Top ten tips to finding the best leasing provider

(Posted on 13/09/18)

Top ten tips to finding the best leasing provider

As vehicle leasing increases in popularity so does the number of companies offering leasing services. To ensure you opt for the best leasing company, read our top ten tips on what to consider before choosing a provider:

Research – Are you dealing with a reputable company? Before making contact do your research. Check that they have established premises and read customer reviews on their social media pages or on Google. Are they registered with the Financial Conduct Authority (FCA)? This is simple to check on the FCA Register.

Price – Don’t sacrifice service for a few pounds in the pocket. However, if price is a priority take the time to compare quotes from different leasing companies on a like-for-like basis. Make sure that all details such as annual mileage, contract term and initial rental are the same on each quote. The P11d is a good way to check the value of the vehicle for a like-for-like comparison.

Maintenance – A manufacturer’s warranty is often included for first few years, but you can opt for an additional maintenance contract each month to include extras such as servicing, repairs and tyres. Check how long the warranty is on the vehicle you have chosen, you need to weigh up if not taking maintenance is a false economy when you must maintain the vehicle anyway. If you do opt for maintenance double check that tyres are included in the service.

Added extras - What is included in the price? Road tax is usually included in the monthly price but check whether it is included for the first year or the for the full rental term. Extras such as metallic paint and breakdown cover may or may not be included. With breakdown cover find out if it is provided for the first year or the full term of the contact?

Get out clause – When taking out a lease you agree a set number of years to keep the vehicle usually between two and four years. If you did want to hand the car back earlier there will be a penalty. Ask what the termination charge is for getting out to the agreement early? Some providers charge up to 90% of the outstanding rental in the first year where as others work on an actual termination cost which can be vastly different – this can be positive or negative.

Excess mileage - How much are excess mileage charges? You could be tempted to opt for a lower annual mileage to keep the monthly rentals down but if you exceed your agreed annual mileage you could end up paying more overall with the excess mileage charge. Ask how much you’ll pay for excess mileage.

Hidden fees – Most leasing companies will charge a fee to arrange the lease. Usually referred to as an admin, processing or booking fee. Check what this is before agreeing a deal.

Fair wear and tear – A lease is basically a long-term hire car and you must return the vehicle in the same condition as on delivery. Considering some leases are for four years there’s bound to be some wear. The British Vehicle Rental and Leasing Association (BVRLA) produces a Fair Wear and Tear Guide which leasing companies adhere to. For more information visit BVRLA

Credit check – When leasing you’ll have to pass a credit check to make sure you can make the repayments. Before agreeing on a contract, have a budget in mind and check affordability. If you’re a personal customer you can check your credit score beforehand, most funding providers use Experian to complete the credit check.

Car insurance is not covered by most lease providers. If it is not covered, you’ll have to make sure you have adequate insurance in place when your vehicle arrives.

When comparing your next leasing quote include www.fleetsauce.co.uk – reliable, competitive and trustworthy.