What’s the process for getting a business car lease?

SO, you’ve made your mind up that your next company car will be leased on contract hire – but where do you go from here?

Well below is our step by step guide for getting a business car lease, right from the start, through to the end of the lease contract.

Choose your vehicle and deal

It helps if you’ve got an idea of what business car you want and a monthly budget for your business car lease (expressed as a net figure – the VAT goes on top).

If you have, hit a selection of the small fleet leasing specialist sites on the net and search for your chosen set of wheels and the best deal – the best on the market are listed in our Small Fleet Leasing Awards section.

Still no idea about your car, no problem! Many of the major small fleet leasing specialists – often referred to as leasing brokers – have search systems allowing you to select by budget, manufacturer or bodystyle to find your perfect business car.

Make sure you take account of the term and mileage of any business car lease, as it will affect your monthly lease figure. Mileage in particular needs to be considered carefully before taking out any lease, as any excess will cost you at the end of your contract. By the same token, you don’t want to pay for mileage you’re not going to use.

If in doubt, talk to the small fleet leasing specialist. Many allow you to adjust your mileage mid-contract when it becomes obvious you may either overshoot or undershoot your contracted mileage.

Most business car leasing specialists express their contracts as 36 months with 10,000 miles a year.

Apply for the finance

Once you’re happy with any deal, the small fleet leasing specialist will ask you to complete a finance application. This form usually requires personal information such as your name, address and employment details and status (employed/self-employed/business owner and so on).

Be prepared to provide additional information for your application, such as bank statements and proof of address. The leasing company underwriting your business car lease just need proof that you are who you say you are and that you can afford the expenditure under FCA rules.

Order your business car

Once your small fleet leasing specialist will usually request confirmation in the form of something as simple as an email, just to make sure you want to proceed with the order.

Delivery time

Any car lease deal should include delivery to any address in the British Isles and it should be via transporter or delivery company.

When the car arrives, before signing anything, check for any damage or missing equipment (such as any optional extras) – if there is, decline the delivery and get in touch with the small fleet leasing specialist immediately.

If any problems are minor and you’re still happy to sign for the car, then make sure any damage is noted on the delivery note.

Ensure you check the mileage too, as if your new car has been driven, it may have covered several hundred miles – which shouldn’t come out of your agreed allowance!

Condition is important

As part of your contract, you’ll need to keep the lease car maintained as per the manufacturer’s service schedule. Many business car lease contracts include the additional cost of maintaining the car (a maintenance contract) – but it’s worth checking at the point of quotation.

All car lease companies work to a BVRLA-regulated ‘fair wear and tear policy’, so any body damage or scuffed alloys will need to be attended to before it goes back to the lease company – otherwise you will be paying excess charges. It’s important to understand this point – talk to your small fleet leasing specialist about any concerns you have either before you take out the business car lease or before the contract period ends.

What happens at the end

Want to extend? Well, it’s worth contacting your lease company to discuss your options.

Planning to lease another car? Yes, well you’ll need to start this process again at least three-months before your current business car lease is due to end.

Want to just return the car? Well most lease companies offer free of charge collection – but make sure you take detailed photographs of the condition of your car prior to its return.

That’s it! That’s the process for getting a business car lease.