Frequently Asked Questions
What is Leasing?
Also called Personal Contract Hire, leasing a vehicle has been popular in the USA for a long time and is now becoming a preferred way of acquiring a new car in the UK. Lease purchase is similar to renting as there is no option to own the vehicle at the end of the term. You simply return the vehicle and then take out a new lease agreement for a new vehicle, so they are able to update their cars every 3 or 4 years without worrying about selling, part-exchange and the effect of depreciation.
What is the Initial Rental?
The initial rental in the upfront cost of the lease agreement, usually expressed in terms of a multiple of the monthly payments. So if the lease agreement is 6+36, then you know that you pay an initial payment of 6 months rental at the start of the agreement, followed by 36 monthly payments.
Is Leasing right for me?
The decision to lease, rent or buy a vehicle always comes down to your personal circumstances and individual preferences. It may not suit everyone. Most people find leasing suits their needs as they can avoid large initial outlays on a new car, avoid taking out a personal loan and budget their finances better by paying monthly. Also, with most lease terms being between 24 and 48 months, they can update their vehicles regularly without suffering the financial loss incurred due to price depreciation. Now that cars are becoming more and more fuel efficient due to improvements in vehicle technology, having a new car every few years can also save you money and limit the impact on the environment.
I have been declined before, can I still apply?
100% yes. We help many clients that have been refused elsewhere.
I have bad credit, can you still help?
Yes. As long as the payments are affordable we can still help you find a new car that is suitable for you.
Will I get a warranty?
Most of the cars are brand new and come with a 3 or 5 year manufacturer’s warranty. Alternatively, additional warranty and maintenance packages are available.
Do I need to tax the vehicle?
No, when you lease a vehicle through Personal Contract Hire, the road tax is paid for by the supplier of the car for the duration of the lease agreement.
Are you regulated?
Yes. We are regulated by the UK Financial Conduct Authority.
What is the process of getting my new car?
We try our best to make this as simple as possible. Start with filling in the simple form on our ‘Apply Now’ page, let us know what car you would prefer and we will take it from there.
What is PCP?
A PCP is a Personal Contract Purchase agreement and is different to leasing as you have the option to own the vehicle at the end of the term. The cost of owning the vehicle is then met by a Balloon Payment, the amount of this payment is determined at the start of the contract. We only offer PCH and not PCP agreements.
What is a Balloon Payment?
With Personal Contract Purchase (PCP) you will be given the option to own the vehicle at the end of the term. The cost of this is met by making one single payment, determined at the start of the contract. This payment is referred to as a Balloon Payment. These Balloon Payments do not apply to Personal Contract Hire.
When will I get my car?
If your chosen vehicle is in stock it usually it takes around 14 working days to complete the process and take delivery of your new car. If you opt for something more bespoke, then it can take around 3 months for the factory to complete your vehicle.
What happens at the end of the lease period?
With all Personal Contract Hire (PCH) agreements you just simply return the vehicle at the end of the term. The vehicle must be in good condition and Fair Wear & Tear policies apply.
Can I export the vehicle overseas?
In most cases you can not take the vehicle outside the UK, however it is possible to have vehicles delivered to Northern Ireland and the Isle of Man.
Do I need to take out Insurance?
Yes. Comprehensive insurance cover needs to be obtained by you and in place the day you receive the vehicle. You will need to inform the insurance provider of the vehicle suppliers details.
Do I need to MOT the vehicle?
If the vehicle is over 3 years old then it will need an MOT on an annual basis.
What happens if I exceed the annual mileage limits?
If you exceed the annual mileage limit then additional charges will apply.
I am a student, can I still lease a car?
Yes, provided you are over 18, a UK resident and hold a valid UK drivers license.