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Personal Contract Hire in detail

Personal Contract Hire is the choice favoured by most people who would prefer to lease a car, rather than own one. You pay an initial upfront advance rental (amount dependent on size of monthly rental), usually the equivalent to three, six or nine monthly rentals. You then pay a fixed monthly rental fee (plus VAT) and in return have the right to use your chosen car over a pre-agreed period and mileage.

At the end of this period you are not responsible for the disposal, you simply return the car without further cost, providing it has not exceeded the agreed mileage and the condition is reflective of its age and mileage. There is no option to own the car at the end of the contact.

Product Parameters

  • Personal Contract Hire contracts are normally 24, 36 or 48 months in duration.
  • Both excess mileage and vehicle condition charges may apply.
  • Maintenance of the vehicle can be included in your monthly rental as an added option.
  • You will not own the car and there is no option to purchase at the end of the contract. As with all our finance products, there are no arrangement or purchase fees.

What else do I need to know?

  • All contracts include road fund licence, full manufacturer's warranty and the manufacturer's comprehensive breakdown cover.
  • Your contract will be subject to a minimum period of 18 months.
  • When you return the car at the end of the contract, if it has covered more miles than agreed, you will be required to pay a charge for excess mileage. In addition, if you have not kept the car in reasonable condition for its age and mileage you may be charged a refurbishment cost.
  • This type of finance contract is not available to corporate entities, e.g. limited companies, PLCs or limited partnerships.

More on Personal Contract Hire

Watch a short video explaining how this product works:

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