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Personal leasing

There are two types of personal leases, a Personal Contract Hire agreement (PCH) and a Contract Purchase agreement (PCP).

Personal Contract Hire

As with a business contract hire agreement, you choose your car, length of contract and annual mileage and decide whether to include maintenance or not. At the end of the term you simply hand the vehicle back to the leasing company. The only other charges you may incur would be for excess mileage if you have exceeded the contract mileage and any charges for vehicle condition at the end of lease. A detailed set of terms and conditions will be supplied to you at the beginning of your contract.

Personal contract hire can be provided over any length of time from 24 months to 5 years. It allows you the flexibility of enjoying a new car on a regular basis.

At the end of the contract you can purchase the vehicle; however the purchase price will be quoted based on market factors including the mileage of the vehicle. If you want a guaranteed purchase price you should consider Personal Contract Purchase.

Comparing Quotes

It is always difficult to compare quotes as terms and options can vary. VAT should be included with personal contract hire- if the rental looks too low compared to other quotes check whether VAT is included or in addition to the rental figure. Road fund licence /Road tax should always be included in the rate when the contract starts, any increase /decrease in the rate of road tax will be invoiced or credited at the time of renewal.

Personal Contract Purchase (PCP)

PCP or a Personal Contract Purchase is fast becoming one of the most popular ways of financing the new car of your choice, simply due to its flexibility. You choose the car, how long you want the contract to run for and the mileage you intend to do and in return you get fixed cost motoring for the term of the contract. At the end of the contract you have a choice to either buy the car outright for an agreed lump sum (the GFV or final balloon payment), or hand the vehicle back to the lender and walk away with absolutely no further obligation.(subject to you not having exceeded your total agreed mileage and the car being in good condition)

If you want to keep the car its quite simple all you need to do is pay off or refinance the guaranteed future value or final balloon payment.

A fixed cost maintenance package is also available.

Comparing Quotes

When comparing contract purchase quotes from different companies you should always ensure that the quotes are all based on the same terms, you should also make sure that the balloon payment is guaranteed and that you understand what your obligations are to ensure that it remains so. Road fund licence will be included for the first year of the contract and it will normally be your responsibility to pay for and arrange for the road fund licence for the remaining period of hire. This should be clearly explained on the quote.

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