Select your car. Check benefits of leasing incl. 0 down-payment, tax benefit for corporates, business owners, professionals
Customize & compare lease rentals from the best leasing companies in India. Get car lease eligibility & submit documents online
Drive a new car every 2 to 5 years to fit your family’s need with latest technology & features with the flexibility to upgrade
Zero down payment as compared to up to 20% down payment incase of car loans and all inclusive monthly cost
Lease rental are deducted from income lowering the taxable income for business owners, professionals & employees
Pay for the depreciation of the car during the lease period which often costs less than the car loan EMI
Car leasing is an alternative way of acquiring a vehicle as compared to traditional car loan or outright purchase. Leasing a car allows you to drive a new car for an agreed duration between 2 to 5 years at an agreed monthly rental.Car leasing is effectively a long-term rental of a brand new car at a monthly payment comparable to car loan EMI with some additional benefits like zero down payment, all inclusive monthly payment & tax benefits.
Lease Rentals - Fixed monthly amount payable to car leasing company. Lease rentals are inclusive of vehicle cost, insurance, maintenance and other services opted for. Lease Tenure - Period for the vehicle is contracted for lease. Residual Value - Expected resale price of the vehicle at the end of the lease tenure. Contracted Mileage: Contracted mileage is a pre-agreed mileage at the start of the contract. Tax Benefit - Check if you are eligible for tax benefits based on the documents submitted
When buying a car with loan, you make an initial down payment along with 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 for an agreed time period & fixed monthly rental. When the lease tenure is complete, You must return the car back to the leasing company with an option of buying the car at a depreciated value.
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 in India include zero down payment, fixed monthly rental including service & insurance, option for a new car every 2 –5 years, no worries about trading or selling your car later & tax savings incase of corporate leasing or for business owners & self employed professionals.
MYNEWCAR is India's 1st online marketplace to buy, lease or subscribe car with best offers for individual & corporate customers. Our Advisor will understand your requirements, check your eligibility, help you to choose between leasing a car or buying a car with finance & suggest you the best leasing options from the leading leasing companies in India. We will ensure that you choose the right leasing option with lowest lease rental. We will track your application & keep you informed.
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. Do note that the lease rental can vary for corporate customers and individuals.
The lessee has the option for opting all inclusive package which includes 1. Insurance 2.Service & maintenance including pick-up & drop facility within the municipal limits of the city. 3. 24x7 breakdown assistance 4. Replacement vehicle 5. Vehicle management include tyre and battery change 6. Accident repairs & claim process.
At the end of the lease tenure, the vehicle comes back to the leasing company, i.e. the Lessor. The user has the option to purchase the vehicle at the then prevailing market price or at the pre-determined vehicle’s residual value based on contract.
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.
Yes, without a doubt. Leasing a car is the same as loan in the sense 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 lease without any hassle.
We currently offer lease only for new & used cars and do not club our lease options with an existing car. You can schedule an appointment or email us at contact@mynewcar.in for our leasing specialists to help and answer your questions.
MyNewCar.in is an online marketplace to buy, lease or subscribe a car. MyNewCar have partnered with the top leasing companies in India to help you compare the lease rentals, services, eligibility & documents required to ensure that you select the best leasing option.
Car lease agreement have a few restrictions and cannot be normally ended earlier than the contract. However, there are other options available. You can schedule an appointment or email us at contact@mynewcar.in for our leasing specialists to help and answer your questions.
As the taxes are different in every state, your monthly payment be be different. It might increase or decrease. You need to inform the leasing company so that they can update the lease agreement with new lease rental, billing address and car’s “garaged” address.
A car lease contract is vehicle specific and it may not possible to change the vehicle like renting a car. But you can have the possibility of upgrading to a new car based on the lease agreement with the leasing company.
Individuals and small companies prefer operating car lease. It allows the customer to acquire a vehicles without making a long term commitment. Operating car lease brings the viability of paying only for the usage value of the car, based on pre-decided tenure and kilometers without building the asset. You can schedule an appointment or email us at contact@mynewcar.in for our leasing specialists to help and answer your questions.
For Employer - 1. Off Balance Sheet funding – frees up capital for better leverage. 2.Fleet procurement & management is outsourced. 3.Helps in offering tax efficient compensation to attract & retain talent. 4.Predictable expenses helps in planning fleet budget. 5.Covers against all risk on management & residual value realization. For Employee - 1.Tax savings as lease rentals are deducted pre-tax from CTC. 2.No down-payment thus saving opportunity costs. 3. Covers all car services & management.
The lease rentals can be shown as a business expense and tax benefit can be availed. Moreover, the vehicle offered is inclusive of all services i.e insurance, maintenance, pick up & drop service, road side assistance. Full service lease will ensure mobility and hassle free drive. Also the monthly rentals are lower in operating lease compared to loan thus the user can upgrade to a higher variant and drive a car with more features with the same monthly outflow.
