Personal Contract Hire (Regulated)
For the private individual the more traditional methods of buying cars i.e. hire purchase, bank loan or from savings are becoming less and less attractive as more sophisticated and cost effective methods become available.
Many companies are choosing to give their current company car drivers "cash" instead of a company car, to allow them to make their own arrangements, and therefore avoid benefit in kind taxation.
Personal Contract Hire gives the user a fixed monthly payment for a pre determined contract term. At the end of the contract you hand the vehicle back and if you choose take out a new contract for another vehicle. No need to sell the vehicle privately or worry about its market value.
Personal Contract Hire arrangements can also include a full maintenance package as part of the monthly rental. This provides full cover for all maintenance requirements from regular services, tyre replacements to more involved mechanical repairs. Because maintenance cover is provided as a fixed cost as part of the monthly rental, it removes the risk of unforeseen breakdowns and large repair bills.
Personal Contract Hire delivers a no hassle solution to running a car and as the costs are fixed and equal, it allows you to budget exactly for your car spend.
- Fixed Monthly payments. No need for a lump sum (Balloon Payment) at the end of contract.
- Reduced Monthly Payments due to Guaranteed residual values.
- No disposal worries at the end of the contract.