The Vehicle Leasing Process Explained!
Are you considering leasing a car but you’re not quite sure how it works? Then here is a brief summary about how car leasing works and how you can go about it.
Leasing a car is effectively a long term rental agreement. The agreement can be between 2 – 5 years and will always be at an agreed fixed monthly rental. Any vehicle will depreciate in value from the day that you buy it but when you lease a car it is not your responsibility which is a massive advantage. The leasing company will estimate the value of the vehicle when you return it to them after the set contract period and it is their responsibility if the vehicle is worth less, not yours! In a lot of cases leasing a car works out more cost effective than buying a car and trying to re-sell the car after you have finished with it, especially if the car is worth less than you anticipated.
Car leasing can be a great option if you want to drive the latest cars for the lowest monthly cost. What do you do when the lease comes to an end? Well that’s simple, you just hand the car back to the leasing company and start again with another brand new car.
Another plus to leasing a car is low maintenance costs. All vehicles are brand new which means that you won’t need to worry about an MOT for 3 years. You can also include a Full Maintenance plan for added piece of mind which would then cover all of your vehicle servicing and tyres throughout the contract. This helps give you piece of mind to know that there will be no surprise costs later down the line, all you have to do is insure it and put fuel in it.
If you are interested in leasing a car here is a simple step by step of the process with Rivervale Car Leasing from start to finish.
1. Vehicle Leasing Quotation
Use our extensive search system to find your perfect car, van or minibus and request a quote or give us a call and let one our leasing experts help source the right vehicle for you. Once requested we will provide you with a tailored quote using our super efficient online system.
2. Finance Application
Happy with the quote provided and wish to proceed? Then complete a short online finance application form.
Once we receive the form back from you we pass it onto the underwriting team who will perform a standard credit check. It usually takes between 2-5 hours to receive a response.
3. Credit Approval
Assuming a positive result, the relevant credit check will have been returned successfully you've now been approved to lease your chosen vehicle.
4. Vehicle Leasing Order
At this stage we'll confirm an estimated delivery date for your chosen car or van. If the vehicle is in stock, delivery is generally faster than for a factory order.
The order form will again be placed onto our online system for you to review at your own pace. Once you are happy you can submit it back to us which then gives us the authorisation to secure your chosen vehicle.
5. Vehicle Leasing Documentation
At some point before delivery we will post you the official car / van leasing documentation. These documents will need to be signed and returned to us before vehicle delivery can take place.
6. Vehicle Delivery
At last, a date and delivery address will be confirmed with you and your brand new lease car, van or minibus will be delivered to your door!
You can now enjoy driving your new car!
The comments above do not necessarily reflect Rivervale's views unless clearly stated.
10 February 2014
Written by Rivervale