The Plain-English Guide to Leasing

Everything you need to understand what you're signing up to and whether it's right for you. No jargon, no small print surprises — just straight answers from the team in Exeter.

The basics

What is vehicle leasing?

Leasing is long-term renting. You pay a fixed monthly amount to drive a vehicle for an agreed period (anywhere from 6 to 48 months with us), and when the contract ends, you hand the vehicle back. You never own it — but in exchange you avoid the upfront cost of buying, the hassle of selling it on, and most of the risk of depreciation.

Think of it like renting a flat rather than buying a house: you get to use it, keep the keys, and walk away when your circumstances change.

PCH

Personal Contract Hire

A lease taken out by an individual for personal use. Prices are quoted inc VAT.

BCH

Business Contract Hire

A lease taken out by a business. Prices are quoted ex VAT, and VAT-registered businesses can typically reclaim some or all of the VAT.

Our Flexi Lease product is a form of contract hire, designed to be shorter, simpler and more flexible than the traditional 3 or 4 year deals most leasing brokers sell.

Our approach

How Flexi Lease works at First Flexi Lease

Most leasing brokers sell “build-your-own” quotes — you pick a car, an initial rental, a term, a mileage, and then wait for a price. It works, but it's slow, and you rarely know if you're getting a good deal.

Flexi Lease turns that on its head. Every vehicle on our site is a fixed package:

Fixed monthly rental
Fixed contract length
Fixed mileage allowance
Fixed initial rental

You see the total commitment before you enquire. If the deal works for you, you apply. If it doesn't, you look at another one or speak to us about options. Nothing is hidden, and nothing changes between the price you see and the price you pay.

Because the contracts are shorter (typically 6 to 12 months, with longer terms available) and the stock is already on the road or close to it, you can usually drive away much faster than with a factory-order lease. We offer same-day delivery from our Exeter base where stock allows.

Three routes onto the road

The three ways to drive with us

Most customers only need one of them — but it's worth understanding the differences before you enquire.

Flexi Lease

Short-to-medium-term contract hire on live stock. Fixed initial rental, then fixed monthly rentals for 6 to 48 months. Hand the vehicle back at the end — nothing more to pay.

Best for: Drivers and businesses who want a no-commitment way onto the road, or a stop-gap while plans settle.

See Flexi Lease stock

Rent-to-Buy

A lease-purchase agreement. Around 20% deposit, then fixed monthly payments for 2 to 5 years. Pay the balloon at the end and the vehicle is yours — or refinance, or hand it back.

Best for: Drivers who want the option to own, with lower monthly payments than straight finance.

Explore Rent-to-Buy

Vehicles for Sale

Outright-sale stock — mostly ex-fleet and low-mileage used vehicles, all serviced. You buy, you own, end of story.

Best for: Businesses or drivers who want to own the asset and aren't after a monthly commitment.

Browse vehicles for sale

Not sure which fits? Call us on 01392 249250 or use the enquiry form. We'll talk you through it in plain English.

No surprises

The real costs of leasing

Here's everything you'll pay with us, upfront.

Initial rental: The first, larger payment when the contract starts. On Flexi Lease offers under 12 months, equal to 1.5 months of rental. On longer offers, shown clearly on the vehicle page. Not a deposit — you don't get it back at the end.
Monthly rental: A fixed amount paid by direct debit every month of the contract. Doesn't rise, doesn't get adjusted, no review clause.
Road tax (VED): Included. You don't pay it separately.
Delivery: Free to your door.
Admin fees: None. We don't charge documentation, arrangement or setup fees. What the page says is what you pay.
Maintenance: Optional. Add a maintenance package (servicing, tyres, wear-and-tear items covered) or handle servicing yourself at a main dealer — your choice, priced clearly either way.
Insurance: Not included on any standard leasing contract anywhere in the UK. You arrange and pay for your own motor insurance.
Excess mileage: Every Flexi Lease has a pre-agreed mileage allowance. If you go over, you pay a pence-per-mile excess at the end. We tell you the rate before you sign — and it's almost always cheaper to upgrade the allowance up front than pay excess later.
End of contract: If the vehicle is in fair condition, there's nothing more to pay.

