Taking out a personal car leasing agreement is a great way to drive away in a brand new car without spending thousands and thousands of pounds. For young drivers getting out on the road and enjoying the freedom this brings is an exciting time. However finding a car that is suitable and within the often tight budget available isn't always easy. This is why more and more young drivers are opting to finance their first car instead. But is there a catch?
Personal car leasing for new drivers
For young drivers who do not have access to a lump sum of cash or the support from family to buy a car outright, a car leasing deal is the best option. With so many car lease deals under £200, a young driver between 18-25 may well be able to budget this into their monthly expenses. Many of the vehicles at this fixed monthly cost are some of the most popular with young drivers too. Including the Fiat 500, Vauxhall Corsa, and the most popular car in the UK, the Ford Fiesta.
Eligibility criteria to lease a car
At All Car Leasing we don’t place any restrictions on young drivers. As long as you are over 18+ with a valid UK driver licence. However, please bear in mind, each individual person is treated on a case by case basis when a credit check is undertaken and so it is possible the finance company could reject your application.
The documents required to take out a car leasing contract are:
● A signed copy of a quote
● A completed filled in proposal form
● Proof of ID
● Proof of address
● A utility bill within 3 months
● Proof of your driving licence
Although this is a slightly different process to buying a car outright, it is not as complicated as many may believe. If you are struggling to understand the process of leasing a car and would like more support, our team is available and happy to help.
Benefits of car leasing for young drivers
Other than the amazing car deals available to young drivers, there are a number of other excellent benefits to leasing a car as a new driver.
Access to brand new car models
Most young drivers are students or newly graduated individuals who do not have the funds to buy a brand new car. With even some small and basic models starting at £15,000, this is simply not a feasible option. However, car leasing allows drivers to drive away in a brand new vehicle at budget fixed monthly costs. Not only is this a luxury but for new drivers this ensures they have access to all the latest safety features and modern technology to stay safe while driving too.
Less likely to have mechanical issues
For new drivers minimising risks on the road is a priority. Driving a brand new car means maintenance issues are far less likely to occur and therefore the car won’t break down frequently on the roads. What’s more, at All Car Leasing, we offer all our lease deals with maintenance packages as standard. This covers regular service and maintenance work, with mobile fitters available for callouts to address any issues with exhausts, batteries, windscreens, and tyres. Keeping young drivers on the road and safe behind the wheel.
Build credit score
Most young people will have very little experience in building a credit history. For a number of reasons though, from financing large purchases to buying a house, a healthy credit score is important. When accepted for car finance, a young person can start building a credit score and developing a healthy credit history. This is, of course, only possible if monthly payments are made on time. Failure to pay will have an adverse effect on a credit score and may hinder other financing and credit opportunities in the future.
Option to lease a car with insurance
Young drivers will face the brunt of inflated insurance premiums. Some cases have seen 18 year olds given quotes in excess of £2000 per year. This astonishing amount of money makes driving for new drivers even more expensive. At All Car Leasing, to offer an all in one vehicle leasing solution, we provide car leasing with insurance.