Personal Contract Hire

What is Personal Contract Hire?

As the name suggests Personal Contract Hire (PCH), also known as personal leasing, is simply contract hire but for individuals looking to get their hands on a new car.

Personal Contract Hire is based on a fixed term contract where customers pay an agreed monthly charge for the use of a vehicle for a previously agreed period.

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Advantages of personal leasing:

• Flexible initial payment
• Fixed term contract
• Fixed mileage contract
• Fixed cost motoring
• Flexible profiles to suit you
• You only pay for the use of the vehicle
• At the end of your contract simply hand the vehicle back
• The option of including maintenance with the contract
• No depreciation or disposal risk
• Optional maintenance agreement available for trouble free motoring

Disadvantages of personal leasing:

• Vehicle must be returned in a well-maintained condition
• Early termination can be expensive
• You must look after the vehicle and return it in a well maintained condition otherwise you will be charged for any damage over and above that stated in the ‘Fair Wear and Tear Guide’
• You must have fully comprehensive vehicle insurance
• You will never own the vehicle

More Information on Personal Contract Hire:

It benefits customers wishing to eliminate the financial risk associated with disposing of a vehicle. Contracts are usually taken over two, three or four years, providing a high level of flexibility. Some contracts can be formally extended beyond the end of contract date if required. Just ask and we can answer any of your questions regarding extending your contract.

PCH is very similar to business Contract Hire; both are based on a fixed annual mileage that’s agreed on the inception of a contract. You will need to decide how many miles you drive each year before quotations can be obtained. Once you have stated how many miles you drive in a year and considered which vehicle you would like to lease a quote can be created for you by one of our sales team.

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Important information about personal leasing:

Regulations with regard to making mileage amendments after contracts are live vary from funder to funder, so it is always better to be as accurate as you can be. If you do exceed the agreed allowance at the end of your contract you will pay an excess mileage charge, which will have been agreed upon prior to signing the finance agreement.

Please remember this when deciding upon your annual mileage. If you are looking to have predictable motoring costs adding maintenance to your monthly payment is easy. Maintenance is there to put your mind at rest should any challenges arise with your vehicle and generally covers servicing, routine maintenance, tyres, exhausts and batteries.

Please note that it is the responsibility of the person named on the finance agreement to arrange and pay for fully comprehensive insurance for the vehicle. It is important that the vehicle is returned in accordance with the guidelines set out in the ‘Fair Wear and Tear Guide’, a copy of which is made available to customers when they are near the end of their PCH agreement.

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