Beyond the score

How we look at credit

Most leasing brokers run a hard credit search and make an automated decision in seconds. That's fine if your credit file is squeaky clean and you have three years of stable employment history. It's not fine if you're self-employed, new to the UK, recovering from a past default, or running a young business without the trading history a mainstream lender wants.

We do things differently. We look at your whole situation, not just a number:

We can often consider applications declined by mainstream brokers.
No hard credit checks at the enquiry stage — get an indicative answer without touching your credit file.
We work with self-employed drivers, new businesses, limited companies, and sole traders.
The actual decision is made person-to-person, with a human looking at the full picture.

That doesn't mean we say yes to everyone — we're regulated by the FCA and we have a responsibility to lend affordably. But it does mean you get a fair, personalised assessment rather than a robot rejection.

Pick the right route

Personal leasing vs business leasing

Which one applies to you depends on who's paying the rentals and what the vehicle is used for.

PCH

Personal Leasing

Suits anyone using the vehicle primarily for personal purposes — commuting, school runs, weekends away, leisure. Monthly rentals are quoted inc VAT. There's no way to reclaim any VAT, but there's no tax headache either.

BCH

Business Leasing

Suits limited companies, sole traders and partnerships using the vehicle for work. Monthly rentals are quoted ex VAT. VAT-registered businesses can typically reclaim:

100%of the VAT on a van used solely for business.
50%of the VAT on a car (HMRC's standard allowance).
100%of the maintenance-package VAT on any business lease.

Rentals can also usually be offset against corporation tax as a business expense. Speak to your accountant for anything specific to your situation — we can explain the mechanics but we can't give tax advice.

Cheat-sheet

Leasing vs PCP vs HP vs buying

Every option has a place; none is “best” in the abstract.

Flexi Lease / contract hire

Fixed monthly payments, use the vehicle for a set term, hand it back at the end. No ownership, no resale risk, no depreciation worry.

Best for: You want predictability and flexibility and don't care about owning.

PCP (Personal Contract Purchase)

Monthly payments plus a large optional final payment. At the end you choose: pay the balloon to own it, hand it back, or refinance.

Best for: Similar to rent-to-buy but typically dealer-led and tied to a specific make.

HP (Hire Purchase)

Monthly payments over a fixed term, usually with a small deposit. At the end, you own the vehicle.

Best for: You want to own outright but spread the cost. Higher monthly payments than leasing.

Outright purchase

Biggest upfront cost, complete ownership, full depreciation risk, full flexibility.

Best for: You plan to keep the vehicle for a long time (7+ years).

Rent-to-Buy (our lease purchase)

Sits between leasing and HP. Lower monthlies than HP because of the balloon, but the option to own at the end.

Best for: A middle ground when you might want to own.

If you think you'll want to change your vehicle every 1–4 years, leasing is usually the cheapest and lowest-hassle option. If you plan to keep a vehicle for 7+ years, buying starts to look better. Rent-to-Buy is the middle ground.

At end of contract

Fair wear and tear

At the end of a Flexi Lease contract, the vehicle is inspected against the BVRLA's Fair Wear and Tear guidelines — the industry standard used by every major leaser in the UK. The guidelines are common sense:

Fair

Small marks, light scratches and interior wear that happen on any vehicle used for its purpose.

Not fair

Dents, cracked panels, torn upholstery, mechanical damage, significant paint damage or anything caused by neglect.

If the vehicle comes back in fair condition, there's nothing more to pay. If there's chargeable damage, you'll get a clear itemised breakdown and the option to arrange repairs yourself (often cheaper) before the inspection is finalised.

Read the full Fair Wear & Tear guide

Step by step

The enquiry-to-road process

From the moment you submit an enquiry to the moment you drive away.

