Leasing a car brings with it a whole host of wallet-friendly benefits. You can enjoy low repayments, a great warranty and essentially drive a better, newer car for much less money. Leasing a car is a fairly straightforward process, and providing that you have the right documentation and you’re approved, you could sign a lease in less than 10 minutes.

However, before you do this you should first do your research and take into consideration some of the factors that come into play. Read on for the main points that you need to think about when it comes to leasing a car.

What are the repair costs?

Repair costs will depend on who you choose to lease the car from. Intelligent Car Leasing offer a special maintenance program. This is that when you sign up to your lease, for a small extra fee you will be protected with a repair package. Should something go wrong with the car, you can simply call a dedicated helpline number. You will then be booked into a local garage, where repairs will be no additional charge.

What are the Insurance costs?

Again insurance costs will depend on a huge range of factors. This can include things like your previous driving history, including any accidents, your no claims bonus, your age and health. Factors like where you park the car, or the purposes for using it as well as estimated mileage can also play a role in your insurance costs.

Leasing affects your credit score

Yes, leasing will affect your credit score, and you will be required to have good credit before being accepted to a car lease. When you take out a car lease, your repayments will also affect your lease. For example, if you happen to miss a repayment, or the car get repossessed then it will negatively affect your score.

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You can negotiate a lease!

Many people don’t know this one, but you can actually negotiate to get the best deal on your car lease. Many dealers are happy to throw in some extras when it comes to leasing a car. Perhaps you want to purchase the maintenance package or a discounted rate, or negotiate a few extra miles per year into your contract. Whatever additional benefits you could like, you can talk to whoever is providing the lease and nicely ask for them to be included. You will often be surprised with the answer and the deals that you can get.

What happens if you want to end the lease early?

If you want to end the lease early, you will often be required to pay a closure fee. The exact amount will depend on the contract that you signed at the start of the lease. Typically though, ending a lease is not a big issue providing that this fee is paid.

Remember to read through the small print of your contract before you choose to sign anything. There will often be information on insurance, going over your mileage and what happens should you miss a repayment. If you are unclear on anything, speak to an advisor. It’s always better to be safe than sorry. Overall, leasing a car is an excellent option for money savvy drivers. Check out some more of our blog. if you want to save money on your purchases. Happy Shopping.