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The Road Ahead.

Fleetprices.co.uk Ltd News and PR from Fleetprices.co.uk Ltd - Published 12 November 2018 Personal leasing and “some” business leasing is regulated so the company must be registered with the FCA. Most reputable companies also subscribe to the BVRLA.
Leasing is a fantastic way to benefit from driving a brand-new car and having all the associated benefits. However, you do need to ensure you are comfortable with the company handling this transaction on your behalf.

We get asked lots of questions. Below we have outlined the most popular to help you make your mind up.

Why am I charged a fee?

All reputable lease companies will charge a small set-up fee. This enables them to provide a high level of service and expertise.

Will I be able to afford the repayments?

If you wish to lease a vehicle, you will need to pass a credit check. Your outgoings will be assessed against your incomings. You will need to budget to make sure you can afford the monthly payments.

An additional consideration to ask yourself. Can you still afford the repayments if something happens to you? Maybe you should look into some additional insurance if you are unhappy with your answer. Are you happy to take care of the vehicle?

All leased vehicles belong to the lease company. When it comes around to handing the vehicle back, it should only have fair wear and tear. This covers both the interior and exterior of the vehicle, see our posts for more information on this subject.

Why do I never own the car?

A leased vehicle is always owned by the lease company, you are just looking after it. if you want to make any modifications you will need to seek approval. At the end of your term you return the vehicle and choose your next one.

Will I need GAP insurance?

Car insurance isnÂ’t included as part of your lease, so you need to obtain fully comprehensive insurance. An additional option is Lease GAP Insurance. It will, in the event of a total loss claim (accident, theft, fire or flood damage), cover up to 100% of the outstanding rental payments for the vehicle and cover any shortfall in the market value settlement provided by the insurer. This is something that we offer to all of our customers upon ordering a leased vehicle, so speak to our specialist Jess to find out more on 0330 606 2600. You can also read our separate article on the benefits of Gap insurance.

What are my limitations?

When you take out the lease, you will estimate your annual mileage and agree this with the leasing company. The less miles the vehicle does, the lower your monthly payment will be. If you exceed your agreed mileage there is usually a pence per mile calculation that you pay when you return the vehicle.

Be realistic with your estimated mileage, it will work our cheaper in the long run.

How long do I have to keep the vehicle?

Leases are fixed term and the terms typically available are 2, 3 and 4 years. You decide which one works best for you. If you have to terminate your lease early you can incur additional costs.

How will I know if my vehicle is right for me?

Consider the length of your lease and then your life plans. If you plan on having a family in the next 2-3 years, a two-seater sports car may not be the right choice.

If you would like to speak to someone about the leasing options available to you, give us a call on 0800 097 0897

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