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How to Get the Most from Your Car Lease

With car ownership costing more than ever, many choose to lease to minimise their monthly bills. Car leases come with set rules in place on how to maintain the vehicle and how many miles you’re contractually allowed. Despite this, repairs are often carried by the leasing firms themselves, which can save money in the long run. You’ll typically lease a car for between two and five years before handing the vehicle back. This is great if you’re a fan of changing your vehicle often.

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Negotiate Your Lease

If you were purchasing a vehicle, you’d likely try to get a discount. So why not try to negotiate your car lease? If you’re looking for business or personal car leasing Leicester based companies will be able to break down your payments into instalments. When the time comes to discuss finance on your vehicle, try using your deposit and instalment terms in the negotiations to get a better deal for yourself.

Seek Out Flexible Prices

For car leasing Leicester based customers should remember that the cost of a monthly lease is calculated on the mileage limit, your initial deposit, the time period you lease the vehicle for and the vehicle’s purchase price. Each of these factors also affects the interest rate on offer. Always opt for the minimum mileage needed during your rental period, and add the biggest deposit you can get away with for competitive prices.

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Get Independent Advice

There are a number of places that can give you independent financial advice, but for UK leases the Money Advice Service is a good place to start. You’ll find comprehensive advice on how to get finance, the implications of leasing over purchasing a car and your rights if you need to cancel a finance plan. Car leasing Leicester company Total Motion also offers detailed advice on the types of financial plans available for business and personal leases.

Keep an Eye on Buy-Out Price

You may plan to purchase a leased vehicle after your lease runs out. In that case, you’ll need to focus on the buy-out price before you rent the vehicle. Tally up how much you’ll be paying for the lease overall (including the deposit) and add on the buy-out price. Does it represent good value for money? If not, you may wish to go elsewhere.

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