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Personal Car Leasing Explained

What is Personal Car Leasing?

Personal car leasing is similar to renting, in as  much as you’re using your choice of car, for an agreed length of time and for a set monthly price.

You have complete freedom of choice over your vehicle’s make, model and specifications (colour, trim, etc.) and your contract is tailored to you in terms of annual mileage, length of contract and how you’d like payments structured. The total cost of your vehicle lease is calculated on several factors:

  • The value of the car (before it is registered)
  • The car’s estimated value at the end of the lease (residual value)
  • The annual mileage allowance
  • The length of the lease period
  • The admin fee if applicable

At the end of the personal car leasing period, the vehicle is simply returned, checked over and payments cease, leaving you free to lease another car, should you wish.

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Why is Personal Car Leasing so Cost Effective?

More and more individuals are looking at the option of personal car leasing instead of outright purchase as a much more cost-effective way of running a car.

Now more than ever, due to heavy car depreciation losses and unexpected repair costs associated with buying, personal car leasing can save a considerable amount of money over the lease period, with many these days seeing it as the cheapest way to drive a brand-new car. 


With car leasing, you’re simply paying the depreciation on the car, meaning your monthly outgoings are significantly lower compared to most other forms of finance.


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Who is Eligible For a Personal Car Lease?

The good news is that almost everyone is eligible for a personal car lease, you simply need to meet the following criteria:

  • Hold a full UK Drivers Licence
  • Hold a British Passport
  • Be on the electoral role at your current address
  • Have a regular, secure income
  • Provide a minimum of 3 years employment / education history
  • Not been declared bankrupt, nor have CJJs or IVAs against your name
  • Be successful with your credit application


Credit status

As part of the application process, you’ll need to undergo a personal credit check to assess credit strength and risk status. This is a relatively easy process. It is much easier to lease a car with a healthier credit status, however, if you have a poor credit rating you may still be able to lease using a funder specialising in those with poorer credit scores. You can check your credit status here.


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Contact us

Email : sales@leaseworld.co.uk

Telephone : 01189 420030

Company Address :
Lease World Ltd
50 Gratwicke Road
Tilehurst
Reading
Berkshire
RG30 4TT

Lease World Ltd are a credit broker and not a lender, we are authorised and regulated by the Financial Conduct Authority. Registered No : 737366

Registered in England & Wales with company number : 07069478 | Data Protection No : Z216605 | VAT No : 985 366 468

Registered Office : 12 Park Lane, Tilehurst, Reading, Berkshire, United Kingdom, RG31 5DL

Disclaimer: All vehicle images and descriptions are for illustration and reference purposes only, all vehicle leases are subject to credit approval and subject to change at any time. E&OE.






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