Leasing Guide

is car leasing bad?

Is car leasing bad?

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Car leasing has become increasingly popular here in the UK over the past few years, for both business and personal use. More and more people are leasing their cars than ever before and many are seeing it as a viable option for getting their next car.

That said, despite its rising popularity, there is still a common misconception that car leasing is a bad idea. But is this the case?

You may have noticed already that we are a car leasing company. So you may be wondering why on earth we would discuss whether car leasing is a bad idea when we lease cars ourselves. That would be like McDonald’s telling you that fast food is unhealthy.

However, we at OSV pride ourselves on our transparency, and want our potential customers to know everything there is to know about car leasing before they actually lease a car. And that includes the downsides.

We know that car leasing isn’t for everyone, and it would be irresponsible of us to try and convince you otherwise. So in this article, we are going to look at times when car leasing wouldn’t be the best idea for you, and also quell some of the common misconceptions about car leasing while we’re at it.

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How to get your first car loan

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You’ve decided that you want a new car, but you’re going to have to take out a loan to do so.

Getting your first car loan can, at first, sound like a daunting prospect. The word loan comes with all sorts of connotations that can send people into a panic and phrases like interest rate and APR get thrown around, leaving people confused and put off.

However, getting a car loan isn’t scary, nor complicated. In fact, it’s a pretty simple process. But, we understand that unless you know that process, it might not seem that way.

And that’s where we come in. In this article, we’re going to look at how to get your first car loan, from the credit check to whether you might want to consider a guarantor.

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What are the limitations of a lease?

What are the limitations of a lease?

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Opting for a lease vehicle gives you a whole host of flexible options. Many consider leasing a car to be the cheapest way to get behind the wheel of a new car. While leasing offers a great deal more flexibility than purchasing a vehicle there are some limitations. In this article, I’ll go over all of the flexible options you have when choosing to lease and what are the limitations of a lease.

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do lease cars cost more to insure?

Do lease cars cost more to insure? | Tips to reduce insurance costs

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It’s important to do your research when thinking about leasing a car. This includes ensuring you plan your budget factoring in all of the additional costs. It’s worthwhile noting that typically your lease payments won’t include car insurance. You do still need to insure your lease car, but this will be an additional cost you’ll need to budget for. In this article, we’ll take you through ways to reduce your insurance premium and answer the important question, do lease cars cost more to insure?

Do lease cars cost more to insure? | Tips to reduce insurance costs Read More »

If I have a contract hire car, do I need a log book?

Do I need a log book for contract hire?

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Contract hire describes leasing a vehicle for a set time period. It offers flexible motoring for a fixed low monthly fee. It’s becoming increasingly popular with people who don’t want the hassle of selling on the vehicle at the end of their contract or the worry of depreciation. There are two types of contract hire. Personal contract hire (PCH) and Business contract hire. The only real difference between the two is that the business contract hire allows the VAT to be claimed back.

Do I need a log book for contract hire? Read More »

Are all lease cars brand new?

Are all lease cars brand new? | Can you get second hand lease cars?

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Are all lease cars brand new? Very simply, 99% of lease cars offered into the marketplace are brand new. Some finance companies will offer lease contracts on second-hand cars up to 12 months old but these aren’t commonplace. Second-hand car leases are known as VAT Qualifying vehicles. In this article, we’ll explore the pros and cons of leasing a second-hand vehicle. We’ll also investigate why it’s not such a common occurrence.

Are all lease cars brand new? | Can you get second hand lease cars? Read More »

Signing documentation with new car keys

Can a car lease be transferable?

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There might be a time when you want to transfer your car lease. Which means you will want to know whether you can transfer your car lease to someone else. There might be a time when you want to transfer your car lease. Which means you will want to know whether you can transfer your car lease to someone else.
You can, but there are some things that you should know first. We don’t go through this process often but it has happened in the past. So, in this article, we are going to talk about whether you can transfer your car lease, and what you can do if you cannot transfer your car lease.

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Why is car finance so cheap?

Why is car finance so cheap? What costs are covered in a finance agreement?

