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Car Leasing FAQs

What is personal contract hire (PCH)?

A personal contract hire agreement is a type of leasing arrangement for personal use only. You get a factory-fresh brand new car and during your contract, you pay off the amount that the car would depreciate in value. You never own the car and when your contract is up, you pass the car back to the leasing company. It’s an accessible way to drive one of the latest cars without forking out big bucks up front and losing much of it through depreciation.

What is business contract hire (BCH)?

Business contract hire works the same as PCH with the difference that the car should be used for business use. With BCH, leasing prices exclude VAT. BCH is a good option for companies as it allows them to maintain a new fleet for fixed monthly payments without the looming risk of depreciation. Self employed car lease deals are available too. You can also reclaim VAT on mileage and other expenses. Not all businesses can make use of BCH, however, so be aware of this - taxi car leases are not allowed, for example.

Should I take out a personal lease or lease through my limited company?

There are pros and cons to each. If you lease through your limited company, you pay company car tax. With a personal car lease, you have to pay VAT. It’s best that you sit down and work out how much you’ll have to pay for the specific car you want to lease by calculating what you’d owe in company car tax versus VAT. 

Can I use my company car allowance to take out a car lease agreement?

If your company offers a company car allowance, you can put this towards a business lease. If you opt for a company car allowance over a company car, you will be taxed as if it were part of your own salary rather than BIK tax.

How do I calculate company car tax for a lease car?

To calculate your company car tax, you multiply the P11D value of your car (the list price) by the CO2 emission tax band (BIK rate) for the car by your personal tax rate. Company car tax on electric cars is cheap for 2020/21 - BIK rates are 0%.

PCP vs lease - which is better?

PCP, or personal contract purchase, involves taking out a loan to help pay for a car. The loan doesn’t cover the entire cost of the car. At the end of your deal, unlike leasing, you’ll have the option to buy the car, but you have to pay a large balloon payment to cover the remaining cost. Deciding between PCP or leasing can be tricky. In summary, PCP is more flexible at the end of the contract but car leasing is always for brand new cars and can work out cheaper than PCP in the long run. There is also a third option which is called a lease purchase - from the outset, you agree to purchase the car at the end of the contract, but the monthly payments are much lower than a PCP deal.

How much does it cost to lease a car?

To work out how much it costs to lease a car, you need to work out how much the specific car will depreciate over the course of your contract. This depreciation figure is firstly divided by the number of months in your contract. You’ll pay an initial rental (like a deposit) which is a multiple of this monthly figure. This is then subtracted from the total lease cost and a new, final monthly figure is calculated to exclude your down payment. Other factors will affect the total cost of the lease car vs buying a car - the cost of depreciation depends on your mileage limit and any damage to your car.

Can car lease prices be negotiated?

If you’re looking for a car lease negotiation, there are a few ways to keep your monthly costs low. Primarily, you will have to compromise on your mileage allowance and contract length. To keep your initial rental payment low, you can also speak to your broker about a car lease part exchange where the sale of your current car goes towards keeping your costs lower.

Can I lease a used car?

All of the car lease deals on LeaseFetcher are for brand new cars. It is uncommon for lease deals to be struck for used cars as they have already depreciated in value.

Do I need a good credit score for leasing?

For finance providers to be sure you’ll be able to make your monthly payments, you’ll need to pass a car lease credit check before you can enter a contract. It is possible to lease a car with a poor credit score but you’ll have restricted options and will likely have to pay a higher initial rental. Another alternative is to appoint a guarantor for your car lease.

What is an initial rental?

An initial rental is like a deposit where you pay a multiple of your monthly payment upfront. This can be as low as 1 month but generally it’ll be 3, 6, 9, or 12 months in full. The higher your initial rental, the lower your remaining monthly payments will be.

Can I get a no deposit car lease?

If you opt for a 1 month initial rental, it is essentially like paying no deposit. This 1 month payment will also count as your first month’s payment - so two birds with one stone! Your remaining monthly payments will be higher with a low or no deposit car lease.

Can I get a high mileage lease?

With car leasing, you’ll have a cap on the miles you can rack up during your contract. This is because the higher the mileage, the faster the car depreciates, so it allows the finance company to calculate accurate monthly payments. If you’re looking for a high mileage lease, you’ll need to do the maths to work out whether you’re going to pay over and above!

Who pays for insurance for a lease car?

You pay for your own insurance when you lease a car. You are usually required to take out fully comprehensive coverage to cover you in case your lease car is written off or stolen. You also have the option of taking out lease gap insurance to cover the potential gap between your insurance payout and what you owe the leasing company.

Who pays for road tax with a lease car?

Lucky for you, road tax is included in all car lease deals. Road tax has to be paid by the registered keeper of the lease car, which is the finance company. The finance company will, however, pass on other fees and fines you may get - so don’t think you can get away with avoiding that speeding ticket!

How does servicing, maintenance and repairs work with car leasing?

Your lease contract will stipulate that you must service your lease car at regular intervals at approved garages. You can take out additional lease car maintenance packages to cover wear and tear issues, and any bigger lease car repairs will either come out of your insurance or will be covered by the manufacturer warranty for your lease car.

How long do I have to wait for my new lease car delivery?

Lease car delivery lead times vary. Some brokers will have some models in stock already so you’ll only have to wait a few weeks. If not, you’ll have to wait for the car to be built to your specifications. The length of time this will take depends on the time of year, model demand, and location of the factory. This can take anywhere between 2 weeks and 6 months. Other factors can hold lead times up, including putting a private plate on the lease car.

Can I get out of my car lease early?

If your vehicle is faulty or not fit for the purpose you communicated to your broker, you are entitled to reject a lease car. If you want to cancel your car lease contract completely, you must do so within 14 days to avoid charges and after this point you’ll face penalties. If you want to end your car lease early, you’ve got a few options like a car lease transfer, defaulting, or sometimes purchasing the car and selling it on.

What happens at the end of my car lease?

At the end of your car lease, a leasing company representative will come to inspect your car. Before you return a lease car, the rep will inspect your car to make sure it meets BVRLA guidelines for fair wear and tear. They will also check the car odometer. If there are any issues, you will be given a lease car return charge (which may include an excess mileage charge). If all is well, you can return the car and enter a new contract for a shiny new set of wheels.

How can I find the right lease deal for me?

Here at LeaseFetcher, we think that finding the best car leasing deal should be straightforward. We’ve rounded up some of the best car lease deals from some of the UK’s top leasing brokers so you don’t need to go from site to site hunting yourself. We’ve got an easy filter system so you can compare car leasing deals by budget, fuel type, manufacturer, CO2 emissions, and more.