Personal leasing is for private individuals who want to benefit from driving a brand new car of their choice, to the specification they require, at a fixed monthly rate and for a set term. Personal leasing can often be a more affordable, and hassle-free way, to drive a brand new car.

Due to the high number of different leasing options available, our experienced team of Account Managers take time to understand how best to meet your individual leasing needs and requirements in the most cost-efficient way.

Our Personal Leasing & Contract Hire Guides

PERSONAL CONTRACT HIRE (PCH)

PERSONAL CONTRACT PURCHASE (PCP)

PERSONAL LEASE PURCHASE (PLP)

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0330 134 5998

Lines are open Mon - Fri
From 8.45am - 5.45pm

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PERSONAL CONTRACT HIRE (PCH)

Personal Contract Hire (PCH) is a rapidly growing way for individuals to acquire a new vehicle.  With PCH you never actually own the vehicle, you simply hand it back at the end of the leasing agreement.  The benefits of PCH include low, fixed monthly costs and a smaller initial payment which is usually the equivalent of three, six or nine monthly payments.  The payments on a PCH agreement tend to be lower than other finance methods as you are only paying an initial payment plus a monthly rental, and not paying to own the vehicle.

ADVANTAGES OF PERSONAL CONTRACT HIRE (PCH):

  • Fixed monthly rentals for the term of the lease
  • Low initial payment
  • Flexible options to meet your budget and driving requirements
  • No used car to worry about appreciation or sell at the end of the agreement
  • High value vehicles are often much more affordable on a personal lease, compared to purchasing them
  • Maintenance packages with monthly payments spread the cost of servicing and repairs
  • Road tax is included in the monthly costs
  • Manufacturers’ warranties apply

CONSIDERATIONS FOR PERSONAL CONTRACT HIRE (PCH):

  • The vehicle must be maintained in accordance with the manufacturer’s requirements
  • At the end of the term, the vehicle must be returned in line with the lease company’s Fair Wear and Tear policy.
  • If you exceed your agreed mileage, a charge will apply
  • There is no option to purchase the vehicle, it must be returned
  • It is your responsibility to insure the car with fully comprehensive cover

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PERSONAL CONTRACT PURCHASE (PCP)

With Personal Contract Purchase (PCP), individuals have the option to purchase the vehicle at the end of the contract term by paying the Guaranteed Minimum Future Value (GMFV), also known as a 'balloon payment'.  

There are a number of flexible options to choose from at the end of the agreement:

  • Simply hand back the vehicle with no further liability
  • Become the legal owner of the vehicle by paying the Guaranteed Minimum Future Value (GMFV), or balloon payment
  • Refinance the GMFV amount and enter into a secondary leasing agreement, subject to status

ADVANTAGES OF PERSONAL CONTRACT PURCHASE (PCP):

  • Great for those individuals wanting the option to purchase the vehicle
  • Fixed monthly payments for the term of the lease
  • Low initial payment
  • Flexible options to meet your budget and driving requirements
  • The balloon payment is agreed at the start of the lease, meaning there is no risk of negative equity
  • Individuals have the choice to either keep the car or hand it back at the end of the contract
  • Road tax is included for the first year of the agreement
  • At the end of the agreement, it may be possible to finance the balloon payment in monthly instalments, subject to credit acceptance

CONSIDERATIONS OF PERSONAL CONTRACT PURCHASE (PCP):

  • The vehicle must be maintained in accordance with the manufacturer’s requirements
  • At the end of the term, the vehicle must be returned in line with the lease company’s Fair Wear and Tear policy
  • If you exceed your agreed mileage, a charge will apply
  • It is your responsibility to insure the car with fully comprehensive cover
  • It can be expensive to terminate your contract early

FOR A PCP QUOTE PLEASE CONTACT US

PERSONAL LEASE PURCHASE (PLP)

With a Personal Lease Purchase (PLP) you agree to take ownership of the vehicle at the end of the agreed term - there is no option to return it.  Due to the lack of flexibility this option tends to be less popular, however, those individuals who know the type of car they wish to purchase at the end of the contract will not have to find the funds upfront to buy a brand new vehicle.  An initial deposit is required, followed by fixed monthly payments plus a balloon payment at the end of the term.

ADVANTAGES OF A PERSONAL LEASE PURCHASE (PLP):

  • Fixed monthly payments for the term of the lease followed by a balloon payment
  • No VAT to pay on monthly payments
  • Low deposit
  • Full ownership of the vehicle when all payments are made

CONSIDERATIONS OF A PERSONAL LEASE PURCHASE (PLP):

  • PLP is a finance package only – there are no guarantees regarding the value of the vehicle at the end of the contract
  • You must take ownership of the vehicle at the end of the term
  • There is no option to return the vehicle

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