1
Enquiry
Pick a Flexi Lease offer (or tell us you're not sure yet) and send a quick form. Takes under a minute. No credit check at this stage.
2
Call back
We'll call you back the same working day (Mon–Fri 9am–5pm) to confirm availability, answer questions, and check the deal works for you.
3
Application
If you're ready to go, we send a short application form. This is where the actual credit and affordability checks happen.
4
Decision and paperwork
We aim to make a decision quickly. Once approved, you get a plain-English contract to sign.
5
Delivery
Free delivery to your door, usually within a few working days. Same-day delivery is often possible for customers close to our Exeter base.
6
Drive
The vehicle is yours for the contract. Pay the monthly rental by direct debit, insure it, fuel or charge it, and enjoy it.
7
End of term
We contact you about a month before the end. Extend, switch, or look at rent-to-buy options — or arrange a collection and the BVRLA inspection follows.

Setting it straight

Common myths about leasing

“You need perfect credit.”

No. With us, you don't even need a hard credit check to enquire. Final approval requires an affordability check, but we look at the full picture — not a single number.

“You'll get stung for every scratch.”

No. The BVRLA Fair Wear and Tear guidelines separate normal use from chargeable damage. A shopping-trolley ding isn't a charge. A cracked bumper is.

“Leasing is more expensive than owning in the long run.”

Sometimes — depends how long you keep the vehicle. Over 3 years, leasing is usually cheaper than buying and selling because you're not absorbing the steepest part of depreciation. Over 10 years, buying wins.

“You're tied in and can't get out.”

Contracts are commitments, same as any lease or loan. But our terms are short — many are just 6 months. If your circumstances change mid-contract, call us and we'll explain your options.

“Leasing means you can't have the car you really want.”

Most leases give you full day-to-day use of the vehicle as if it were yours. Drive it where you like (UK and usually the EU with permission), carry what you like, treat it like your car. You just can't modify it.

The vocabulary

Key terms, quickly

Initial rental: The first, larger payment at the start of the contract.
Monthly rental: The fixed amount paid each month.
Term: How long the contract runs (we do 6 to 48 months).
Mileage allowance: The total miles you're entitled to drive over the term.
Excess mileage charge: Pence per mile if you go over the allowance.
Balloon payment: The optional large final payment on a Rent-to-Buy agreement that buys the vehicle outright.
Residual value: The forecast value of the vehicle at the end of the term; sits behind the balloon calculation.
BVRLA: British Vehicle Rental & Leasing Association — the trade body that sets fair-wear-and-tear and industry standards. We're members.
FCA: Financial Conduct Authority. We're authorised and regulated by them.
Ex VAT / inc VAT: Business prices are quoted ex VAT; personal prices inc VAT.

The team in Exeter

Why choose First Flexi Lease

We're an FCA-authorised, BVRLA-member, SAF-approved leasing company based in Exeter, Devon, and we've been helping drivers and businesses across the South West onto the road since 2015. Our name is on the door at 10 Mulberry Court; the phone goes through to real people in Exeter Monday to Friday; and our underwriting looks at your whole situation, not just a credit score.

More than 5,000 customers have leased with us so far. If you'd like to be next, we'd love to hear from you.

Call

01392 249250

team@firstflexilease.com

Office

10 Mulberry Court, Lustleigh Close,
Exeter, Devon, EX2 8PW

Hours

Mon–Fri 9am–5pm

Or browse our live Flexi Lease stock, look at a Rent-to-Buy vehicle, or request a free quote and we'll call you back the same day.

This guide is for general information only and doesn't constitute financial advice. Final terms depend on your individual circumstances and are subject to affordability and status. First Flexi Lease is a trading name of Oak First Investments Ltd (Co Reg No: 9372347), authorised and regulated by the Financial Conduct Authority.

Ready to get on the road?

Browse our live Flexi Lease stock or speak to the team in Exeter — we'll call you back the same working day.

See Flexi Lease stock Call Now

Call us01392 249250

HoursMon–Fri 9am–5pm