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With an operating lease, you select the asset and the leasing company verifies the supplier details, then runs standard underwriting covering affordability and the asset’s residual assumptions. Operating Lease is often used where asset end-of-life outcomes matter, such as vehicles, production or warehouse equipment, and IT refresh cycles. Common terms are around 24 to 60 months, with decisions often taking 1 to 7 working days for straightforward cases. Pricing is typically embedded in the lease rental schedule, so expect an effective cost in a broad band depending on the asset, term, and credit profile.

A finance lease is often used to convert a capital purchase into predictable payments. Lenders assess affordability and credit history, alongside asset characteristics such as value and depreciation profile, and may ask for a deposit for certain deals or higher-risk applicants. Typical terms are often 36 to 72 months for equipment and machinery, and 24 to 60 months for vehicles where mileage limits and residual assumptions apply. Decisions are frequently 3 to 10 working days depending on documentation quality and the complexity of the asset valuation.

For vehicle contract hire-style leases, you usually provide vehicle choices or request a quote, plus contract length and usage details such as mileage expectations. The provider confirms availability, completes credit and affordability checks, and issues the contract with rental terms and end conditions. Terms are typically 24 to 60 months, and decisions can be around 1 to 5 working days for standard fleet requests where vehicle data is clear. Effective cost is expressed through rental payments rather than a single headline interest rate, with pricing influenced by specification, term, mileage allowances, deposit requirements and credit profile.