Buying a car PCP from lease company e.g. Nationwide vehicle contracts

Connors_2

Hi All, new to the forum and just looking for a bit of advice on buying a new car.

I am 19 with a limited credit history, have had a mobile phone contract for 5 months and an aqua credit card for about 9 months, oh and an overdraft which i've had about a year all paid on time and everything. I am just wondering what my chances are to actually get the lease/pcp/hp deals that are on the website.

Thanks a lot, Connor.

lawrie28

Only way to know is to try.

However, I woudl say that at your age, you need to make wure you can insurea car before you commit, and make sure that the insurance co know it is a lease car etc.

Not what you asked, but look at cheaper cars/used cars to see what you can get, A new car. whilst a nice thing will cost you a small fortune over a short period of time, so consider it carefully.

Connors_2

I've looked at insurance and thats easily affordable, actually cheaper than an older car.
the reason I am considering a new leased car is that for the price of a 3/4 year old car i can get a brand new car with warranty with cheaper insurance, but I just aren't sure that the quotes they give you on the website are real life figures.

Thanks, Connor.

lawrie28

Connors wrote: »

I've looked at insurance and thats easily affordable, actually cheaper than an older car.
the reason I am considering a new leased car is that for the price of a 3/4 year old car i can get a brand new car with warranty with cheaper insurance, but I just aren't sure that the quotes they give you on the website are real life figures.

Thanks, Connor.

Except with a 3/4 yr old car on HP you get a car at the end of it.

With a lease/pcp you pay loads of money and then get to hand it back..... Have a flick through the loans pages on here and look at any that talk about cars going back to dealers and people getting frustrated at handing back cars they have spent loads on. Ford options is one I just posted on.

If that doesn't put you off, nothing will.

Connors_2

I have just read that thread and in their case it hasn't worked out for them has it.
I am not particularly bothered about owning the car at the end of the contract, I would trade it in and get another new one. I want somebody who has had a similar experience leasing a car, e.g. minimum credit history.

thanks, Connor.

lawrie28

Connors wrote: »

I have just read that thread and in their case it hasn't worked out for them has it.
I am not particularly bothered about owning the car at the end of the contract, I would trade it in and get another new one. I want somebody who has had a similar experience leasing a car, e.g. minimum credit history.

thanks, Connor.

Ok, well the requirment for credit is usually lower, as your only financing the payments, but you won't know till you try.

as for trading it in at the end, well you don't own it, so have nothing to trade in.....

CH27

We have leased our last three cars.
It's really easy to do & suits us well.

You have to be very careful to keep all services etc upto date & to get any dints or scratches repaired or they will charge a fortune when you hand the car back.

When you get the quote they will give you the figure you will have to pay to keep the car. Try to save this amount so you have options open to you at then end of the deal.

Connors_2

lawrie28 - by trade in I mean just hand the car back then take out another car for them.

CH27 - Yeah I have read about them being fairly strict on scratches and damage to the cars come handback. When you took out your lease deal, when you saw the deal on the website or whatever did the apr and stuff stay the same?

Thanks, Connor.

CH27

Connors wrote: »

lawrie28 - by trade in I mean just hand the car back then take out another car for them.

CH27 - Yeah I have read about them being fairly strict on scratches and damage to the cars come handback. When you took out your lease deal, when you saw the deal on the website or whatever did the apr and stuff stay the same?

Thanks, Connor.

Sorry I don't know. My husband dealt with it all.

Do you know you are also only allowed to do a certain number of miles per year?
If you go over, you get charged per mile.

Connors_2

Yep, I think its something like 6p per mile over or something, but i'd make sure I have enough miles on the deal. So have you ever had any problem with your lease?

Thanks, Connor.

CH27

Ours have always been very straightforward but I do know people who have had hassles over their deals & wouldn't lease again ever.