Understanding the Payment Term (Profile) 9+23 etc. I just want to explain the broker jargon when leasing a car. The payment terms can be changed to suit the individual. The more you pay initially, the cheaper the monthly payment and vice versa. Most often, the price example will be on 10k miles a year and 9 monthly payments up front, followed by the months of the contract (9+23). Allowing 20k miles to be done over the 2 year period. Don’t worry (most cars) aren’t too expensive if you go over the miles, but if you think you’re going to go way over (extra 5k+), then you would need to speak to the funder. A lot of cars excess mileage is circa 10p a mile, 1000 miles over = £100. Not bad.
How long should you have the car? 2 or 3 years (23 and 35 months), 4 years is too long. Lots of people would prefer 2 years, so that they’re changing their car often and enjoy experiencing different cars. Technology/safety/style is improving all the time, so you might as well keep up with the Jones’. 3 years may be an option to consider:-
1 – if it is cheaper each month (depends on the car) and 2 – to get your moneys worth out of your initial payment.
If you pay 9+35, you’re going to have to pay 9x the monthly amount and would therefore potentially need a couple of grand (all depending on the car) initially, followed by the 35 monthly payments. This way you would only need to stump up that cash every 3 years. The beauty of it all, you can set the payments to suit you.
Why lease a car? The idea of leasing is great and it is becoming more and more popular with everyone. You will definitely know someone who is leasing their car. With Contract Hire, it is an affordable way to be able to drive brand new cars and to not be tied into owning the vehicle. Most people don’t want to own the vehicle at the end, that mentality is old hat now. People would rather it was taken back by the funder, then just start again with another new car. Less stress, No MOT issues, No unexpected repairs (Covered under Warranty), Free Breakdown Cover if that was ever needed, Free Road Tax and Delivery. Insurance and Servicing is all you’ll have to do.
Just a little bit about Luxury Leasing….. My brother Karl and I (Wez) are the Directors. Our focus is to grow the relatively new brand, to the masses. We like to keep our customers updated at each step of the process, which we see as being very important. We have great customers, who trust us to have their best interests at heart. The two most important factors people want is a Great Price and Great Customer Service. I am confident you will receive this from Luxury Leasing, making sure you receive the best deal. I love a good deal, I’m a right sucker for a bargain, so it’s only right that I offer those kind of deals to my customers. We aren’t in it for making high commissions, we want our customers to come back time and again. We offer our corporate rates direct to our customers and only charge an admin fee.
The main thing is making you happy from beginning to end. Happy to Help 🙂
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