Leasing a vehicle is almost like renting a vehicle, the only difference is that leasing can be done for a continued period of time. There can be short term leasing and long term leasing as well. The period can range from 2 to more years. A contract is made as per the lease chosen. There can be personal contract hire or business contract hire for Car Leasing. The former is for individuals while the latter is for businesses.
Car leasing can be beneficial for businesses and individuals
Leasing a car means you are only going to drive it and utilize it but you will not have the ownership. You will need to pay a monthly charge till the time of lease expires. Leasing vehicles is getting popular not just among individuals users but also among small and big businesses. People prefer leasing over buying because there is no need for finances or loans. One can choose a car they like and opt for leasing by adhering to the procedure and by paying a monthly payment. Businesses under VAT also get refund on maintenance and lease payment. Also, buying a car means you need to look after its maintenance from time to time. It is not that you need not maintained leased car but this is included in the contract, so you need not worry about it.
For getting a car on lease, you can approach a company that leases vehicles and you can look at the process they follow and the cars they have. There are many such Car Leasing companies and therefore choose one that can be trusted and which offers all types of vehicle leasing, for business, individuals and so on. When you approach a leasing company, they will draw a contract and you will need to submit some documents and then sign the contract. That is all. You will soon get the car delivered to you. But only thing you need to ensure is that you read the contract thoroughly and understand each and every point mentioned in it.
If you are leasing a car for business, then you will need the bank statements for the last three months, VAT returns and also documents related to accounts of the business. If it is an expensive vehicle you are looking at, then you will need the bank statements of three months and also the photocopy of the driving license of the director of the company.
When leasing for personal use, you will have to submit the current utility bills or the ones in three months and also the photocopy of the driver’s license.
Leasing companies have made the process faster and easier, provided you get a company that is customer-friendly and has good offers.