Don’t dream it drive it!

The current UK vehicle leasing and finance market is quite complicated because there are so many companies offering so many different leasing options. These UK vehicle leasing organisations include independent leasing companies, car manufacturers, local dealerships and financial institutions.

Vehicle leasing is quite a generic term and covers the various methods for financing vehicles, which include:

• Contract Hire
• Finance Lease
• Personal Leasing
• Contract Purchase

Vehicle leasing is a straight forward rental agreement of paying for a vehicle over a set period of time, usually starting at 24 months. Included in the leasing agreement will be the fixed cost of the lease and a pre-determined mileage, which if the vehicle exceeds by the time the lease comes to an end, a penalty could have to be paid. At the beginning of a lease you will probably have to pay a refundable deposit as well as the first month's payment. The price agreed for the lease of the car is used to work out the cost of these payments, and is called the capitalised cost.

There are many advantages to leasing a vehicle in the UK, such as:

• Fixed monthly rentals which allow easy budgeting
• No risks associated with ownership
• Inclusive maintenance packages are usually included in the monthly rental to avoid any unwanted bills

Vehicles that would usually be too expensive to buy become much more affordable through a PCH or PCP plan.

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