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What is car leasing?

 

Car leasing is similar to renting, in that you choose a vehicle for an agreed length of time (usually between two and five years), for a set fee. You have complete freedom of choice over your vehicles make, model and specifications (color, trim, in-car technologies etc.) and your contract is tailored to suit you in terms of your estimated annual mileage, the length of the contract and how you’d like your payments to be structured.

 

The final cost of your lease is based on a number of different factors: the value of the car (undriven), the cars estimated value at the end of the contract (the residual value), your annual mileage allowance and the length of your lease.

 

How does leasing work?

 

You put down a deposit, more commonly know as an initial payment.  This is equivalent to a few monthly installments (most commonly between 3 and 9 months). The initial payment is then followed by fixed monthly payments that continue until the end of the contract. In general, the longer the contract, the lower the monthly payments. You decide and agree the mileage that you’re going to cover and we work out the costs based on you and what you need.

 

At the end of the lease, the vehicle is simply returned, inspected and your payments then cease, leaving you free to lease another vehicle. If you exceed the agreed mileage, it’s not the end of the world, there’s a pence per mile stated in your contract which is calculated at the end of your term, which you then pay at the end of the contract.

 

Types of leasing we offer

 

Personal Contract Hire

 

Business Contract Hire

 

Further information

 

If you would like further information on our terms and condition, please click the link in the footer.

 

If you have any queries on leasing and the different options available to you, or even if you just want to know more about how leasing works, contact us on sales@drivespeedleasing.co.uk and we will be more than happy to help. 

  • bvrla
  • Arval
  • ALD Automotive
  • Leasys uk Limited 045135