Personal contract hire gives you a cost-effective way to lease a car that’s easy to manage and doesn’t tie up lots of your money.
Choose a vehicle to fit your budget, a lease period that suits your needs (usually between 24 and 60 months), and agree an annual mileage limit.
Lease the car for a fixed monthly fee, with a fixed payment up front typically 3, 6 or 9 payments. You can also take out a maintenance agreement (at an additional cost).
You can use the vehicle as if it were your own, although the finance provider still legally owns it. You just need to remain within the agreed mileage limit and look after the vehicle according to a ‘fair wear and tear’ policy, which we will provide you with.
At the end of the personal vehicle lease, simply hand the car back. Personal contract hire funding does not provide the option to purchase your vehicle at the end of your lease period.
If you do end up driving more miles than planned, you’ll need to pay an excess mile charge.
Decide whether Personal Contract Hire is right for you:
It may suit you – if you do predictable mileage, like being able to budget for fixed monthly payments and do not want to outlay large amounts of money
It may not suit you – if your mileage is unpredictable or you think there’s a chance you may not return the vehicle in a condition the BVRLA deem acceptable within its ‘fair wear and tear’ guide.