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5 things to check before you apply for personal car leasing

So the typical scenario at this point is that you are thinking of acquiring a new car.

  • You have probably thought about buying it but you would rather lease the car instead and maybe buy it later.
  • You have browsed online or been recommended a few cars, shopped around for the best deals and you believe.
  • You think you can afford the monthly rental/repayments to get your hands on a brand new car.

If any of the above relates to you than the following would be very helpful to consider before you apply for car leasing.

1. Financial Planning

Setting the budget right is the most important task before you plan to take out a loan. It is crucial to understand what and how much you are committing, any penalties and any surcharges that can occur and being confident you can afford to make the regular payments otherwise it can make or break your credit profile rating. Most loan applications favour those that have a permanent employed status with a continuous employment record that illustrates your case of being financially stable while it calculates your affordability score based on the finance you are applying for.

2. Insurance

Generally the last thing on a leaser’s list but we recommend getting a few quotes from confused.com before you set your heart on a particular because this figure could drive your decision to which car will fit the budget.

3. Which car to lease

It doesn’t come as a surprise that most of us are so concerned about being offered the finance we often forget to even test drive the demonstration lease cars before applying and accepting the contract hire agreement. Although you are not purchasing the car you are still committing to paying a considerably large amount of money over monthly instalments no only that but you some of you will be spending more time in the car than on your sofa so it’s important to get the feel of what you are committing to for the next 2-5 years.

Get in touch with a local dealership and book yourself a no-obligation test drive and it could be a good place to start your research to learn more about the car and also compare the car leasing deals offered by the dealers.

4. Credit Rating

Most if not all finance applications you submit will incur a credit check which can have an adverse effect if you are declined. Before you hit the red button or sign the dotted line it may be worth paying a little to get access to your credit profile and checking your scores online with agencies like Equifax or Credit Expert from Experian  that can illustrate the likelihood of you being approved for finance. You will also be notified of any concerning activities on your profile which you could be able to amend by taking appropriate actions that may increase your chances of being approved for finance.

5. Existing debts / Loans

If you have existing loans and you are keeping up with the payment it can sometimes illustrate that you are capable of managing your finances but on the other hand it could reduce your affordability for another loan so it may be worth clearing off any existing debts before you apply for car leasing finance.

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Posted on 26th January 2016 at 1:23 PM

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