The Leasing Process Explained In More Detail
Firstly, the whole team at Flexed would like to congratulate you on passing your driving test, you must be thrilled! The next step however, is finding the right car to get you mobile and that’s where we can help.
But of course, there’s plenty of questions to be answered first about leasing, such as is it right for you, how long can I lease for and how much will it cost?
So, to give our new or younger drivers more of an understanding about what to expect from leasing a car, Flexed have compiled a simple guide that hopefully answers all your questions and puts your mind at ease.
What Is Short Term Car Leasing?
Basically, when you lease a new car from Flexed, you are renting it for the minimum 28 days but can lease for longer, up to 3 months, 6 or even 12 months and more.
Personal Contract Hire (PCH) allows you to lease a new car and drive it for as long as you want, before it’s returned back to us.
Is Car Leasing Right For A New/Young Driver?
According to a recent survey, 1 in 5 young drivers aged between 18 to 24 are opting to lease their first or next car. The reason being, is that leasing a new car comes with so many extra benefits:
- A new car with extras – all of our lease cars come with a manufacturer warranty as standard, plus your contract will include UK road tax, breakdown cover and vehicle maintenance for total peace of mind.
- Credit score building – an acceptance for vehicle finance could help improve your credit score, as long as you keep up with the monthly payments.
- All the latest technology – all of our lease cars are less than 12 months old, with 90% of those being less than 6 months old, so whatever car you choose to lease, it will feature all the latest entertainment and safety technology for you to enjoy.
- Flexibility – our rolling 28 day short term car lease contracts are the ideal choice if flexible leasing is what you’re looking for. You only have to commit to 28 days and after which it’s entirely up to you what happens next – return the vehicle, lease for longer or swap cars, with no additional charges to pay!
What Credit Score Is Required?
Every customer at Flexed must provide their Credit Score rating and obviously, a ‘good’ to ‘excellent’ credit score is what we are looking for in order for you to be accepted for vehicle finance.
However, other factors come into play, such as other debts you might have and whether you can prove you’ll be able to keep up with the monthly payments.
Here at Flexed, we look at each application individually and if there’s a ‘grey area’ surrounding your credit score, we do sometimes ask for a refundable security amount, which sits on the account until your contract ends.
To be able to lease a new car from Flexed, you must:
- Be aged 18 years or over.
- Hold a full, valid UK driving licence.
- Be resident in the UK and have a UK bank account.
- Be able to afford the monthly payments and prove that you have a regular monthly income.
What Car Should I Choose?
The first thing you should think about before you even start to look at all the new cars we have available to lease, is budget. Knowing how much you can realistically afford to pay every month is vital and then you can start to think about the following:
What style of car do I like?
Do I need a car that’s cheaper to insure and run?
Will I be using the car every day?
Do I need a small car or something a bit bigger?
What length of car journey’s will I be doing?
What kind of roads and terrain will I be driving on?
What size of engine will I need?
Do I need extras such as a large boot, Bluetooth, sat-nav etc..
Should I go for a petrol or diesel or possibly a hybrid or electric car?
Also, please be aware, you could incur end of lease charges if your lease car shows signs of damage not covered under the BVRLA Fair Wear & Tear Guide.
Once you’ve taken into account all of the above, have a closer look at all the new cars we have available to lease on our website – please click here. This page is kept up-to-date with all the current models we have for our customers to choose from. If you can’t see the exact model you’d love to drive, please let us know and we’ll do everything we can to find the right vehicle for you – call 0800 311 8290.
Drop us a quick email to firstname.lastname@example.org or chat with a member of our team NOW using our online ‘We Are Here!’ service – we’ll gladly answer any leasing questions you may have.