finance

[lidds]

Some good deals coming through.£179/mth for 24 months Honda,8k dealer contribution.
Can you pay most of the leasing cost,lets say £4k (out of £4300 total for 2 years) up front to lower the credit check requirements?I am self employed.With a 1000/1000 credit score on Clearscore but they don't seem keen on SE.Thanks

[Niguy]

What exactly are you asking?

[Nickp82]

Essentially yes you can. One thing to point out, as has been mentioned in the leasing thread, the Honda deal is a PCP so you’re borrowing the cost of the car (about £29k I think) minus deposit but you do have more flexibility with the amount of deposit you put in.

If you go for a lease , as you are aware you are ‘borrowing’ the total of the monthly lease payments as you never own the car so far less than the PCP however usually your advance payment is a multiple of the standard monthly payment so a bit less flexible and generally a maximum of 12.

Afaik, putting in a higher deposit / advance payment does help you in regards to being accepted for the finance as less risk for the finance company.

[lidds]

Thanks for thatI will try putting a bigger deposit down

[Zippee]

What Honda deal is this out of interest?

[Truckosaurus]

lidds said:

Thanks for thatI will try putting a bigger deposit down

Putting down a bigger 'initial payment' (it is not a 'deposit') means you might get stung if the car gets written off/stolen early on in the lease period.

You'd need a decent GAP insurance policy (that used to be thin on the ground for leases, not sure what it is like these days).