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Why is car finance so cheap? In recent years we’ve seen a real influx in the volume of people wanting to purchase new cars. This is for a number of reasons. In this article, we’ll take you through the secrets behind the cheap finance deals. Sometimes it’s cheaper than second-hand!

Why is car finance so cheap? What costs are covered in a finance agreement? Read More »

Handing over the keys to a car

Should I trade my car in at a dealership or sell it myself?

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Regardless, you are going to get a new car. However, before you get carried away with which car you are going to get next, you have to get rid of the car you have now. So how are you going to dispose of your old car? Are you going to trade it in, or sell it yourself? In this article, we look at the pros and cons of each and help you decide whether it is better to trade your car in or to sell it yourself.

Should I trade my car in at a dealership or sell it myself? Read More »

How to get the best deal on a new car

How to get the best deal on a new car

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If you’ve made the decision to purchase a new car you’ll likely already be aware of the downsides. In case you’re not sure. Take a look at this article on the pluses and minuses of buying a new car. One of the downsides is the large decrease in the value of your car from the moment it’s driven off of the forecourt. There are a few ways you can save some money though. In this article, we’ll tell you how to get the best deal on a new car.

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Pluses and Minuses of buying a car

Pluses and minuses of buying a car

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The time has come to get a new car. While it’s exciting and you’ll probably spend a lot of time researching the best makes and models for your needs. You’re also faced with a myriad of options of how best to obtain your car. It can be difficult to decide which option will suit you best. In this article, we’ll take you through the pluses and minuses of buying a car, as well as take a look at your other options.

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Do lease car payments include interest?

Do lease car payments include interest?

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The largest part of the lease payment is covering depreciation of the vehicle during the course of your lease. This can be calculated by dividing the total cost of the vehicle by the expected value of the vehicle at the end of your lease term.

Then comes the interest payment. This is where the lease company makes their profit. You will be charged interest on the cost of the vehicle plus the expected value of the vehicle at the end of your lease.

Do lease car payments include interest? Read More »

HOW TO BUY YOUR FIRST LEASE CAR

How to buy your first lease car | Step by step

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Ensuring that leasing is right for you is the fundamental question you must ask yourself before you start your leasing journey. Think of leasing a car as a long journey. First, you must know that your destination is definitely the right place for you to go. Leasing opposed to buying comes with several advantages but there are some drawbacks. Here we’ll highlight these for you.

How to buy your first lease car | Step by step Read More »

can lease cars be repossessed?

Can lease cars be repossessed? | What happens if I default on my lease payment?

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The simple answer to can lease cars be repossessed is yes. If you fall behind on your payments or default on your contract then the reality is that your car could be repossessed. This is usually a final resort. Finance companies will typically want to work with you to avoid repossession. They will attempt to contact you if you fall behind on your payments. During this contact, they will discuss your options with you and try to come to an arrangement. Should these discussions fail. You may continue to fall behind on your lease payments. At this point, there are two types of repossession that can occur for a lease contract. In this article, we’ll take you through both types of repossession. We’ll inform you of what happens in each instance. And tackle the most frequently asked questions around the subject.

Can lease cars be repossessed? | What happens if I default on my lease payment? Read More »

do lease cars have tracking devices

Do lease cars have tracking devices?

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Vehicle tracking is legal in the UK under certain circumstances. As a rule, any company using vehicle tracking will be collecting data about the driver as well as the vehicle. Meaning that vehicle tracking is governed by the data protection act and falls under the laws of processing personal data.

Any company collecting data about a driver must adhere to strict rules regarding the use of the data collected. Primarily they must be respectful of the individual’s privacy. This means they are unable to use the tracker to ‘spy’ on you or sell data about your whereabouts to a third party. Secondly, they must obtain your signed permission to fit your car with a vehicle tracker. They are required by law to give clear information about how the data held about your car and how it will be used.

Do lease cars have tracking devices? Read More »

does my lease include car insurance

Lease car insurance | Exploring whether your lease contract includes car insurance.

