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Explained



The car lease market is climbing at a very fast pace due to UK customers changing their old habits to lease rather than buying a vehicle. The UK now has millions of Personal car lease vehicles and the figure is climbing quickly.


What is Personal car leasing?

Personal leasing is similar to renting but over a longer period of time. The most popular contracts are usually between 2 - 4 years for a set monthly price.

The lease can be tailored to suit your requirements with the length of contract, Mileage and initial payment at the start of the agreement. Most lease contracts are on brand new vehicles so therefor optional extras can be added for factory orders to personalise the vehicle to your needs.

The more money put in upfront will reduce the monthly payments and when you increase the mileage the monthly payments increase inline with the depreciation of the car at the end of your contract.

Finance companies calculate a lease based on some factors:

  • The purchase price of the car
  • Length of the contract
  • The residual value at the end of the contract
  • Annual mileage

When leasing a car you will need to consider the broker processing fee in your budget.

Once the contract is completed the finance company will arrange collection of your Personal lease giving you time to arrange delivery of your next vehicle.


Can I have a personal lease?

To qualify for a personal lease you need to fit within the below criteria:

  • Full UK Licence
  • British passport
  • Registered to Vote (Electoral role at correct address)
  • Prove affordability (income & expenditure)
  • Proof of 3 years employment/education
  • Clear credit file (No CCJ’s, IVA’s or Bankruptcy agains your name)
  • Meet the finance companies underwriting criteria


Why should I choose a personal lease?

Vehicles can be one of the biggest depreciating purchases you make so leasing gives you peace of mind that you will make no unexpected losses at the end of the agreement providing you have kept the vehicle in good condition and not exceeded the agreed mileage limit. Before handing the vehicle back damage must be fixed or you will receive a bill from the finance company for the costs.

Unlike other types of finance options you do not have the choice to own the vehicle at the end of a lease meaning you only pay the depreciation and interest on the car which is cheaper per month. More people are choosing to renew their cars within the manufactures warranty to prevent high running costs so 2 and 3 year personal lease contracts are most popular.

Before we can secure a car for you finance must be approved therefore the first step will be to complete a Finance application which will be submitted to the relevant finance company providing the Personal lease deal you are interested in. Once the application has been submitted we will usually receive an answer within 24 hours however this might take longer if an underwriter needs to review the application or if supporting evidence is requested.


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Lets Talk Finance are a credit broker and not a lender, we are authorised and regulated by the Financial Conduct Authority. Registered No : 788369

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Registered Office : Clover Cottage Greendale Lane, Mottram St. Andrew, Macclesfield, United Kingdom, SK10 4AY

Disclaimer: All vehicle images and descriptions are for illustration and reference purposes only, all vehicle leases are subject to credit approval and subject to change at any time. E&OE.

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