Contract hire (more commonly known as 'leasing') is a form of car finance whereby you pay fixed monthly payments to use a brand-new vehicle.
Each agreement is subject to you passing a credit check to ensure that you can afford the monthly payments.
There are two types of contract hire agreements to choose from, which are:
Personal Contract Hire - for people who want a new car to use solely for personal journeys. Monthly prices advertised include VAT.
Business Contract Hire - for businesses looking to lease one or multiple cars for work purposes. VAT-registered companies don't pay VAT on the monthly lease price of the car or any additional maintenance package selected.
The amount you pay for a Personal and Business Contract Hire agreement is affected by the annual mileage, contract length and initial rental payment you choose.