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Your car lease is inclusive of things like road tax and manufacturers warranty, but does the lease include insurance? We’ll look at the different types of car insurance and what level of cover you should choose if you have a lease car. As well as answer the question ‘does my lease include car insurance?’
There are three types of insurance for your car. These are Fully Comprehensive, Third Party and Third Party, Fire and Theft. You are legally obliged to have car insurance. The minimum requirement is to have third party insurance. But what are the differences between them?

Lease car insurance | Exploring whether your lease contract includes car insurance. Read More »

Transporter vs driven delivery

Transporter vs driven delivery | Pros and Cons | Which should I choose?

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When you need to transport your car over a long distance there really are only two options to consider. Most lease vehicles will be driver delivered because this offers the most flexibility. However, if you find yourself in a position where you need to choose between transporter delivery or driven delivery then there are some important considerations to keep in mind. I wanted to provide you with an easy reference point to help make choosing transporter vs driven delivery easy.

Transporter vs driven delivery | Pros and Cons | Which should I choose? Read More »

Does delivery mileage count towards my contract mileage

Does delivery mileage count towards contract mileage | FAQ’s

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When you take out a lease vehicle you are required to commit to a mileage allowance for the term of your contract. This is based on your approximate annual mileage requirements. It’s a good idea to ensure you are as accurate as possible when estimating your annual mileage. This is because if you go over this limit you will incur a penalty. If you are under your mileage you aren’t able to claim back any of the premiums you have paid for this either. What is the maximum mileage allowed on a lease car? Read our article to find out.

Does delivery mileage count towards contract mileage | FAQ’s Read More »

afford first lease car

How to afford your first lease car | What costs are there to cover?

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Choosing to start your first lease is one of the cheapest ways to drive a brand new car. The initial payment is far lower than paying the deposit on a new car purchase. The monthly repayments are also lower, and when the lease term ends you won’t be charged a penny more unless you’ve exceeded your mileage allowance. But, despite being the cheaper option, driving a lease car still comes with a price tag.

How to afford your first lease car | What costs are there to cover? Read More »

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Should I fix the dent in my lease car?

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When you have a lease car, taking care of it is one of the most important aspects of leasing. After all, the car isn’t actually yours, so you have to keep it in good condition for when it goes back.

However, we know that keeping your car in top condition is actually harder than it sounds. Accidents happen, as do small bumps and taps. But, these can damage your car, and there may be an occasion where you dent your lease car. This might be your fault or it might not be, regardless, you have a dent in your car.

Should you get it fixed?

In this article, we look at whether you should get that dent fixed, how to avoid damage charges on your lease car and the best way to keep your lease car maintained.

Should I fix the dent in my lease car? Read More »

Is car leasing a rip off

Is car leasing a rip off? | Why do so many people lease their cars?

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If you find yourself asking ‘Is car leasing a rip-off?’ then read on! It’s highly unlikely that car leasing is a rip-off considering leasing accounted for 29% of all new car purchases in the UK in 2015. If it was a rip-off I’m certain that there wouldn’t be such a huge number of people choosing lease finance options to drive a new vehicle. Do you still need convincing? This article has all the information you need.

Is car leasing a rip off? | Why do so many people lease their cars? Read More »

who pays for parking tickets on a lease car

Who pays the parking ticket on a lease car? | Frequently Asked Questions

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Ooops, you’ve got a parking ticket on your lease car. Don’t panic, it happens to the best of us. Put it down to experience and try not to let it ruin your day. If you have a lease car and receive a parking ticket you might have some questions which I hope to answer in this article. Questions like, who pays for parking tickets on a lease car? If your lease vehicle is issued with a PCN there are certain procedures you’ll need to follow.

Who pays the parking ticket on a lease car? | Frequently Asked Questions Read More »

Are you ready to purchase your lease car?

Are you ready to purchase your lease car? | How to know if you are ready

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We want to help you to answer the question ‘Are you ready to purchase your lease car?’. Here at OSV, we’ve developed a handy checklist to see if you’ve done all of your research. Are you a ‘wing it and lease it’ kind of buyer or a ‘super organised vehicle leasing extraordinaire’? In this article we’ll take you through all of the steps you should take prior to contacting the lease company, taking the plunge and purchasing your lease car.

