PCH or Personal Contract Hire (also called Personal Leasing) is a Vehicle Contract Hire Agreement for Private Individuals. It works in exactly the same way as Contract Hire for companies with the exception of VAT. Companies can reclaim this element, whereas with in a Personal Car Lease, it is inbuilt into the monthly payment.
Benefits of personal contract hire or personal car leasing:
- Fixed Monthly rentals
- Maintenance and road tax can be included
- No depreciation to worry about
- No disposal issues
- Loan car as standard if your car is off the road
- Flexible terms
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Deposits are low, normally equivalent to a number of monthly payments.
The payments are based on the term of the agreement and the expected mileage. Excess mileage will be charged to the user at a few pence per mile.
Road Fund License (RFL) is included within these agreements; other packages such as maintenance may be costed in to be included
At the end of the contract you simply hand the car back and then you can start again with a new personal lease car..