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Car Leasing

Car Leasing is equivalent to long term rental - you contract to drive the car or van for a number of years, but you don't own it. You simply pay a monthly fee for using the vehicle.

Car Leasing comes in two forms - PCH (Personal Contract Hire) and PCP (Personal Contract Purchase). In the case of PCP you have the option at the end of the contract to make a final "balloon payment" to finally own the car.

While you are using the vehicle you'll need to insure it and look after it - you'll have to pay for any damage beyond "reasonable wear and tear". You should benefit from the vehicle's warranty and deals are also available where servicing is included in the monthly fee.

There other form of car finance available to you is hire purchase. And of course there is the option of a standard car loan.

Pros & Cons of Car Leasing:


  • Monthly payments are lower than if you bought the car outright
  • You could be driving a better car than you otherwise might
  • Road tax and may be servicing are included


  • You must pay for comprehensive insurance
  • You must agree a maximum mileage - if you exceed it you will have to pay an excess of 10-12p/mile
  • You don't own the car (but see PCP)

Best Lease Deals

If you're looking to change your current car or van then leasing your new vehicle could well be the way to go. If you don't need to own it and if you'd like to have everything except insurance and fuel wrapped up into a single affordable monthly fee then car leasing is worth exploring.

The advantages of car leasing are obvious. The disadvantages may not bother you if ownership is irrelevant - but do you want to own something that is simply going to depreciate anyway? You do need to take care about the amount you drive relative to your contract - if for example your contract is for 10,000 miles per year but you drive 12,000 then you could end up paying an excess of 2000 miles x 12p (estimate) or £240.

PCP and PCH lease deals will always be priced lower than HP or car loans because the latter aim to give you final ownership of the vehicle. You can find out just how much more affordable PCP and PCH car lease deals are by getting proper quotes from our partner Zuto. They can access numerous options for you to consider.

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Questions About Car Leasing

Is it possible to get a car lease with no deposit or no money down?

The answer differs for PCP and PCH forms of car leases:

In the case of PCP it is possible to get zero deposit contracts, but keep in mind that you will effectively be borrowing more and the monthly payment you will make will therefore be higher. If you are coming from a previous PCP deal then it is possible that if the actual value of the vehicle is deemed to be higher than the GFV that that sum can be treated as your deposit.

For PCH you will always have to pay an initial rental sum which will be at least 1 month's fee. By paying more upfront you can reduce your monthly payments thereafter.

Will a car lease affect my credit score?

Credit agencies judge a car lease to be a significant financial commitment. As such entering into one will initially adversely affect your ability to get further credit - after all you're in a contract where you'll be making £00s of payments each month for a number of years.

So, for instance, if you are thinking of getting a mortgage at the same time as getting a new car on a lease you may find it makes sense to arrange your mortgage first and then sort out a car lease later - you don't want to enter a lease only to find that it stops you getting a mortgage.

Over time, as you demonstrate your ability to manage your finances and make your lease payments you'll actually see your credit rating improve.

Is leasing a car the right thing to do?

There's no right or wrong answer to this - it is a matter of personal choice. Find out more about your new car options.

Some of the factors to consider when making your choice will include:

  • Is ownership something that bothers you?
  • What's the most you could afford to pay monthly?
  • Do you have a deposit to put down?
  • Can you readily control the mileage you drive?
  • How frequently do you want to change your car?
  • Do you want a new car or a used car?
How do I know if I have best car lease deal?

The easiest way to get the best deal is to go through a finance broker who knows the car finance market inside out - so we suggest you use Zuto who specialise in car finance. They will help you explore car lease and HP options as well as standard car loans. You will then be better informed and in a better position to make a decision about the best way forward.

Can a car lease be cancelled or transferred to another person?

To cancel a lease agreement is ultimately a question of cost - there is unlikely to be a refusal by the lease company to allow cancellation, but their recourse will be to levy a substantial penalty instead. You need to read the terms of your contract to check what the terms of cancellation are.

You cannot assume that it is possible to transfer your lease to another person. Some contracts don't permit it. However, if it is allowed there are some things you will need to consider:

  • You will probably have to find the person yourself
  • The new party will need to be credit checked and approved
  • There may need to be a minimum of 12 months left on the lease
  • There is likely to be a significant administration fee charged
  • A transfer will take a number of weeks to complete

Such a transfer is known as a Transfer of Contract.

Video: PCP vs. HP


Representative Example

Loan Amount


Monthly Repayment


Loan Term

48 mnths

Total Repayment


Rate of Interest p.a.


Representative APR


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