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Guide to personal car leasing deals

Car leasing from UK companies is wide and varied with lots of leasing options available to suit most needs. Wizzle works with many vehicle leasing providers who can find you with the best and cheapest lease deals available in the UK, many of which have car leasing special offers available each and every month. If you are not too fussy about which make and model you want these special offers can be a great way to find a cheap car leasing deal.

The alternative way of getting into a new car

Leasing can be a great way to get into a brand new car but for a lower monthly payment than if you were to finance a vehicle outright. With a Personal Contract Hire deal, you don't own the car though, you are basically renting it for a fixed period. You usually have an upfront payment and then pay fixed monthly payments throughout the term. You just need to get the appropriate car insurance then you can drive the car away.

Select the optional extras for your car

Like a new car, you also have the choice to define which extras you want on a contract car in the same way you would if you were purchasing a new car. This does mean you could end up with a long lead time, typically you could be waiting around 3 months for it to be built to spec. If you don't want to wait that long, you can always look for deals that are in stock, but you won't have the luxury of deciding of your own extras.


How contract hire and leasing sites work?

Most leasing companies offer a variety of options meaning you can adjust the setup of the deal to whatever suits your requirement the best.

  1. Annual Mileage - the maximum number of miles you are permitted to do in the car per year. The usual options are between 8,000 and 35,000 miles per year. As a guide, 10,000 miles per year is considered average use. It is essential you find out what the extra costs per mile are, as you will be charged at the end of the contract should you exceed the mileage limits because it is detrimental to the value of the car.
  2. Upfront payment - this is typically worked out as a multiple of the monthly rental. Most the time you can choose either 3, 6 or 9 months. The bigger the down payment you make, then the lower the monthly payments will usually be.
  3. Contract term - this is the length of the contract and can vary between 12 to 60 months. Typically most deals sit in the 2-3 year range. Committing to a long term car lease deal can also reduce the monthly costs, but consider the maintenance costs you may start to incur.
  4. Monthly payment - this is the monthly leasing payment you'll pay. You can search for deals that match your budget or adjust the various options above until you find a deal that fits your budget.
  5. Maintenance - on long term lease deals you sometimes get the option to include any maintenance costs in the monthly payment, or you can choose to opt out of these and get the maintenance done at your own expense.

By adjusting the above leasing options, you can tweak it to your heart's content to find the best car lease deals available, most contract hire and leasing websites will allow you to change all these options, and you see how it affects the price immediately. You may even find your local dealer is able to help you procure a lease deal on your ideal car, so if you have the time, it's always worth investigating too.

Choosing a Lease Purchase Agreement.

Sometimes you have the option to add an agreement to purchase the vehicle at the end of the lease term. This works similarly to a PCP deal where a final balloon payment is agreed upon and set at the beginning of the contract. You can make this last payment and own the car as long as you have not exceeded the mileage limits or broken any of the other terms. Otherwise, this final figure can be renegotiated.

Returning contract cars at the end of the term.

While you are leasing the car, you are required to look after it and maintain it as if it was yours. You will be charged for any damage to the vehicle that is beyond what would be considered fair wear and tear. Leasing companies are governed by the BVRLA who set out industry guidelines on what is acceptable wear and tear on leased vehicles. You should make yourself aware of these guidelines, so you are fully aware of what is and isn't acceptable.

You will also need to keep up with any service requirements and MOT tests. Not adhering to these will void the manufacturer warranty and affect the value of the car when you return it. Most new vehicles are exempt from needing an MOT test in the first few years. Servicing intervals also vary between manufacturers so bear this in mind when deciding upon the length of your contract.


Some of the car leasing companies Wizzle work with are:

Knowing your rights:

These leasing companies have to be authorised and regulated by the Financial Conduct Authority (FCA), this is so you can be sure their business practices are appropriately monitored for your protection. They also have to adhere the FCA's fundamental principles defined in the Treating Customers Fairly (TCF) guidelines which list 6 key outcomes:

What should I do with my old car?

Don't forget whether you buy or lease a new car Wizzle can still help you find a home for your old car.