Question about leasing cars
Discussion
Hi all, Ive never leased a car or had one on finance so was wondering what they look at in regards to income. I work ad-hoc, have taken a lot of time off recently and as such have no provable steady income. My credit history is good, I own 2 houses (1 outright) and have enough in the bank to actually buy the car but don't fancy taking the first hit on depreciation. Would a lack of employment contract be a major problem???? I have no idea what sort of thing they need before they will give you the keys.
Car in question is an M4, I was round at BMW with my E46 M3 a couple of days ago and had a little look round one and TBH the 'want one' alarm went off in my head.
Car in question is an M4, I was round at BMW with my E46 M3 a couple of days ago and had a little look round one and TBH the 'want one' alarm went off in my head.
Doesn't get rid of depreciation at all.
Depending on cost and deal of car, you could end up putting 24 months deposit down then 2 years of payments at say £350. Then you hand the car back and rent all over again.
You could finance the same car (or if your clever a 6 month old nearly new model) fully over 5 years, pay similar each month, pay the car off a year early and it's yours to sell. Whatever you make on it is yours - in your pocket.
Swings and roundabouts but lease doesn't get rid of depreciation hit.
Depending on cost and deal of car, you could end up putting 24 months deposit down then 2 years of payments at say £350. Then you hand the car back and rent all over again.
You could finance the same car (or if your clever a 6 month old nearly new model) fully over 5 years, pay similar each month, pay the car off a year early and it's yours to sell. Whatever you make on it is yours - in your pocket.
Swings and roundabouts but lease doesn't get rid of depreciation hit.
As above, you have to provide the details of your employer and income, plus monthly outgoings. When I got mine I had enough cash in the bank to fund the duration of the lease, excellent credit rating etc but they still have to do all the checks. I don't think any form of credit takes into consideration money you have in the bank.
elementad said:
Depending on cost and deal of car, you could end up putting 24 months deposit down then 2 years of payments at say £350. Then you hand the car back and rent all over again.
You're mixing up PCP and lease. With lease the deposit is usually much smaller.It can help on depreciation as there is often significant manufacturer support for lease (and PCP) deals.
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