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Car Leasing Explained

What is car leasing?

Car leasing is essentially a long-term rental. You make an initial payment and then fixed monthly payments throughout the length of your contract which is usually between 2 and 4 years. At the end of the contract, you simply hand the vehicle back where it is checked over and you are able to look at starting a new lease

You can order a vehicle that is built specifically for you, to your exact requirements and tailor the finance to suit your budget.

Often Drivespeed Leasing are also able to offer vehicles that are in stock, ready built and available for delivery. Look out for the “In Stock” icon on our vehicles!

Why is it cost effective?

Leasing a car is often a cheaper option than buying a new car through a bank loan or dealer finance and because you don’t buy the car outright, you can spread the cost, enjoying all the benefits of a brand new car without worrying about it decreasing in value over time. Many people see leasing 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.

Who is eligible?

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.