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The 'Initial Rental' and Contract Lengths

When you lease a car, you'll have to put down an initial sum which will be taken off of your monthly reoccurring payments for the period you've taken out the contract. In this guide, we're going to run through some of the factors which can effect this initial sum.

Initial Payment

Whenever you agree to a lease deal, you’ll be required to pay an ‘initial payment’. It’s important to remember that this isn’t a deposit that you get back. Instead, the initial payment is a way to bring down the overall cost of your monthly lease payments.

In essence, it’s a down payment, that’s then taken off the total cost of the lease. What’s left is spread across the duration of your lease contact.

The initial payment also changes depending on the length of your contract as well as your annual mileage allowance.

The higher the mileage, the more the initial payment increases. And the shorter the lease contract, the more the initial payment goes up, too.

That’s why it makes sense to have a look on the Select Car Leasing website and find a package that really suits your individual needs.

The typical length of a car lease contract is over 36 months.

And according to the latest official motoring data - taken from 2019 and before the pandemic’s many lockdowns - the average UK motorist covers 7,400 miles in their vehicle every year.

Mileage

According to the latest official motoring data - taken from 2019 and before the pandemic’s many lockdowns - the average UK motorist covers 7,400 miles in their vehicle every year.

At Select Car Leasing, we have an ‘8,000’ annual mileage category for this very reason.

Another important thing to note is that a lease deal is subject to an ‘arrangement fee’ of £234 including VAT with Select Car Leasing. This covers the cost of our services, such as processing the order and drawing up the lease agreement. It is charged at the point of order.

If you’re confused or unsure about any aspect of leasing a car, give the Select Car Leasing team a call on 0118 467 9189

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