Personal Contract Hire is car leasing for an individual rather than a business. It’s a form of finance but instead of buying a car you rent it from a finance company for an agreed period of time. You can choose how long you want to lease the car for within the terms offered, but it’s usually either 24, 36 or 48 months. You make an initial payment, decide how much mileage you expect to do and whether you want to include servicing and maintenance in your monthly cost.
The amount you pay each month will depend on the size of your deposit, which is usually the equivalent of three monthly payments, how much mileage you expect to do and how long you want to lease it for. Because you’re leasing, the car, you don’t own it and you’ll also have to fulfil obligations during the rental period, such as maintenance and damage repairs should they be needed. At Dick Lovett we have a team of Personal Contract Hire specialists on hand to help guide you through the process.