car leasing finance?

stuman · 24 Mar 2016 at 15:43

how easy is it to finance a lease? I only ask as I thought I had closed a mobile phone contract and, well, hadn't. This then ran on for a couple of months. Its all cleared now, but still shows on my credit rating

i have just applied for a lease on a fiesta red but it has gone to deferred.

LiE · 24 Mar 2016 at 15:47

You'll soon find out.

iaind · 24 Mar 2016 at 15:48

You're renting a fairly expensive bit of metal - I'd guess you'd need an above-average credit score to get approved

stuman · 24 Mar 2016 at 15:49

LiE said:
You'll soon find out.

i guess i will.

Dav4 · 24 Mar 2016 at 16:02

Can u get accepted for a lease if u have never had a credit card or have no credit rating? I see a staggering amount of 17/18yr kids driving new leased cars on the roads.

LiE · 24 Mar 2016 at 16:07

Dav4 said:
Can u get accepted for a lease if u have never had a credit card or have no credit rating? I see a staggering amount of 17/18yr kids driving new leased cars on the roads.

Parents.

Skillmister · 24 Mar 2016 at 16:08

Dav4 said:
Can u get accepted for a lease if u have never had a credit card or have no credit rating? I see a staggering amount of 17/18yr kids driving new leased cars on the roads.

Drug dealers - cash purchases.

grudas · 24 Mar 2016 at 16:21

LiE said:
Parents.

indeed! I often see leased 1 series here, usually cabs in white with black wheels.

118d's lol.

Dave85 · 24 Mar 2016 at 16:34

I always found that leasing a car was harder than getting one on finance.

Blackhawk47 · 24 Mar 2016 at 18:57

Dav4 said:
Can u get accepted for a lease if u have never had a credit card or have no credit rating? I see a staggering amount of 17/18yr kids driving new leased cars on the roads.

I've never had a credit card but have had no problem getting finance. Not sure if leasing would be any different really?

Jono8 · 24 Mar 2016 at 19:22

Edit - wrong thread

iaind · 24 Mar 2016 at 19:23

TripleT · 24 Mar 2016 at 19:54

Car financing is easy to get as its secured against the car, you don't pay they'll take it away.

A loan is harder as its unsecured.

You'll be fine, plus different places have different strictness and you may get a worse rate as there's more risk.

Dav4 · 24 Mar 2016 at 20:03

Yes that makes sense I suppose as you say they can take the car away on a lease.
As I said before its staggering how many kids some I know who only work on minimum wage while studying think nothing of getting a brand new car on the monthly like its no different to getting a new phone contract. Even though leasing is dead money as there's nothing to show for your money at then end of 2-3 years it's seems a lot of people would rather do this now just so they can have a shiny new car rather than a decent used one.

Blackhawk47 · 24 Mar 2016 at 20:10

I dunno, you can get some pretty decent cars for between £100-200 a month. I would certainly rather drive one of those new cars than a 10 year old Clio or something and worrying about things breaking, costing even more money on top of purchase price.

Dav4 · 24 Mar 2016 at 20:19

That's true when my sister was looking at a 2010 Fiesta which would have cost 4.5k for a decent low mileage example she seen some deals on smart lease's site for a brand new Zetec S that only worked out at about 3.8k over the 24 months :eek:

so factor in depreciation of the used car and potential bills it's not that much more to have a new car in theory.
It makes me laugh though the way most people still think that having a brand new car means you have more money than those with older cars when the majority of people who lease probably couldn't afford to pay any expenses an older car can bring.

Blackhawk47 · 24 Mar 2016 at 20:48

Dav4 said:
That's true when my sister was looking at a 2010 Fiesta which would have cost 4.5k for a decent low mileage example she seen some deals on smart lease's site for a brand new Zetec S that only worked out at about 3.8k over the 24 months so factor in depreciation of the used car and potential bills it's not that much more to have a new car in theory.
It makes me laugh though the way most people still think that having a brand new car means you have more money than those with older cars when the majority of people who lease probably couldn't afford to pay any expenses an older car can bring.

I see both sides of it. I think it depends what sort of car you want really and what you can afford to spend. That lease deal which did the rounds on here recently where you get a top spec VW passat with 2.0tdi and dsg gearbox for like £136 a month seemed ridiculously good value.

Personally pcp finance works for me. Obviously if I had £30k to burn then I'd use cash...and of course I'm not against used cars at all, my last two were approved used.

Can't say I notice that many young people driving round in expensive new cars. Mostly seem to go for Fiestas or Polos, some older models but I'd say mainly newer shapes (i.e. within the last 5 years).

Jono8 · 24 Mar 2016 at 21:09

Blackhawk47 said:
I see both sides of it. I think it depends what sort of car you want really and what you can afford to spend. That lease deal which did the rounds on here recently where you get a top spec VW passat with 2.0tdi and dsg gearbox for like £136 a month seemed ridiculously good value.

Well, that was a pricing error