Who can lease a car in the UK?

22/09/2021 | Steve Lumley

Who can lease a car in the UK?

After careful consideration and some research, you've decided that you want to lease a car, but who can sign up for a car leasing agreement in the UK?

For most people, leasing a car should not be a problem but there are some criteria to meet before you sign a contract.

And since leasing a car is an increasingly popular route to get behind the wheel of a brand-new vehicle, it's certainly an avenue worth considering.

For example, you don't have to buy the car outright and you will essentially pay the equivalent of a rental amount to help cover the car's depreciation to drive it on the roads.

 

Am I eligible to lease a car?

As mentioned, if you're asking, 'Am I eligible to lease a car?', then the answer is that most people will be able to do so.

However, you do not simply turn up at the offices of a car leasing company believing you can drive a car away immediately.

The criteria for leasing a car will vary between car leasing companies but may include:

  • Checking your credit score
  • Validating your income
  • Validating your age
  • Understanding what you will use the leased vehicle for.

It's also worth highlighting that you will need to be at least 18 years old to lease a car - but be aware that your credit score may not be strong enough to be offered an agreement if you are 18 when applying.

Who can lease a car?

There are two types of car leases to consider, a personal and a business lease.

There are some slight differences between the two, and since most people will sign up for a personal contract hire deal - that's just another term used to explain car leasing - then that's what we focus on.

There are some advantages to signing up with a business deal, including some tax benefits which we explain in other Tilsun Leasing business car lease articles.

For those who are thinking about a personal car lease, you will need to meet the credit criteria, but you will be driving a brand-new car, without having to buy outright.

This means that your budget will be able to go further, and you potentially could be driving a more expensive, premium car than you would otherwise be able to afford.

This means that car leasing offers lower upfront costs than when purchasing a car.

You will also need to understand:

  • Initial rental

Though you will not be spending a large sum of money on buying a car, you will need to know about the initial rental payment. This equates to one, three, six or nine times the monthly payment when you sign up to a lease deal. Should you decide to pay more than one month, this means that your monthly payment will be lowered as a result.

  • Lease length

With Tilsun Leasing, you can lease a brand-new car for two, three or four years.

  • Annual car leasing mileage

This is an important element to understand when leasing a car, particularly for the first time. A personal contract hire deal will offer different figures for an annual mileage; with Tilsun Leasing, you can sign up for an annual mileage of between 5,000 miles and 30,000 miles. Opting for more miles means that the car's depreciation will be affected so your monthly payments will be more.

Essentially, when it comes to understanding who can lease a car, it is somebody who will pass a credit check, have a budget to lease a car and be able to afford the monthly payments when they fall due.

In return, you will get to enjoy a new car in an affordable and hassle-free way and for growing numbers of us, leasing a car makes more sense than buying one. Be aware though that while ‘fair wear and tear’ will be accepted by the car leasing firm – serious damage will not and you will have to pay for repairs.

Who can lease a car in the UK?

In answer to the question posed at the top of this article, 'Who can lease a car in the UK?', it's important to appreciate that car leasing is a flexible and, for many people, an affordable way to drive a brand-new vehicle.

You can also sign up to have the maintenance and service included in the monthly payment, and if you have any queries about leasing a car, including whether you will be eligible for a personal contract hire deal, then you should speak with the team at Tilsun Leasing on 03330 040 888.

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