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What is leasing

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Car leasing (also known as 'contract hire) explained simply

In simple terms, leasing a car on personal contract hire (PCH) means that you’ll get the keys to a brand new car that you can drive for an agreed number of years, covering a capped number of miles, in return for fixed monthly payments that make motoring a doddle to budget. Click here for our very frank look at whether a car/van lease is suitable for you or not and what the pros and cons to personal contract hire are in general.

 

Advantages of Contract Hire

  • It may be possible to obtain a higher value product for your budget
  • Fixed cost motoring
  • Available to all customer types subject to finance approval
  • All vehicles supplied are New (or Pre-Registered), and will come with the balance of manufacturers warranty
  • No worries about disposal at the end of the contract (subject to BVRLA Fair Wear and Tear Guide)

 

Disadvantages of Contract Hire

  • There is no ability to purchase the vehicle
  • All rentals attract VAT
  • There is no prescribed formula for early settlement, and each leasing company operate independently
  • Potential de-hire charges

 

Click here for our candid look at whether a car/van lease is suitable for you and what the pros and cons to personal/business car leasing are in general.