Car Leasing brings you the best possible deals by offering a motor vehicle for a fixed period at an agreed amount of money. It is specifically tailored meeting customer needs. It is also termed as contract hire and you can get your dream car for an affordable monthly rate.

Types of car leasing:

• Personal Car Leasing - an individual who needs a car for private use can get all the benefits at an agreed price.

• Business Car Leasing - In Businesses leasing payments can be declared as tax allowable expenses hence vehicle leasing can be a good option. 100% of the VAT can be reclaimed if the vehicle is used exclusively for business in a VAT registered business. It also helps businesses to reduce downtime and increase efficency .

Benefits for Lenders and Lessee :

For Buyers :

1. Cost Effective - Lessee can easily get the car in a much lower payment than a car loan.

2. Hassle Free - Qualification is often easier.

3. It also allows consumer to drive a new vehicle every few years without the responsibility of selling the old vehicle.

4. Lessee does not have to worry about the car losing value as it ages as you do not own it.

For Sellers :

1. Sellers can generate income from leasing from a vehicle he still owns.

2. Sellers can generate repeat customers more quickly as consumers typically use a leased vehicle for a shorter period of time.

Lease Procedure :

1. Choose a vehicle

2. Pick the model of your choice keeping the price range, features, mileage etc. in mind.

3. Go for a test drive

4. Safety is priority

5. Comparing lease deals

6. Negotiate for a best deal

7. Pay and Drive

Car Lease Term Types :

• Close Ended Lease - It gives you the freedom to turn in the vehicle to the dealer after the term of the lease is over with no financial obligation. you will only be liable for other extras.

• Open Ended Lease - this lease protects the dealer against any loss as lessee is responsible for the difference between the value estimated at the beginning of the contract and the actual depreciated value of the vehicle.

• Single Payment Lease - you can make large payment upfront at the beginning of the contract and avoid any interest charges.

• Short Term Lease - if you need a vehicle for a short period of time, then this is the best option and it is usually for a term of about 12 months.

How to control your lease cost:

• Drive carefully

• Go easy

• Do not modify the vehicle

Few things to be kept in mind while shopping -

⁃ Do a deep research on car lease deals on top ranked models.

⁃ Do not forget to negotiate the price of the vehicle before finalising lease terms.

⁃ Check the rating for current owners and other reviewers.

⁃ Penalties to be charged in case a payment is missed.

The best way to find out answers of all car lease deals related queries is to use the right place via internet and then go and deal in person. Providers offer big choice of the latest leasing deals covering all makes and models to both business and personal users. These companies are generally authorised and regulated by the Financial Conduct Authority.