If you’re considering leasing a car, you might be starting to research some leasing companies.
But, how do you know which ones are the best?
It can be daunting to try and work out which car leasing brokers are the best. We understand that with a purchase as important as a car, it’s vital you know you’re dealing with the right company. Normally, when looking to lease a car, you will talk to a Leasing Broker. They will have access to different leasing companies. So, how do you know which leasing broker is right for you?
Sometimes it’s not as straightforward as ‘this company is the best’ because while they may be the best for one person, they may not be best for another. So what is important here is knowing how to find the best vehicle broker for your specific needs. Throughout this article, we have highlighted tips to help you find the best company for you.
1. Find out what brands the car Vehicle Broker can supply
They might be a great company. However, they might not be able to supply the vehicle you like.
It’s important to note here that some companies have specific targets with manufacturers and therefore will predominantly supply those brands.
What does this mean for you?
- It could mean that you do not get told about great options because they don’t fit with the leasing company objectives
- You may also find that companies with high volume targets are under additional pressure and this may come across on occasion
- You could miss out on a better discount elsewhere
- This is because if they sell less of them then they may not have the relationships or the discount levels in place to offer you the best value
There are ways to avoid this, however. But, we’ll come onto those later.
2. Find out what finance methods the vehicle broker can offer
Some car leasing companies will only offer contract hire. This is fine, if you know you definitely want contract hire.
However, you might not want contract hire, or it might not be right for you. There are several different ways to finance a car and the best companies are the companies that are finance experts. This means that they can find the right finance method for your specific needs. This is a great thing about going through a vehicle broker, they will be able to offer you a range of finance options.
Some questions you may want to ask yourself are;
– Do you want the option to own the car?
If you do, then you won’t want to go for contract hire. Instead, why not look at hire purchase?
– Is it better to lease business or private?
– Are you able to maintain the condition of the vehicle in-line with the fair wear and tear guidelines?
If not, you might want to look at finance lease.
– Is there a chance that your circumstances could change?
Some finance methods are not designed to give you flexibility during the contract and there could be termination fees involved.
For more information, you can read our article on getting out of a lease contract if your circumstances change.
3. Make sure the company is reputable
While this may sound pretty obvious, if you are outside the industry it can be hard to identify whether a company is reputable or not.
Some of the things you should look out for are;
- That they are regulated by the FCA or are regulated by the FCA as an authorised representative
- If they are, then they will be working within the ‘treating customers fairly’ principles.
- That they are members of the British Vehicle Rental and Leasing Association (BVRLA)
- They are the trade body of the car leasing sector. Therefore, they lay out the code of conduct that all companies should follow.
- That they are qualified?
- For example, SAF is a qualification that is set by the FCA. This means that if you pass your SAF test, you become a qualified vehicle finance expert. This will mean you get appropriate recommendations and transparent information.
- How long have they been trading?
- Sometimes you come across something called a ‘bedroom broker’. While there’s nothing particularly wrong with these, they may not be as secure as those that have been trading for a long time. For example, what would happen if something went wrong halfway through your order?
- Also, if they have not been trading for very long you may not be getting the best deal. This is because they won’t have the relationships with funders that other brokers do.
We’ve only really touched upon what sort of accreditations you should look for when choosing a leasing company, but for more information, you can read our article here.
4. Trust companies that empower you and support your choices
Regardless of which company you approach, it is important to feel that they genuinely want you to make an informed decision and they want you to assist you with developing knowledge and making the right choices for you.
Companies that are committed to this will provide you with plenty of resources to gain a true understanding of the options you are considering. Trust is very important, and when a company educates and empowers you rather than pushing solutions onto you, then that is a great sign that they can be trusted.
Throughout this article, we have outlined four top tips to find the best car leasing company you. Hopefully, this has helped you on your way to find a leasing company that is suited to your needs.
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