Personal Contract Hire
Personal Contract Hire (PCH) is a popular vehicle funding method that is exclusive to private individuals and works in a similar way to regular contract hire for businesses.
PCH involves paying an initial rental, followed by a series of fixed monthly payments over the duration of the lease agreement, normally 2, 3 or 4 years. The payments are determined at the start of the contract according to the estimated residual value of the vehicle and an agreed mileage limit.
You effectively pay to use the vehicle throughout the lease period and return it to the funder at the end of the agreement. The benefit of this arrangement is that depreciation values and the hassle of disposing of the vehicle is the responsibility of the finance company.
When the contract expires you have the option to simply return the vehicle, take out a new lease vehicle or extend the current vehicle contract, subject to the funder’s approval.
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