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Excellent Service

"Have used this company for a number of years now. Always seem to be able to get what it is required...."

Excellent Service

"Everything went really smooth, from making the first contact, placing the order to receiving the veh..."

Average Service

"The offer proposed by Matt (what the car was and at what price) was excellent. Sadly, that's where m..."

Good Service

"Second time using Allcarleasing, first time was perfect! Unfortunately I was dealt with by a member..."

Good Service

"Things went smoothly - Tom matched another very good quote and was very responsive. I felt the servi..."

Excellent Service

"Really straightforward from start to finish with excellent customer service and hand holding through..."

Excellent Service

"There was always a person on the other end of the phone if you needed a question or query answered ,..."

Excellent Service

"VERY HELPFUL AND PROFESSIONAL, WOULD CERTAINLY RECOMMEND."

Good Service

"Professional & expedient"

Excellent Service

"Very helpful service, Friendly staff that go out of their way to help you make the right choice"

Good Service

"Helpful staff who answered all questions via phone or email, delay acquiring vehicle but valid reaso..."

Excellent Service

"Great customer service and communication. Prompt response to any queries."

Excellent Service

"Very prompt and helpful service as always."

Excellent Service

"Very good and prompt service. Thank you."

Excellent Service

"The agent I dealt with was very timely and professional and importantly patient with me and my chang..."

Excellent Service

"Excellent customer service. Friendly and helpful."

Excellent Service

"I have never leased before and have been amazed at how easy it has been. It took less than 3 weeks f..."

Average Service

"Car was delayed by a few weeks and i found the members of staff i dealt with a little incompetent. F..."

Average Service

"Delivery date was not as initially stated.<br/>The date changed from Mid October to Early December a..."

Excellent Service

"Very good. Kept well informed. Car arrived on agreed day and we are very happy with it. Jody has bee..."

Initial Payment

If you take a look at any car leasing website you will find the term "initial payment" used in the deals. Sometimes it can cause confusion and has been wrongly compared with a deposit. Below we'll explain how it works using examples.

How does the initial payment work in a car leasing deal?

The initial payment is how much you can afford to pay in advance, kind of like a deposit as it is then deducted from the full lease amount allowing you to spread what's left over the lease length. But that is the only similarity to a deposit, the initial payment is a different thing.

It's different because you have a choice of how much you pay up front (3, 6, 9 or 12 months) and it is adjusted depending on the lease length you have selected and the annual mileage you need.

As you can see from the example below - the initial payment is 12 months, the monthly payment is £189.25 + VAT and the lease length selected is 24 months. You can see where the green box over the slider links down to the smaller green box which shows the amount that 12 months of £189.25 + VAT adds up to. This is how much your initial payment is.

This would make the first payment 12 x £189.25£2,271.00 + VAT. This is then followed by regular payments of £189.25 + VAT thereafter. Total cost: £6,623.75 + VAT.

As you can see on the next example below, the initial payment is 6 months or £1,370.43 + VAT, which is then deducted from the 24 month lease, so you spread 18 months over 23. By putting just 6 months down as an initial payment means your monthly rentals will be £228.41 + VAT, which you then multiply by 23 to get the total cost of the monthly rentals. £228.41 x 23 = £5,253.43 + VAT. Then add this to the initial payment amount of £1,370.43 and you'll pay a total cost: £6,623.75 + VAT.

Is a bigger initial payment better?

It doesn't matter at all as a smaller or bigger initial payment results in the same total life cost of the agreement as you can see in the examples. It's up to you to decide whether you pay more up front and less per month or less up front and more per month.

It is used as way for us to make our car leasing deals as flexible as possible, as we know everyone has individual motoring and budget needs.

 

Do you have any more questions on the initial payment? Please call 01565 880880 or email sales@allcarleasing.co.uk and we will be more than happy to help.

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