Long-term leasing is one of the best options available if you want to get a new car without assuming ownership or the expenses involved. Do you know everything you should take into account before leasing a vehicle?
The main advantage is the possibility of accessing brand-new vehicles from some of the best renowned brands on the market, with flexible contracts of between 24 and 72 months, and with a monthly payment that covers practically all the costs. It is highly convenient, but there are documentation, terms, insurance and other issues to consider.
Documentation required to lease a vehicle
The first step in leasing a vehicle is validating the customer's profile. Leasing is a financial product based on usage, so you must demonstrate your creditworthiness and ability to pay.
- Individuals: The most common way is to present your ID card (DNI or NIE), proof of income (payslip or tax return) and, in some cases, recent bank statements.
- Self-employed: Census registration, last VAT or Income Tax declaration and updated tax documentation.
- Companies: Tax ID, deeds, balance sheets and details of the legal representative.
Contract requirements: duration, mileage and commitment
This type of lease normally lasts between 24 and 72 months, and this is an important decision. Longer contracts usually result in a lower monthly fee, in exchange for complying with the contractual commitment.
If you opt for shorter terms, you will have more flexibility to change cars at shorter intervals, although with slightly higher monthly payments.
Another aspect to take into account is the annual mileage. At OK Mobility, when leasing a vehicle you can adjust the contract according to the intended use, with ranges that usually go from 10,000 to 30,000 kilometres (~6,000-18,000 miles) per year. If you exceed this figure, you will have to pay a supplement to make up the difference. This is one of the most important aspects that many drivers fail to take into account.
What’s included in the monthly lease payment?
One of the reasons why leasing is an option drivers might consider is cost. Owning a car often means making a large initial investment or financing it, as well as taking on taxes, insurance, maintenance, etc.
In long-term leasing, the monthly fee includes:
- Fully comprehensive insurance with no excess.
- Maintenance and repairs.
- Taxes.
- MOT.
- 24-hour roadside assistance.
Therefore, the only expense you have to assume is the monthly fee (which varies according to the model) and the cost of petrol, diesel or recharging, in the case of electric models.
Insurance and coverage: what you need to take into account
At OK Mobility, the monthly fee you pay when leasing includes fully comprehensive insurance with no excess. In other words, all damage to your vehicle and third-party damage is covered, without having to pay any excess, which is common today in many insurance policies.
Make sure you understand the exceptions, how to manage the forms and what happens in case of non-compliance with any of the conditions. Also consider everything related to claims management: response times, associated garages and roadside coverage.
Conditions of use of the vehicle
Another of the advantages of leasing a vehicle is that you can choose from among the new models that have arrived on the market, and even change every few years if you wish, as the OK Mobility fleet is renewed periodically.
The contract establishes how, by whom and for what purpose the car may be used. In general, private, professional or mixed use is allowed, always stipulated within the terms of the contract. It also defines who can drive the vehicle and whether there are any additional authorised drivers.
Delivery, terms and lease activation
Finally, once the contract is finalised, it is time for the car to be delivered. The process is very agile and completed online:
- Select the vehicle, the contract duration and the mileage.
- Wait for the documentation to be validated.
- Sign the contract.
Delivery times will depend on the model and availability. In most cases, new vehicles are available within a few days or weeks. The customer then picks up or receives the car, according to the agreed method.
It's that easy! If you are considering this option to drive your next vehicle, you can contract an all-inclusive long-term lease with OK Mobility with no deposit and fully comprehensive insurance with no excess.
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