens if you have problems throughout your lease, say your vehicle gets written off (believe me, it does happen – often through no fault of the lessee)? Some leasing companies will not want to know – so make sure you deal with a company you feel will give you good after service.
Want to know more about our honest, open and refreshingly customer-centred approach to vehicle leasing?
Get in touch today. Call us on 01903 882 808 or email enquiries@autofunding.co.uk
Found your financing method?
Whether you know which option you want or require some expert assistance,AFS can help get the wheels in motion.
So call us today on 01903 882 808 or email enquiries@autofunding.co.uk.
