1. What are the criteria for getting a lease car?
There are certain criteria which need to be met in order to get a contract. It is essential that you have to be over 21 years of age, hold a valid UK driving licence, have 3 years' employment history and a reasonable credit rating. Without these 4 profile requirements, no finance company will consider you for a lease.
A lot of people are unsure as to what the payment structures of personal car leasing and contract hire actually mean. Here is a simple breakdown with an example:
Example - 3 + 35. This would be a 3 year contract made up of 36 individual monthly payments. The initial rental is 3 x the standard monthly rental amount, followed by 35 standard rentals. So, if the standard monthly payment was £119.99, the initial payment would be £359.97, making the contract 1 payment of £359.97 and then 35 payments of £119.99.
If you want to end your car lease before the agreed contract period is up, you need to negotiate a settlement with the finance provider. This is usually around half the value of your remaining payments but can vary from funder to funder.
The minimum period you can lease out for is 24 months.
If you go over your agreed mileage, there is a small surcharge to pay for each mile above this. This is usually in the range of 1-11p per mile and changes from car to car (ask you’re advisor what the excess is on the specific deal you’re looking at).
Maintenance covers all routine maintenance, servicing, tyres, batteries, exhausts and any necessary car repair costs but not accident damage.
Unfortunately insurance is not included as part of the standard monthly car leasing price. This has to be arranged separately by the individual or business leasing the car.
You simply hand your car back to the leasing company meeting the BVRLA’s standard and take out a new lease on a new car or extend your lease contract by a further 6 or 12 months (if a business contract).
Unfortunately car leasing brokers cannot accept your old vehicle as part-payment for your new lease vehicle. However Rex Leasing do have arrangements with local dealerships and in some cases will purchase your vehicle, ask your account manager about the options.
All cars and vans are supplied from manufacturers' dealer groups. We have a preferred panel of dealers who offer excellent customer service levels to our customers.
Rex Leasing offer personal contract hire and business contract hire to Isle of Man businesses and individuals. Whether it is a van lease in the Isle of Man or car lease in the Isle of Man you are looking for, do not hesitate to get in touch with the team at Rex Leasing.