If so, how much will it be and is it refundable at the end of my contract?
When you lease a car you will be expected to pay an initial payment (deposit) at the start of your contract, however it works slightly different to renting a property as the deposit you pay is non-refundable.
The initial payment (or deposit) when leasing a car is deducted from how much you borrow and it’s up to you, the customer, how much you would like to pay in advance at the start of your contract with us.
Obviously, the more you can afford to pay up front, the less your fixed monthly payments will be for the duration of your chosen lease term and the longer your lease period is, the less you’ll be paying out each month anyway.
Initial payments tend to be either one, three, six, nine or even 12 months’ worth of what your monthly payments are going to be.
For example; you lease a car for £150 per month on a 24 month contract – you decide upon an initial rental of 6 months, so your first upfront payment will be 6 x £150 = £900. This would then be followed by 23 more months of payments at £150 per month – a total of £4,350 overall.
However, based on the example above you decide to pay a bigger initial payment, such as 12 months up front, you’re first month’s payment would be larger but the remaining 23 months payments will be less. You would still be paying £4,350 though overall.
It’s entirely up to you what initial rental you choose to pay at the start of your lease contract and here at Clear Car Leasing we also allow our customers to choose a set amount to pay – this will be adjusted based on what lease term you have opted for and the mileage allowance required.
Please click here to find out more about our business/personal car leasing services and amazing offers, or call us today on 01904 55 75 44.