HOW TO LEASE A CAR EASILY?
1. Choose Your New Car
Search, Compare, Test Drive & Select your New Car
2. Select the Best Leasing Option
Customize & Compare Lease Rentals from our trusted leasing partners.
3. Submit Documents Online
Get Car Lease Eligibility & Submit Documents
4. Get New Car on Lease
Book Your New Car & Get Delivery at your Doorstep
BENEFITS OF LEASE
1. Zero Down payment
Zero down payment as compared to Upto 20% down payment incase of Car Loans
2. All Inclusive Monthly Cost
Fixed Monthly Rental including Insurance, Service, Maintainence, Road Side Assistance
3. No Hassles with Used Cars
Don't worry about the Used Car value or go through the hassle of selling the Car
4. Tax Benefits
Lease payment deducted from the pre-tax income thereby lowering the taxable Income for Employee/Professionals
5. Drive a Better Car
Drive the top variant or higher segment vehicle with lower monthly lease rental due to market based residual value benefit
6. Lower Monthly Payment
Pay for the depreciation of the Car during the lease period which often costs less than the loss in Car value if you owned it
7. Flexibility to Upgrade Easily
Drive a New Car every 2 to 5 years to fit your family’s need with latest Technology & Safety Features
8. Drive a Car without Worries
Drive the Car during its most trouble-free years and one that's usually covered by the Manufacturer's Warranty
FREQUENTLY ASKED QUESTIONS
What is Car Leasing?
Car Leasing is an alternative way of acquiring any vehicle other than the Traditional model of Bank Loan or Outright purchase.
Car Leasing is a process of acquiring a car for a fixed period of time at an agreed money rental decided by the Leasing organization. Generally, duration of lease is betwen 1 to 5 years. You may speak with our advisors who will help you further.
What are the key terms to evaluate while leasing a car?
- Lease Rentals: The amount payable by the client to car leasing companies for the usage of the car for a specified period and contracted mileage. Lease Rentals are inclusive of vehicle cost, Insurance, Maintenance and cost other services opted for. At the end of the lease period, the asset is returned back to the car leasing company.
- Lease Tenure: The period for the vehicle is contracted for lease.
- Resale Value: The expected resale price of the vehicle at the end of the Lease Tenure. The benefit of this amount is worked out into your rentals and thus the proposition becomes better than a loan EMI.
- Contracted Mileage: Contracted mileage is a pre-agreed mileage at the start of the contract. In case you exceed the agreed mileage, any additional kilometres travelled beyond these limits will be invoiced in accordance with the vehicle lease contracts which will be in addition to the monthly lease rental.
What Is the difference between leasing a car and car loan?
The main difference between Car Loan and Leasing a car is that, When buying a car with loan, you make an initial Down Payment along wiith Monthly Payments (EMI) until you pay the car value (on-road price) along with the interest.
Post that, you get to keep the car. Incase of leasing a car, you rent the vehicle from the leasing company without any Down Payment in most cases for an agreed time period and fixed montly rental. When the lease tenure is complete, You must return the vehicle back to the leasing company with an option of buying the vehicle at a depreciated value.
Should you lease a car or buy a car with the help of a loan?
Both leasing a car and buying a car with loan have their own benefits, the key is determining which of those benefits matter the most to you.
Benefits of Leasing a Car
- Zero Down payment
- Fixed Monthly Rental including Service and Repair
- Option for a new Car every 1–5 years
- No worries about Trading or Selling your Car later
- Tax deductions incase of Corporate Leasing
Benefits of Buying A Car
- Ownership of Car after Paying the Loan
- Unlimited Mileage
- Modify your Car as per your requirements
- Lower Cost incase of owning the Car for a long term period
- Flexibility to Trade or Sell your Car at any time. You’re never locked into an agreed ownership period
What are the benefits of leasing a car on MYNEWCAR.IN?
MYNEWCAR is India's leading online marketplace for new cars, finance,leasing, car exchange, car insurance and provides you with a concierge service. MYNEWCAR will support you throughout the car leasing process until the disbursement.
Our Advisor will understand your requirements, check your eligibility, help you to choose between leasing a car or buying a car with finance and suggest you the best leasing options from the several partner leasing companies of MYNEWCAR. We provide you an unbiased feedback to ensure that you choose the right leasing option. We will monitor your application and keep you informed thus saving your time to visit multiple leasing companies.
Lastly, you can also avail some special offers/discounts from MYNEWCAR.
How is the lease rental calculated?
The rental calculation involves the amount funded less the sale price expected at the end and includes interest cost and all other cost which is required to run a vehicle like insurance, maintenance, admin cost except fuel and driver charges. The lease rentals is worked out for a particular period and usage.