Are you ready to purchase your lease car? | How to know if you are ready Read More »

Best lease cars for college students

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You’re all ready for college or university and you’re looking at getting a new car. Have you considered leasing?

Leasing your car for college or university is a very viable option for some and we do recommend that you consider it as a valid option when looking at a new car.
But, which cars are best to lease for college students? In this article, we look at the best lease cars for college students, whether leasing is right for you as a student, and what to look for when choosing a car.

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How long will it take to process my lease documents?

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You’ve chosen which car you want, what type of lease contract you are going to have and for how long, you’ve been approved for finance and you’ve just sent off your documents. What now?

Well, we have to process these lease documents. At OSV, we value transparency and think it’s important that our customers know exactly what happens at each part of their leasing process with us. So in this article, we’ll be talking about what sort of documents you will be expected to sign, how long they will take to process, and what things can hold up the documentation process.

It should be noted before we go on that this is the OSV process, and we can’t say that this will be the same with other vehicle suppliers.

How long will it take to process my lease documents? Read More »

what is the initial payment

What are the ways I can pay for my initial payment?

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When you lease a car you will have to pay an initial payment. This is also called a down payment, they are the same thing but in this article we’ll refer to it as the initial payment.

The initial payment is essentially a deposit that you put down at the start of your contract and traditionally used to be a number of monthly payments up to 12 months. But in recent years it’s become more common to just put down a cash amount and we’ve had anything from £1000 to £20,000 depending on the vehicle.

But, how can you pay it?

In this article we look into how the initial payment is calculated and the different ways you can pay for it.

What are the ways I can pay for my initial payment? Read More »

research before contacting a lease broker

What research before contacting a leasing broker should I do?

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With so many options on the market for every category of vehicle from SUV’s to small town cars, how do you choose what is right for you? This comes in at number one in the things you need to research before contacting a leasing broker. I recommend making a list of all the essential features the vehicle needs to have to meet your requirements. Consider your daily vehicle usage and the type of roads you usually drive on. Think about the space you need in the boot and cabin. You may want to consider fuel efficiency if you’re likely to do a lot of mileage. Then, the desirable features of your ideal car. Perhaps you’d like to have a DAB radio, Bluetooth integration or TV’s for the kids installed. Now you have a pretty good picture of the type of car you need and the features you want you can begin the next process.

What research before contacting a leasing broker should I do? Read More »

What is the difference between contract hire and contract purchase

What is the difference between contract hire and contract purchase

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Contract hire and contract purchase are very similar so it’s easy to see why this features as one of our most frequently asked questions. There are some fundamental differences which we’ll detail in this article. When deciding which lease option is best, it’s essential to have all the information. Then, finding one that best suits your needs will be easy. You’re welcome!

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lease prices negotiated

Can car lease prices be negotiated?

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An overall lease price is made up of three parts. Depreciation Fee, Finance Fee and Sales Tax combined. The depreciation fee covers the expected loss in value of the vehicle over the course of the lease. Depreciation explained. A finance fee is another word for the interest a finance company charges for lending monies. Sales tax is the VAT charged on the purchase. None of these elements of the car lease is negotiable. What is negotiable however is the cost of the vehicle these calculations are based upon, more on that in a moment.

Can car lease prices be negotiated? Read More »

Will I be charged VAT on excess mileage and how to manage your mileage

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“Do I pay VAT on excess mileage fees from my lease vehicle?” this is one of our frequently asked questions. If you do end up going over the mileage agreement on your leased vehicle then the short answer is yes, you do pay VAT on excess mileage on a lease car. Lease cars have a mileage allowance to cover depreciation of the vehicle during the lease. Vehicles lose value the more mileage they do and to cover the estimated loss on the vehicle the lease company base their fees on the expected depreciation. The amount you pay on your lease will vary depending on the amount of mileage you are expecting to do. Your estimation at the start of your lease should be as accurate as possible. Factoring in planned trips and long distances if you can. Of course, sometimes circumstances change during the course of your lease which results in the need to do more miles. Perhaps you decide to move home and the property is further away from your place of work leading to an increase in commuter mileage daily. Don’t panic, there are options available to you which we’ll go through in this article.

