Personal car leasing

How personal contract hire works

You choose a new vehicle, contract term, annual mileage and initial rental. Subject to status, you then pay the agreed monthly rentals for the contract term and return the vehicle at the end.

The vehicle remains owned by the finance provider. Personal contract hire is designed for use rather than ownership, so it is important to consider your likely mileage and whether your circumstances could change during the term.

Budget for the whole agreement

Compare the initial rental, monthly rentals and £499 administration fee together. Insurance, fuel or electricity and servicing are not included unless the written quotation says otherwise.

• Comprehensive insurance is your responsibility
• Maintenance may be added through a separate quotation
• Excess mileage is charged at the contractual rate
• Early termination can involve substantial charges

Choose mileage carefully

Your annual mileage allowance is part of the finance agreement. A lower allowance may reduce the advertised rental but can be unsuitable if your real driving is higher. Estimate commuting, family travel and longer journeys before requesting a quotation.

The exact pence-per-mile excess charge will be shown before you sign. If your needs change, contact the finance provider rather than waiting until the vehicle is returned.