What is the initial rental? Is it the same as deposit?

What is the initial rental? Is it the same as deposit?

What is the initial rental? Is it the same as deposit?
20 May 2022

Our van leasing customers often refer to the initial rental as a 'deposit,' so yes, it is the same thing. 

When you lease a carvan, or pick-up truck, you're charged for usage up to pre-agreed mileage for the agreed period. Your funder calculates the cost of your vehicle lease, deducts the initial rental and spreads the remaining balance over the lease period. Since the initial rental is deducted from the overall balance, the remaining balance will be reduced - in other words, the higher the initial rental, the lower the monthly rental. This is something you should keep in mind when requesting a quote. It's really an individual decision whether you would prefer to pay lower initial rental and higher monthly rentals or pay more upfront and enjoy lower monthly costs.

The initial rental is your first payment made in month one of the vehicle lease agreement. As an example, if you are leasing a van for 3 years and your initial rental is £2,000 and your monthly rental is £250, you will pay 1 x £2,000 and 35 x £250. 

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