What is included in the Lease Rental over & above the Car Finance?
The Lessee has the option for opting all inclusive package which includes:
- Insurance: Insurance Management will done by the Lessor for the entire lease tenure if opted. This will include the repair works and speedy settlement of claims. The Lessee will need to comply with the Insurance Procedures including filing of FIR in case of Theft or 3rd party damage for settlement of claims. These would include procedures like – giving details of the accident, filing of the claim forms, providing documents like driving license, etc. Lessor will also bear the disallowed insurance if the same is covered in the contract.
- Service & Maintenance including pick-up & drop facility within the Municipal limits of the city.
- 24x7 breakdown assistance within the Municipal limits of the city.
- A replacement vehicle if the vehicle is off the road for mechanical repairs beyond 24 hours.
- Fleet management include tyre and battery.
- Accident repairs & claim process."To explore the various lease plans on how to choose, how to terminate before contract and other related queries, you may contact our Lease Team and they are always ready to answer your doubts.
What happens at the end of the lease tenure?
At the end of the lease tenure, the vehicle comes back to the leasing vendor, i.e. the Lessor. At the end of the lease tenure, the vehicle can be purchased at the then prevailing market price.
What happens if the lease is pre-terminated?
There would be a pre-termination charge that would be applicable. Outstanding book value + penalty on o/s book value + taxes applicable + outstanding rentals (if any till the termination date) – market value of the vehicle.
Do I need good credit to lease a car?
Yes, without a doubt. Lease is the same loan that a company is trusting you to make monthly payments against money they have tied up in the car you drive. Hence, keeping your credit record clean will help you to get loan or leasing without any hassle.
Can I use the current car to lease on a new car?
We currently offer lease only on new cars and do not club our lease options with the existing car. You may speak with our advisors who will help you further.
Difference between the down payment and amount due?
Do not get confused with these two. Signing a due amount incurred - taxes, official fees, deposits, first month’s payment, and down payment. Down payment means, you essentially paying for the lease in advance and reducing the monthly payment.
It may feel like you’re saving money by making a down payment, but in reality, you’re just pre-paying the depreciation and interest charges.
Can I finish my Lease payment early?
Lease plans are designed which have few restrictions and cannot be ended earlier than the contract. However, there are other options available that will simply lessen your EMI and reduce your burden.
To explore the various lease plans on how to choose, how to terminate before contract and other related queries, you may contact our Lease Team and they are always ready to answer your doubts.
Can I move to another state with my leased car?
As the Taxes are different in every state, you’ll be charged differently on your EMI that might increase or decrease. Also, you need to inform the lease company so that they can update the billing address and car’s “garaged” address.
Swapping of Cars is allowed during the leasing period?
A Car Lease contract is vehicle specific and it is not possible to change the vehicle like a renting a car.
For more information, please speak with our advisors who will provide us with all our leasing options that suits your budget and your car requirements.
What is most common form of Car Leasing for an Individual or Small Medium size company and its features?
Operating Lease allows clients to acquire vehicles on relatively a short-term basis instead of a commitment for its useful life. Instead of Paying for the whole cost of the Car and building the asset, Operating Car Lease brings the viability of paying only for the usage value of the Car, based on pre-decided tenure and kilometers.Customer can subscribe to the following operating lease schemes:
Long Term Lease – Clients can choose from lease periods of 2 to 5 years to cater to their operational requirements.
Short Term Lease – These are lease periods ranging from 3 months to 2 years. A short lease becomes a good option to tide over your short term needs of a vehicle and you can avoid investments in a brand new car.
Benefits of Operating Lease
- Off Balance Sheet Funding – frees up capital for better leverage
- Fleet procurement and management is outsourced
- Helps in offering tax efficient compensation to attract and retain talent
- Predictable Expenses helps in planning fleet budget
- Covers against all risk on management and residual value realisation
- Tax savings achieved as lease rentals are deducted pre-tax from CTC
- No equity or margin money required thus saving opportunity costs
- Ease of upgrade helps in adding lifestyle value
- Covers all services and management of the vehicle
What are the key benefits of Leasing for a practising professional (eg: Doctors, CA, Lawyers, Teachers & Architects.)?
- Tax Saving: The rentals can be shown as an expense and tax benefit can be availed
- Convenience: The vehicle offered is inclusive of all services i.e insurance, maintenance, replacement car, pick up & drop service, road side assistance.Their profession demands them to be mobile, as time is of prime importance. Full service lease will ensure mobility and hassle free drive.
- Upgrade: Rentals are lower in operating lease compared to loan thus the user can drive the same variant at lower rental or upgrade to higher variant with the same outflow