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A Quick Guide to Personal Car Hire

The number of new cars being bought is increasing all the time, with over 3 million cars being registered in the last twelve months. So, what is driving this increase? Well, lower fuel prices might be one reason as is a rise in consumer confidence, but the main reason is probably due to the rise in low-cost credit solutions such as personal car hire.

As a consumer though, you might not think personal car hire UK when you think ‘buy a new car’ - in fact the preference to lease rather than buy a car has taken a while to become popular here in the UK. However, over in America, it is really popular, and it seems to be catching on over here as well.

Personal car hire, also known as personal car leasing, isn’t for everyone so let’s take a closer look at whether it may be an option for you or not:

1

How does lease car hire work?

If you lease a car, then you don’t own it. The car is effectively owned by the leasing company and you are charged for the privilege of driving it for around 3 to 5 years normally.

What does lease hire involve?

The main advantage of leasing a vehicle is that you will receive more than just the car itself, such as:

  • Road tax for the duration of the lease
  • Maintenance of the vehicle, extending to consumables such as tyres
  • On-going support from the leasing provider

Do I qualify for lease hire?

Leasing isn’t an option for everyone, so keep the following in mind

  • You need to be at least 18
  • You need to hold a full driving license
  • Your lease provider will probably want to see proof of employment
  • Having a good credit rating will be to your advantage

The benefits of leasing a car:

  • You choose the exact make and model of your car
  • You can upgrade to a better model with minimal impact on your monthly payments
  • If you opt to pay a little more for the maintenance package, you will enjoy a longer period of hassle-free driving
 
  • There is no risk of vehicle depreciation

What are the disadvantages of leasing a car?

  • You won’t own the car and so you won’t benefit from selling it
  • Most leases are based on a certain amount of miles per annum and if you go over this you will have to pay a fee
 
  • You will be forced to pay a penalty if you end the lease early

Personal car hire deals can be a great way for you to comfortably afford the kind of car you want. However, there are a lot of things you should take into account before you take the plunge. Once you have weighed up the pros and cons we have outlined above, get in touch with us to find out more.

 

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Posted on 16th August 2019 at 8:12 AM

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