3+35 6+35 what are payment profiles

3+35 6+35 what are payment profiles

3+35 6+35 what are payment profiles – In the world of contract hire 3+35 refers to your contract term. You will see throughout our website that all offers advise you of a term in the format of 3+35, 6+35, 3+47 etc. This contract can be personalised to suit you.

The easiest way to understand payment profiles is to think of it as a large cake or pizza. The finance company calculate the total payable figure for the lease, and term you have selected as the whole cake and then split it into manageable payments.

Car Leasing Fees Explained

To make it easier we tend to calculate the initial rental as a multiplier of your monthly payments. e.g if your monthly payment is £100 and your initial payment is 6 monthly payments your initial payment is £600, followed by a monthly payments on £100 for the term of your contract.

Most people don’t realise that no matter what the initial rental the total amount payable stays the same size.

The more you pay in your initial rental the smaller the monthly payments become and vice versa.

3+35 6+35 what are payment profiles

In this example offer the monthly price is £211.58 Inc. VAT this is often referred to as your regular payment.

It’s shown as Inc. VAT in this example as it’s a personal contract and the prices include the VAT.

The term is 3+35 which means it’s a 3 year deal (36 months) with an upfront or initial payment of 3x the regular payments followed by 35 monthly payments.

Your Initial Payment is 3+ which means its 3 x £222.58 =£667.74 followed by 35 monthly payments of £222.58

The annual mileage in this example is 8,000 (sometimes referred to as 8k). As this is a 3 year contract this will be 3 x 8k = 24k over the contract duration. Therefore if you only use 6k in your first year you will have 24 -6 =18k for the remainder of the contract as your unused miles carry into the remainder of your contract.

If you have any more questions regarding 3+35 6+35 what are payment profiles , what will count as fair wear and tear. If you would like to discuss leasing a vehicle contact one of our qualified and friendly account managers by email info@carlease4you.co.uk or call 028 7122 8822