Having a vehicle for transportation always feels better but many people can’t afford it. Many take a loan to get their own car but still, it isn’t easy to pay a deposit upfront. In such a scenario leasing is a better choice for you if you don’t bother whether you own it. It is just like renting a car with short monthly payments.
Leasing is usually a long-term contract that you sign with a company. And when the contract ends, you give the car back. Surely it doesn’t seem a good idea to pay and then return the car back. In that case, you can go for Car Sales in Ashton Under Lyne if you want to own one. But is it a good idea than leasing?
Why Leasing Is A Good Idea?
Owning a car feels important but it isn’t a good idea. Its value will decrease while you continue to drive it. If you consider the deprecation factor, buying a car is nothing but a liability. It starts losing value with the first drive and further decreases by the end of the year. That’s the reason why leasing is a good idea.
Process for Leasing a Car
You can enjoy riding a new car every 2-4 years and then return it. In case you are interested to know how leasing works, we have described the whole process.
Basic Information
A leasing company needs the following information from customers. It helps them to calculate the leasing amount.
The Term
You have to tell for how long you want to have a car on lease. It is usually for 2, 3 or 4 years.
The Annual Mileage
You have to provide information about your expected annual mileage. It can be between 5,000 to 50,000.
Maintenance
Maintenance of the car is usually kept optional and it is up to you. Whether you to do it yourself or have the company do it.
Details That Company Requires
After analyzing the basic information, budget limitations are counted. Value-added tax details are checked for personal or business customers. These details also consider the “initial rental” that you are paying for the 1st month. It depends on you whether you want to keep the monthly payments less or high.
Getting A Quote
After providing all the information, the broker or sales team offers a quote within a day. You will receive additional details as to which car is best for you, service intervals and insurance details. This way you can make a better decision on your own. It’s better to get a quotation from at least 3 brokers.
Application process
Once you decide to go with a quotation, you have to complete the credit proposal. This is an online form that can take up to 15 minutes. Be careful while filling it and try to give accurate details about you. Mention whether you are getting a lease as a business or person.
This form will be shared with the finance panel. The finance companies will decide whether or not they should offer you credit for the required vehicle.
How Long Does It Take?
Now that we have explained the whole leasing process, only one question remains. How long the process takes for leasing cars? And the answer is it will take at least 14 days! The time period also depends on if the said car is in stock. Sometimes it takes time if the vehicle has to be shipped.
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