Tips and Tricks to Find the Best Leasing Deals

January 19th, 2021

Are you in the process of attempting to find a lease deal? The chances are you are searching the internet or asking around trying to find the best deal possible? But, with so many van and car leasing deals out there and which offer a range of varying prices and packages, spotting the best from the rest can be a difficult task, particularly when it comes down to making sure the deal is exactly what you need.

The main thing to do is ensure that you are paying attention to the smaller details and to make it easier to make sure you’re getting the best deal for you, without any hidden surprises before, during or after your leasing deal, we’ve collated the following list of tips and tricks of things to look out for and to consider, which will hopefully make your life a lot easier.

Enquire about the up-front payments

It’s good to familiarise yourself with what the up-front payment is going to be. This is also sometimes referred to as the deposit or advance payment, and can sometimes be difficult to find online, particularly if you consider that the most obvious thing to look out for is the monthly rental figure. However, every car leasing agreement has an up-front payment which is usually equal to 3, 6 or 9 monthly payments – although, they can be as high as £5,000. The methodology is the larger the up-front payment, the lower the monthly payment will become.

VAT

VAT is also something which needs to be factored in when looking at the car or van leasing quotes for your next vehicle that businesses and personal leasing prices are advertised with one main difference is that VAT is not included in business leasing quotes and is on personal leasing quotes.

Additional mileage

A key factor that is used to understand the monthly payments of a van or car leasing quote is the annual mileage figure. The standard quotation for car or van leasing deals has an annual mileage figure of 10,000 miles per annum (30,000 over a 3-year deal), but various deals advertised online use figures lower than this to make the monthly rental figures more appealing. You will often be asked the mileage that you are expected to do so that they can tailor an accurate quote depending on that number of miles.

Enquire about vehicle availability

In recent years, with the vast rise of car leasing websites, it can be hard to know if that deal you are seeing is too good to be true. There have been many cases of outstanding deals promoting desirable vehicles that are in extremely short supply, the result of this is often, unhappy prospects and customers.

Maintenance or tyres

Maintenance contracts are given by most car leasing companies and will cover you for pretty much any kind of maintenance, servicing items and tyre changes for the whole of the contract. But lots of these maintenance packages can be limited in the frequency of access to certain services, like tyres, which can only be replaced a certain number of times over the contract.

Road fund licence

Another cost which can be hidden on occasion with car leasing deals advertised online is Road Fund Licence (RFL), with various deals only including RFL for the first year and then charge you per year for the remainder of the contract, sometimes including a handling fee as well.

Hidden additional fees

Hidden fees are hard to spot sometimes which is easy to believe – they are hidden after all! With car leasing, they’ll often appear in the form of admin fees, finance acceptance fees or handling fees for documents; it’s anything that hasn’t been advertised as part of your leasing agreement.

Amending of contracts

Guessing how many miles you’ll do over the life of your business leasing deal can be hard to do and you may reach the middle of your contract and realise that you’ve gone a few thousand miles over the annual mileage that you expected to do at the start of the contract. We understand that predicting annual mileages can be hard for business vehicles, and so we provide a service that makes it simple for you.

Wear and tear

At the end of your leasing contract, you’ll be giving the car back to the leasing company for a once over, and as long as everything appears to be okay, there will be no further costs between you and your next business leasing deal.

Mileage pooling

If you manage a fleet of cars for your business, some of the cars at the end of a lease will likely be over the annual mileage and some under, leaving you with potentially expensive excess mileage charges for a proportion of your returning fleet.

Inspect your leased vehicle before picking it up

It’s just regarded as a good general practice to check over the condition of the car you’ve leased well in advance of the day it’s due to be inspected and collected. As a general rule of thumb, we would say 10-12 weeks ahead of the handover is a good time-frame to work with. This way you can make any arrangements for repairs or replacements to take place that may need doing.

At the end of your contractual agreement, an inspector will carry out a full check on the car, recording any damage considered beyond fair wear and tear, along with a final total mileage for the vehicle across your agreement. In turn, it’s essential to make sure that there aren’t any issues, otherwise, you could face a fine at the end of your deal to repair or replace anything damaged.

Global Vans – We Provide Excellent Quality Leasing deals and Pride Ourselves on Being one of the Cheapest van Leasing Companies

Are you interested in leasing a van? If this is the case – it’s hardly surprising! Leasing is becoming a growing method of financing vans principally because of its low-cost upfront payments and its beneficial tax treatment. Traditionally businesses used to either buy or hire to finance their vans however as people have got better educated about what leasing can offer the trend has moved this way.

Van leasing is made up of two products being contract hire and finance lease. With Contract Hire the lease is a long term rental and the van goes back at the end of the contract. The Finance Lease is more akin to hire purchase as the van does not go back and you have the option to sell the vehicle and terminate the lease or extend it into a secondary period. When you sell the vehicle you usually receive 98% of the sales proceeds less any finance outstanding so it is very similar to owning the vehicle. To find out more about our van leasing services, please contact us today, we’d be delighted to help with any enquiries you may have.