A car leasing is a long term rental of a new car from the leasing company. You have to pay a deposit, then a set amount each month in order to keep leasingthe car.
1.How does it work?
To start with you’ll need to pass a credit check, but your monthly repayments are still your own responsibility. There may also be an admin or processing fee that comes with it.
You will have to declare an annual mileage, and if you go over a certain amount then you have to pay a fee.
For the vehicle, you’ll have to buy your own insurance, fully comprehensive insurance will cover the cost of repairs for the lease car and any damage cost to third parties.
4.Wear and tear?
Any damage that happens when you have the car will require a fee from the leasing company. When you lease a car you should ask for a copy of the BVRLAs standards from the leasing company.
5.When the lease finishes.
Once the lease has finished you can either finish the lease and hand back the keys or switch to a new car.
Leasing companies usually offer maintenance packages, which include;
-Labour and parts for mechanical and electrical repairs
-MOTs (if required)
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