Will I be charged VAT on excess mileage and how to manage your mileage Read More »

initial payment on a car lease

What is an initial payment on a car lease and common FAQ’s

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The initial payment on a car lease is the amount of money that the driver can afford to put towards the overall lease cost up front. Not to be confused with a deposit, the initial payment allows the driver to spread the remaining cost over the number of months in their contract. The more that can be paid up front, the less the monthly payments will be.

What is an initial payment on a car lease and common FAQ’s Read More »

Research before contacting a leasing broker

Reasons why you need to test drive your lease vehicle

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Test driving before selecting your lease vehicle is extremely important. After all, the car or van will be with you for a number of years. If it doesn’t tick all of the boxes you’ll be kicking yourself right the way through until your lease ends. There’s nothing more frustrating than finding you don’t have enough leg room for passengers or enough boot space for your weekly shop until it’s too late.

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what happens when I return my lease car

What happens when I return my lease car?

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All good things must come to an end, and at some point you will have to return your lease car. But, what actually happens when your lease car is due to go back?

You might currently be approaching the end of your lease contract or you may just be curious as to what happens when the time comes to return your lease car, either way, it’s important to know the process so you can be fully informed for when the time comes.

So, in this article we’re going to cover what happens at the end of your lease contract including the inspection and whether you can extend your lease contract.

What happens when I return my lease car? Read More »

a silver car crashing into the back of a red car with two men in shirts and trousers at the scene

Getting a new lease vehicle after an accident

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Accidents happen. And sometimes, accidents happen in a lease car. What do you do?

Obviously when you have an accident there are different severities. You could be involved in a small accident where your car is bumped or dented slightly, or you could end up writing the vehicle off. Regardless of how big or small your accident is, there is a process that you have to follow and it’s important that you know exactly what to do should your lease car be in an accident.
We at OSV don’t tend to deal with this directly. We aren’t the owners of the vehicle and once your car is delivered and the agreement activated, there is little we can do. However, we are there for you throughout the whole leasing journey including the duration of the agreement so we do advise our customers on what to do in this situation. Which is why in this article we are going to talk about what happens if your lease car is in an accident, and what to do should you need a new lease vehicle.

Getting a new lease vehicle after an accident Read More »

printed credit report with a score of 425 and a rating of poor

Why can’t I get car finance?

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When you apply for car finance, there could be a chance that you could be denied. This could be for a number of different reasons and it’s important that you are aware of these reasons so you fully understand why you might be rejected for car finance.

In this article, we’re going to look at why you might not be able to get car finance and potential solutions or alternatives to car finance. Whether you have recently been denied car finance or simply curious as to why you might be rejected for car finance, hopefully, this article will answer all your questions.

Why can’t I get car finance? Read More »

girl in car, holding out driving licence with a thumbs up - First Car

Can I lease a car without a driving licence?

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There may be a time when you need or want to lease a car. However, you don’t have a licence. Are you able to lease a car without a driving licence? It’s not something that happens often, but it has happened in the past. So, in this article, I’m going to talk about whether you can lease a car without a driving licence, and what your options are if you cannot. No, is the short answer. The likelihood is that you will struggle to find a finance house, dealership or broker that will allow you to lease a car without a driving licence. There may be some out there, but these will most likely be specialist vehicle broker and you should be extra careful that they are reputable.

Can I lease a car without a driving licence? Read More »

man in a suit replacing a registration plate on a red car

Can I add a private plate to my new lease car?

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We answer a lot of questions about leasing at OSV ranging from the start of your leasing journey to the very end. One of the questions we get asked quite a bit is in regards to private registration plates. When you lease a car you might want to add your own, personalised registration plate. In this article, we take a look at whether this is possible and how to go about it.

Can I add a private plate to my new lease car? Read More »

Can a Lease Car be Insured in Someone Else’s Name

Can a lease car be insured in someone else’s name?

