Frequently asked questions

At Compare the Lease, we understand that before entering into a lease agreement, you may have a few questions.

So we’ve listed a selection of the top questions asked by our customers.

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What is Contract Hire?

Contract Hire (most commonly known as Leasing) is a form of finance and therefore you will be asked to complete a credit application form. It funds the use of the vehicle, you are not buying the vehicle. Business contract hire will be shown excluding VAT and personal will be shown inclusive of VAT.

The monthly amount you pay on Contract hire for a specific vehicle can vary depending on 3 things:

  1. The amount of miles you will drive over the course of a year – an increase in mileage will mean an increase in monthly payment.
  2. The length of contract you take out – Usually the longer the contract will mean the monthly payment will be lower but you should check as this is not always the case.
  3. The amount you pay as your Initial Payment – By paying more money upfront you will reduce the amount payable each month.
What is the difference between a Contract Hire and Personal Contract Purchase?

PCH is a hire plan that can offer attractive monthly payments but you do not own the car at the end of the agreement. PCP is a purchase plan, customers have the option to buy the car at  the end of the contract.

What does it mean by customer initial payment?

When you lease a car you have to pay an initial payment. This is essentially a deposit that you put down at the start of the contract. This can also be referred to as the down payment. The down payment of a lease car historically used to be a number of monthly payments.

Is insurance included in a car lease?

Unfortunately insurance is not included. This is as every customer is different; ie age, area etc, therefore it is impossible to cost insurance in with the lease price. All lease cars must be insured comprehensively.

Can you lease a 2nd car?

There’s nothing legally stopping you from leasing as many cars as you want. So long as you’re approved again the dealership would be happy to lease you another vehicle.

Is Road Tax included in a car lease?

The road tax will last for the duration of the lease period you have chosen, making you’re driving experience even more straightforward and hassle-free. Because a lease car from Compare The Lease is delivered to your door with road tax included, there’s no need for you to worry about taxing the vehicle for the whole period of your lease contract.

Is it a good idea to lease a new car?

One of the main benefits of leasing is that you get a new car every few years. If you sign a 5-year loan to purchase a car, you’ll be making payments for the next five years, and if you want out, you’ll have to sell the car yourself, which can take time, or trade it in for a new model, which can be expensive. If you’re leasing a car, your obligation is released as soon as the lease is over, which usually happens every 2 or 3 years, and you’ll be free to go get a new model.

What lengths of contract are available?

Our contracts usually range from 24 to 48 months (two to four years), depending on the vehicle and contract chosen. There are further options available for 6 – 18 month contracts which are provided by specialist lease or rental companies. Shorter contracts mean you are able to change your vehicle more often, while longer contracts will generally mean cheaper monthly payments. It’s worth noting that if you take a 48 month (four year) agreement, you will be responsible for the MOT and any servicing requirements as stipulated by the finance company in the final year of the contract.

Is servicing included in a car lease?

A comprehensive maintenance package can be added to your lease contract for an additional fixed monthly cost. This will cover servicing, replacement tyres and other consumable parts. A maintenance package gives you peace of mind, reduces unexpected bills and lowers overall running costs associated with your vehicle. Maintenance packages are tailored to your contract length and mileage and are available for both business and personal users.

Can you get car insurance if you’re not the registered keeper?

You must take out a fully comprehensive insurance policy for your leased vehicle. For personal contract hire agreements, the person taking out the agreement must be the main policy holder or a named driver on the insurance certificate. For business contract hire agreements, the insurance certificate should be in the company name / director’s name.

Is there a mileage limit on a car lease?

Normally, standard car leases come with annual mileage limits of 5,000 to 15,000 miles, with the majority of deals being quoted with a 10,000 mile limit. It is possible to extend the mileage limit but in turn, this will increase your monthly repayment. If you exceed the allocated mileage at the end of the contract then you will be charged at a rate per mile for every mile exceeded.

Can I amend the agreed mileage mid-contract?

Many contracts can be amended, such as making changes to mileage limits. It’s important to note that not all contracts can be amended- it does vary by funder and by product so please contact us for details.

Can I lease a car if I have bad credit?

If you have experienced problems with your credit history in the past, you may be wondering if you are eligible for car leasing. Like a loan or a credit card, vehicle finance is a form of credit and as such, finance companies will investigate your credit history before making a decision on whether to accept your application. Compare The Lease have a number of leasing options available for customers with a poor credit history through various funding partners. You will need to complete a full application with us to confirm your eligibility.

What if the car gets damaged during the lease?

At the end of your lease contract, your car will undergo an inspection. When this happens depends on your finance house. Some will do it a week before and some will inspect it on the day of collection. A benefit of having a finance house that inspects it a week before is that if there is anything that needs fixing, you have a week to do so. But, it entirely depends on your finance house. If they do find that there is damage on the car, they will tell you during the inspection. Shortly after the car has gone back to the finance house you will receive an invoice for the damage, which you will have to pay unless you want to dispute it. As I mentioned earlier, there is leeway. Most finance houses have to abide by the BVRLA (British Vehicle Rental and Leasing Association) Fair Wear and Tear guide when inspecting cars for collection.

What happens if my lease car is written off?

In the event of a write off, then the process is different. The finance house will treat this as if you have bought the car, and therefore end the agreement. However, you still have finance to pay. So the finance house will decide on a settlement figure that you will have to pay. The insurance company will then pay out how much the car is worth at the time of the loss. Hopefully, that will be enough to cover the settlement figure. If it does not, you will have to find that money yourself.

Can I put a personal number plate on the car?

When you lease a car, the vehicle’s V5 registration document remains with the finance company as they are the registered owner and keeper of the vehicle but you can request the V5 if you wish to make changes or modifications to your lease car. If you already own a private number plate and would like to transfer it over to your brand new lease car you must inform us of your intention at the start of the lease so that the process can be dealt with from the beginning. The finance company will then be able to send the log book to you so that you can go through the DVLA to transfer the number plate over to your new lease car. However, if you receive delivery of your brand new lease car and then decide to purchase a personalised registration plate you can still do so but the process might take a little longer to sort out.

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01.

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02.

Best Deal for you

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03.

Paperwork

Your account manager will send you your paperwork which you will need to sign and return.

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04.

Your on the road

Your new car will be delivered to your door and your off, on the road. Happy motoring!

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Get in touch with us

Our friendly sales team are here to help and available 7 days a week and can guide you through the process to get you driving on the road in a new car within just 24 hours!

218 Bury New Road, Manchester M8 8DY


01782 940 080 Head Office


  info@comparethelease.net

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