Car Leasing,
No Deposit.

No deposit car leasing is the same as a normal car lease, but you don’t have to pay anything upfront. Apart from administration costs, you can pay a regular amount each month to keep costs affordable. This is ideal for those who can’t, or don’t want to, make a large deposit at the beginning of a contract agreement.

Depending on the type of contract taken, you have several options for what you can do next. If you have a Personal Contract Hire (PCH) then you hand the car back to the dealership and, as long as the vehicle is in good condition and well maintained, no further payments will be made. If you have a Hire Purchase (HP) then after all payments are made, you own the vehicle outright, meaning that you can choose to do whatever you think works best for you. Alternatively, you may have a Personal Contract Purchase (PCP), where you can either hand the car back in, trade the car in as part exchange for a new one, or pay off the final balloon payment to keep the vehicle.

When leasing, you choose how much deposit you’d like to contribute towards your agreement. You can pay nothing upfront - known as no deposit leasing - or usually, three, six, nine, or twelve months’ worth of payments. The more you pay as a deposit, the lower your monthly payment will be.

First, find the car you want, making sure that it fits within your wants, needs, and budget. When you’ve found the right car for you, make sure you agree your deal, including any additional products you’d like as part of your agreement. Once you complete your finance application, the approval process begins - where your application is reviewed. Once this has been approved, you need to take out your insurance policy to make sure you’re covered for when you get your new vehicle. Once all of this is done, you can take delivery of your new car.

Applicants with bad credit can still be considered for a car leasing contract. However, the lower your credit score is, the higher your monthly payments are likely to be. If you have bad credit, it is important to carry out a soft search of your credit score so that you understand the likelihood of being accepted - as a credit decline can harm your credit score.