Five keys to choosing your ideal car on a lease

Are you looking for a car and not sure which financing option to go for? To help you make a good decision, today we bring you five keys to choosing your ideal car on a lease. It is worth highlighting that more and more car manufacturers and brands are betting on this type of contract. Leasing is growing steadily and it is a service that is increasingly in demand from large companies, SMEs, self-employed professionals and, from now on, private individuals can also access it. It is worth remembering that, until now, private individuals could not benefit from this formula. In addition, here we tell you everything you need to know about car leasing.

Among the five keys to choosing your ideal car on a lease, the standout points are the possibility of not paying a deposit, the number of kilometres driven, the choice of vehicle, how the car will be used and even the services that best suit each profile. What should you consider before signing up for a car lease?

As we have mentioned, leased cars are increasingly in demand from SMEs, self-employed professionals and large companies and, from now on, private individuals will also be able to access them. This has led to a proliferation of new companies offering this type of service. If you are about to decide on a car lease, it is important that you know all the details before signing the contract.

Keys to choosing the ideal lease car: type of contract

As yonderauto.com, motoring specialists, point out, before signing any document we should have our needs clear in order to obtain a service that suits our preferences. An open-ended contract allows you to benefit from incentives, for example when spending is lower than initially expected, whereas a closed lease contract keeps the same monthly fee throughout the whole contract.

Before rushing in, the ideal step is to request a quote with the final price to be paid. This documentation should show the monthly costs, insurance, contracted services, maintenance, etc. You should also bear in mind that a deposit must be paid, as with any rental contract. This amount is held to cover possible later costs arising from the use of the vehicle.

No two lease contracts are the same, since each one reflects the client’s exact needs. That said, all of them contain a series of clauses that bind the client -for example, not to sublet the car, not to allow drivers other than those authorised in the contract to use it, and to carry out maintenance according to the plan set by the manufacturer…-.

As regards the validity periods of contracts, these are usually set between one and five years -between 12 and 60 months-; the most common contract period is four years. The monthly fee -which will appear in the contract and remain fixed for its duration- varies depending on the vehicle chosen, the number of months in the contract, the annual mileage agreed and the services selected. Any type of vehicle can be leased under the leasing arrangement.

Keys to choosing the ideal lease car: kilometres driven

Before choosing a lease car, it is important to consider the number of kilometres you will drive. The more kilometres driven, the higher the repair and maintenance costs. This pushes monthly fees up. Therefore, the most sensible approach is to calculate the exact number of kilometres in order to avoid a nasty surprise at the end of the month.

Keys to choosing the ideal lease car: which services to take out?

Before signing the contract you should read it carefully, along with what it covers, repairs, whether a replacement vehicle is provided, fines management, the type of insurance, tyre changes, payment of taxes and roadside assistance, in order to avoid surprises.

Keys to choosing the ideal lease car: how will the vehicle be used?

How the vehicle will be used is also very important. Although it is sometimes overlooked, it is essential to know how the car will be used in order to choose the right type of vehicle. This way, the monthly fees will fit our budget better.

Keys to choosing the ideal lease car: which type of vehicle to take out?

Nowadays, practically all car brands offer the possibility of leasing their models through their financial services. Among them, for example, stand out: Renault, Opel, Mercedes-Benz, Audi, Seat, Honda, Toyota, Volkswagen, Peugeot, Ford or BMW, among others.

There are also many companies and financial institutions that manage and offer leasing services to private customers, companies and self-employed professionals alike. Among them: ALD Automotive (Société Générale Group), Lease Plan, Alphabet, Caixa Catalunya Renting, Arval (BNP Paribas Lease Group), National Atesa Flexirent, BBVA Autorénting, La Caixa Rénting, Santander Consumer Finance Rénting, Lico Leasing.

What do you need to take out a lease?

The documentation required to arrange a leasing contract depends on the type of applicant. If it is a company, it is necessary to submit proof of registration for the Business Activities Tax (Impuesto sobre Actividades Económicas) or the company’s deed of incorporation; the receipt for the most recent Corporate Income Tax (Impuesto de Sociedades); proof of payment for the last four VAT payments; a balance sheet, sums, balances and the company’s operating statement; the ID card and tax identification number (NIF) of the company administrator, and their latest personal income tax return (IRPF).

If the application is made by a self-employed professional, they must provide proof of registration for the Business Activities Tax (Impuesto sobre Actividades Económicas); their personal documentation -ID card and NIF-; their annual personal income tax return (IRPF); proof of the last four IRPF and VAT payments; as well as their balance sheet, sums, balances and economic operating statement. If the applicant is a private individual or an employee, they will generally be asked for their NIF, their latest personal income tax return (IRPF) and their last three payslips.