Personal Contract Hire
Just as contract hire has proved a popular method of providing car leasing finance for the business community, more and more private individuals are realising the benefits of using a personal contract hire scheme for their personal car leasing. Personal contract hire works in exactly the same way as business car leasing, whereby a vehicle is supplied for a fixed term for an agreed monthly payment. Personal contract hire contracts can, if required, include the maintenance of the vehicle in the monthly payments and will always include the first year’s road fund licence and (where applicable) the vehicle’s first registration fee. Most personal contract hire agreements also include the road fund licence for the entire personal contract hire duration – making car finance budgeting clear and easy for the personal client, as the payments are fixed throughout the life of the personal contract hire agreement. Personal contract hire agreements typically run from 24-60 months, with the option of any duration between these times, and start with an initial payment followed by one monthly payment for each month of the personal contract hire contract’s duration.
Personal contract hire agreements benefit in that there is a minimal initial outlay (normally three times the amount of the monthly payments); there are no depreciation or disposal issues to deal with – we arrange collection at the end of the personal contract hire agreement. When the personal contract hire agreement is drawing to a close carleasinguk.com will contact the end user to discuss their options. With a personal contract hire the end user hands the vehicle back to the funder, and then has the option to arrange a new personal contract hire, starting on the date that the old one expires normally or to “walk away”.
All vehicles supplied by carleasinguk.com on a personal contract hire scheme are sourced from our nationwide UK franchised dealer network, and will be delivered to the end user at their home address or place of work. Every personal client has their own dedicated account manager, who will explain their personal contract hire options from their initial enquiry through to the contract stage, where our experienced contract and administration staff take over. Additionally, throughout the life of the personal contract hire our Customer Services team is on hand to answer any questions that may arise during the life of their personal contract hire agreement.
