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Leasing Payment Profiles Explained


If you are new to leasing it can be a bit of a mine field, first you need to work out the type of lease is best for you.
The majority of people opting for a PCH which means you do not need to worry about having to sell the vehicle at the end of your lease term, simply renew your lease with a newer car, upgrade to a different type of car, or hand the vehicle back and walk away.
Then you are faced with various payment profiles available for example, 3 x 35, 6 x 35 or 9 x 35, so let’s take a look at leasing payment profiles and what they actually mean.

What is a leasing payment profile?

Once you have decided on the lease type, you then face the payment profile conundrum, deposits, initial payment, monthly payments, 3 upfront, 9 upfront but what does this all mean?

At UltraCar we try to make a payment profile as simplistic as possible, if you are being confused by a leasing company over a payment profile, put on the brakes! This is an essential part to your leasing agreement.

A payment profile will be your payment plan for your leasing term, so you need to make sure it is right for you before entering into a contract.

Example of a leasing payment profile

We will concentrate on a payment profile of a PCH (Personal Contract Hire) as this is the only leasing agreement we do at UltraCar.

A PCH requires the customer to make an initial payment (many customers refer to this as a deposit, however it is an initial payment and not a deposit), this will be ‘x’ times your regular fixed monthly payments.

For instance –

A 3 x 35 payment profile-

Your monthly repayments on a car are £300/month, if you are looking at a 3-upfront initial payment then this will be 3 times your monthly payment of £300. Therefore, your initial payment will be £900. This is a 3 (3 months payments in one go) x 35 (followed by 35 fixed monthly payments) payment profile.
This particular payment profile is for 3 years and is the most popular payment profile we do. The amount payable is dependent on the type of car you want, the more you put down as an initial payment the less your regular monthly payments will be.

At UltraCar we are able to offer leasing agreements with a £500 initial payment on some types of cars, as some of our customers have told us that finding an initial payment can be difficult.

As we are also the underwriters (funding your car) we have the flexibility to work with customers on an individual basis, creating payment profiles which are better suited to their needs.