PERSONAL CONTRACT HIRE
Personal contract hire gives you fixed monthly payments and you have the option to drive a new car every few years, which is an excellent incentive. So as long as you don’t mind not taking ownership of a vehicle, personal contract hire could be the right solution for you.
Benefits of Contract Hire
- Fixed prices – You can lease both new and used cars at a fixed monthly price and not have to worry about interest charges. This can help you budget.
- Low initial payment – Typically three or six monthly payments.
- Cost effective – The monthly instalments for a personal contract hire agreement will generally be lower than those of a personal loan.
- Vehicle Exercise Duty (road tax) – This will be included for the duration of the agreement.
- Optional maintenance packages – Personal contract hire deals can include maintenance packages so you don’t have to worry about the general upkeep of the vehicle.
- 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.
- 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.