About Vehicle Leasing
It’s well documented that vehicle leasing can be beneficial in terms of finances both for the general public and businesses. On the other hand, with tons of available options these days, being bogged down is so common. Here in this article, you’ll learn about the jargon as well as other reasonable tips that can be very useful when choosing which contract hire or car lease deal to choose for your needs.
Number 1. Choosing a contract hire – basically, contract hire is a vehicle leasing contract that is very versatile as this works well no matter if you’re a partnership, limited company or sole trader. The biggest advantage for selecting contract hire is that, you’ll only have to pay for monthly or fixed rental and oftentimes included in the package is the service as well as repair of vehicle you’ve chosen.
It is smart to ensure that this is included in any lease deals or offers to be able to avoid dealing with hidden costs. Contract hire is available on a18 to 48 months contract at which time you must return the car to the lender.
Number 2. Choosing personal contract purchase – known otherwise as PCP, this car lease deal is offered often on a 2 to 4 year deal. PCP is also available to many interested individuals so long as they have good credit rating. It’s nearly the same to other types of lease available in that you need to settle the initial low amount and will then be followed by fixed monthly payments. At the end of contract agreement, you’ll have to hand the car back to lender of if you want to, you can pay them to keep the car for good.
Number 3. Choosing personal contract hire – much like personal contract purchase, this is also offered on 2 to 4 year basis and is the best option for business and companies that are providing employees of certain stature of personal car allowance. Just like with other deals, you have to be sure that the service, repair and maintenance are included in the deal and that you are going to return the vehicle before the agreement expires.
These are some of the kinds of car leasing that you have to take a look at when making initial inquiries regarding car lease. On the other hand, in the event that you have just recently started a new company or has a bad credit rating, there are other options available if you would like to lease a car that you may want to inquire about including lease purchase, subprime contracts or non-status contracts as well as hire purchase.