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There might be a scenario in which you want to lease a car for somebody else. This isn’t a problem and is something that quite a few people end up doing, be it for their partner or their child or even their friend. The only problem is the issue of insurance. Can a lease car be insured in someone else’s name other than yours?
In this article, we look at whether insurance is included in a lease contract, whether you can lease a car and insure it in someone else’s name, and whether you need a certain type of insurance on a lease car.

Can a lease car be insured in someone else’s name? Read More »

Black cabs

Can I use my lease car as a taxi?

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It’s a question we don’t get often, but it does get asked. You may be a taxi driver, or just starting out as one and you’ve seen how cheap car leasing can be. So, can you take advantage of this and use a contract hire car as a taxi? Well, yes and no. In this article, we’ll look at whether you can use your lease car as a taxi. In some circumstances yes.

The chances are, you will not be able to get a lease car through your average vehicle broker. There are companies that specialise in leasing cars for taxis. In my time at OSV (almost three years) I have only come across one manufacturer that has sent through deals specifically for private hire cars.

However, that’s not to say you can’t. You just have to go through a company that specialises in leasing for taxis.

Can I use my lease car as a taxi? Read More »

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How does van leasing work?

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When we talk about leasing we tend to think of cars, either company or personal. And while cars are the most commonly leased vehicle, vans are often overlooked. You can lease vans as well, and leasing a van is a very viable option for many.

The premise is the same as leasing a car but there are some key differences, particularly when it comes to business leasing.

In this article, we’re going to cover everything you need to know about van leasing, from the different contracts to the benefits.

How does van leasing work? Read More »

What should I do if my lease car fails its MOT or needs repairing

What should I do if my lease car fails its MOT or needs repairing?

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Taking care of your lease car is a huge part of having a lease car. But there may be times when you will need to get your car repaired. Perhaps it’s been damaged, or in an accident, or it might have even failed its MOT.

What do you do in that situation?

In this article we are going to talk about what happens if your lease car fails its MOT and what happens if you need to have your lease car repaired.

What should I do if my lease car fails its MOT or needs repairing? Read More »

How to Maintain Your Lease Car

How to maintain your lease car

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When you have a lease car, you have to take care of it and you have to maintain it. At the end of your lease agreement, your car will undergo an inspection. This will be for any damage that doesn’t constitute as fair wear and tear.

If there is any damage that doesn’t qualify as fair wear and tear, then you will face extra charges.
However, there are ways to avoid this happening, and in this article, we’re going to look at the best ways to maintain your lease car.

How to maintain your lease car Read More »

car finance on someone else's behalf

Can more than one person drive a lease car?

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There are quite a few common misconceptions about leasing, and one of those is that the only person that can drive a lease car is the one who is leasing it.

However, it’s our job to put these misconceptions right and explain that this in fact, is not the case.
So, in this article, we are going to look at whether someone else can drive a lease car, whether someone else can be insured to drive your lease car, and how to go about it.

Can more than one person drive a lease car? Read More »

people at a dealership discussing new car purchase

What options do I have if I want to own my car at the end of the agreement?

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The best thing about financing a car is that you have so many options. There are agreements to suit every person, from business leasing to hire purchase, there’s an agreement for everyone.

But, what options do you have if you want to own your car at the end of your agreement?

In this article, we look at the different options available to you if you want to own your car at the end, and the pros and cons of each.

What options do I have if I want to own my car at the end of the agreement? Read More »

Can a Lease Car be Insured in Someone Else’s Name

Company Car Tax for personal use

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One of the topics we get asked a lot about at OSV is using your company car for personal use. This is because personal use of your vehicle and company car tax are linked, and there are some things you should know about in relation to using your company car for your personal journeys.

In this article, we are going to look at what counts as a personal journey for both a car and a van, and how this impacts your company car tax.

Company Car Tax for personal use Read More »

leasing privately vs. through business

Is a company van tax efficient?

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When looking at company vehicles, you are naturally going to want to opt for the most tax efficient option.

With the new company car tax changes coming into effect soon, tax efficiency is even more important than it was before.

We’ve already discussed whether a company car is tax efficient, but what about a van?

In this article, we look at how company car tax for a van is calculated, the benefits of a company vehicle and whether a company van is tax efficient.

Is a company van tax efficient? Read More »