How To Compare Vehicle Leasing Deals If You Are On A Budget

Budgeting is all about balancing your outgoings with your income. Knowing your budget will help you to know how much you can spend on your vehicle leasing deal – including running costs. It is crucial that you are realistic about your budget as overextending yourself will only lead to problems later on.

How to work out your budget for personal car leasing 

The Money Advice Service has a great budget planner which will help you to decide how much you can afford to spend on your personal car leasing UK deal, and they also have a quick cash finder tool to see if there is anywhere you can cut back on your spending to afford a better car.

What type of lease deal is right for me?

It doesn’t matter what sort of driver you are, whether you name your car or not, or whether you change your car every couple of months. Amber Vehicle Solutions has the leasing deal for you. However, before you sign on the dotted line, make sure you have explored all of your leasing options:

• Personal Contract Hire. You will need to pay a deposit on the car and agree on a monthly payment before you can drive away. The fixed monthly payments are based on the vehicles expected a decline in value between the date it was purchased and the end of the agreement. At the end of the lease, you have to hand the car back to the leasing company. 
• Personal Contract Purchase. You normally don’t need to pay a deposit with this option, and the low monthly payments are calculated based on the value of the car. You can opt to take ownership of the car at the end of this type of lease, as long as you pay the guaranteed future value payment. 
• Hire Purchase. Again you won’t need to pay a deposit with this option, and the low monthly payments are based on the cost of your car at the time and the number of installments you want to pay. You will then own the car at the end of the contract, which you can choose to keep, part exchange or upgrade it to another model.

What type of lease is best if you are on a budget? 

It actually depends on what type of driver you are. 

If you are a driver who likes to change their car every couple of years then you will probably want to go with personal contract hire, but if you are someone who forms an attachment to your car then you may want to think about Hire Purchase or Personal Contract Purchase. 

If you want to find out more about car leasing UK and what type of contract is right for you, then get in touch with the team at Amber Vehicle Solutions today.

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17th of September 2019