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Re-Finance your lease car...

posted on Dec 31 2008 by Sam Jones

Re-Finance your lease car...

The Credit Crunch has made us all think long and hard about both our incomes and outgoings, along with how much we spend on leasing our cars. To make things more complicated we have a number of car manufacturers reducing production which will starve the market place of available cars, then we have the banks that have all reconsidered their lending strategies making it more difficult to obtain finance.

For many years we have enjoyed an abundance of excess cars as manufacturers struggled for market share all of which were funded by banks which were all keen to lend money and increase their lending capability, thus providing cars at much lower prices than we all expected. Basically every one was a winner and you, the end user and driver of the car was able to drive a bigger and better car than you would normally have afforded and it looked good in the drive way right There is much speculation about what is going to happen in 2009, some would have you think there is going to be a shortage of cars and finance which will push up the price of leasing to levels that we havent seen before, whilst others would have you think there is going to be some silly prices to attract customers to continue leasing.

We have been busy too speaking to all of the car manufacturers and financing banks about all the products and services that are available for our customers. One new option we have investigated and now have as part of our portfolio of products is a finance scheme that enables you to re-finance / re-lease your current contract hire car at the end of its lease period, or even finance a VAT qualifying nearly new car (we can tell you more about VAT qualifying cars). We have recently seen an increase in clients that are coming to the end of their contract hire agreements, that are driving vehicles at "special offer" monthly rentals that can no longer be replaced as the rentals on the new vehicle is much higher. T

hese contract hire customers are faced with paying bigger monthly rentals for the equivalent vehicle or downsizing in order to maintain the same monthly rentals. Neither option is ideal, unless of course you can continue to drive the same vehicle for another 12 or 24 months at the same rental and sometimes even lower until such time the costs have realigned and you can once again lease a new car. If you would like to explore this option further and your current leasing agreement is coming to an end, then speak to one of the team on 01273 789 900 for more details.

Basically what will happen is you will be asked for the settlement figure provided by your current financing bank, the current mileage and the registration date along with your registration number. We will be able to calculate quickly using our in house online quoting systems to provide you with a monthly repayment schedule which can be a simple like for like lease or can even allow you to own the vehicle at the end of the period. For a full listing of all our current special offers please visit our web site.

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