Personal contract hire (often referred to as ‘personal leasing’) is a way of leasing a vehicle over a longer period of time (typically 2-4 years). Personal contract hire is an increasingly popular way of driving a new vehicle as the upfront outlay is considerably less than buying a new vehicle outright.
Once you’ve selected a car you’d like to lease, you’ll pay an initial fee (the initial rental) followed by regular monthly rentals over the course of your lease agreement. The fee you pay per month is usually determined by the car spec, plus your annual mileage (i.e. a top spec model with higher annual mileage will likely result in larger monthly payments).
At the end of your contract you’ll return the vehicle to the finance company. Because you never own the vehicle (the finance company does), you don’t need to worry about the depreciating value of the vehicle.
You’re then free to take out another vehicle lease. In some instances, depending on approval from your provider, you may also be able to extend your existing vehicle contract.
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