Personal Contract Hire of PCH is a great way to get your hands on a new car without worrying about on the road costs.
Basically with PCH you enter into a rental agreement for a vehicle over a long term. This means you can often drive away the car you thought would always be out of your reach within 72 hours.
At the end of the lease that might be 2, 3 or more years you return the car. It really is that simple. You don’t need to worry about depreciation or how you might sell or part exchange the car. All this is taken care of.What you are doing in effect is renting the vehicle. This makes a lot of sense to a large number of people who don’t want the hassle when they want to change a car.
When you begin a PCH you simply make a series of payment for the time you choose to lease the car. It might be 24, 36 or 48 months; that really is up to you. First off you make an initial rental payment upfront and then the rest of the equal payments kick in.
What you are doing is paying for the ability to drive this car for x number of months. When the contract comes to an end you simply return the car and make a decision about what comes next. It really is up to you.
Sometimes, if you have fallen in love with the vehicle you might be able to extend the rental contract. However, this depends on your finance provider.
You won’t be alone. PCH is the way to go and many people choose this way of financing a new vehicle.
You fix the price and it stays that way for the duration of the contract so you’ll know exactly what it will cost each month.
Be aware that additional mileage over and above the agreed rate will be charged.
The vehicle must be handed over with ‘fair wear and tear’ only. Any additional marks or damage e.g. scratched alloys etc. will be charged for.
You will not have the option to purchase the vehicle even if you have fallen in love with it.
We are here to help so if you need any further information on any aspect of PCH just give us a call.