PERSONAL CONTRACT HIRE
MAKING THE CAR YOU LIKE REALLY AFFORDABLE
Personal contract hire is essentially the same as regular contract hire, but it applies exclusively to private individuals. It is the most common form of car leasing and usually when the term ‘car leasing’ is referred to, most people are talking about personal contract hire.
With a personal contract hire agreement you take control of a car for a contractual period – usually referred to as the ‘lease period’. Though the car is in your possession, it is not actually yours to own. Instead, you make fixed monthly payments to a leasing company for the duration of the contract – and when the contract expires you simply return the car to the leasing company or take out a new personal contract hire lease. As a result you never have to worry about resale values of the car – because you can simply return it and walk away.
THE BENEFITS OF PERSONAL CONTRACT HIRE
ᐅ Fixed prices – You can hire both new and used cars at fixed prices and not have to worry about interest charges. This can help you budget.
ᐅ Cost effective – The monthly instalments for a personal contract hire agreement will generally be lower than those of a personal loan.
ᐅ Road fund licence – This should be included in the agreement.
ᐅ Maintenance packages – Most personal contract hire deals will include maintenance packages so you don’t have to worry about the general upkeep of the vehicle.
ᐅ No depreciation concerns – You don’t have to sell the car at the end of the term so you don’t have to worry about its depreciation.
ᐅ Access to more ‘upmarket’ vehicles – With a personal contract hire deal, you could afford a car that would otherwise be too expensive. As luxury cars tend to depreciate at the slowest rates, these often provide the best personal contract hire deals.
ALTERNATIVE PERSONAL LEASING OPTIONS
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