Contract hire for young drivers

You can usually only get a lease on a new car. While lower than a PCP or HP on a new vehicle, the monthly payment can still be too expensive for the average young driver. It’s hard to get accepted – you’ll need to have a solid income and a great credit www.doorway.ruted Reading Time: 3 mins. Here at Nationwide Vehicle Contracts, we understand that there’s a lot to think about when it comes to leasing your first car. That’s why we've created Help2Lease exclusively for drivers aged to help make leasing easier than ever before. Available to new customers aged Deals from under £ per month.  · Hire purchase (HP) involves paying a deposit (usually about 10%) then repaying the balance, plus interest, over an agreed loan period. HP is often best for those with decent deposits that are looking to take ownership of the car at the end of the contract.

For a young driver, this means they will be unable to purchase the car at the end of the lease in most circumstances. If ownership style products are needed, just let one of our team know and we can offer a personal contract purchase (PCP) option for comparison. Additionally, as contract hire is a fixed term agreement, if a young driver’s circumstances do change, fees and/or charges will apply for an early termination. You can usually only get a lease on a new car. While lower than a PCP or HP on a new vehicle, the monthly payment can still be too expensive for the average young driver. It’s hard to get accepted – you’ll need to have a solid income and a great credit score. For young drivers especially, leasing is often a more affordable alternative to buying a brand new car; Hassle-free maintenance: A full manufacturer warranty is included in every lease deal, meaning you won’t have to pay for any mechanical and electrical problems not caused by driver error. You can also opt for a maintenance package that covers MOT costs (if necessary), servicing, and wear and tear.

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