About Vehicle Leasing
For both the public and businesses, it is well documented that vehicle leasing can be financially beneficial for them. It is easy on the other hand to be bogged down with wide varieties of options available before you. By reading this article, you are about to learn the jargons and other helpful tips that can be useful when deciding 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. One of the most notable benefits for choosing contract hire is that, you only need to pay either monthly or fixed rental and most instances, included in the package is repair and service of the vehicle you’ve selected.
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 offered often on 18 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 available to a number of interested individuals as well so long as they have good credit rating. It is almost the same to other kinds of lease available in that you’ll have to settle the initial low amount and which will be followed by fixed monthly payments. You’ll have to hand the car back to the lender at the end of contract agreement or you can pay them to keep the car for good if you want to.
Number 3. Choosing personal contract hire – this is also offered on a 2 to 4 year basis much like personal contract purchase and is the best option for business and companies that provide employees of certain stature of personal car allowance. Like with other deals, you have to be sure that the service, repair and maintenance are offered as part of the deal and that you will return the car before the end of agreement.
When making initial inquiries about car lease, these are only some of the types of car leasing that you should be mindful about. On the other hand, say for example you have bad credit rating or just a new company, there are other available options if you want to lease a car that you might want to inquire about such as lease purchase, subprime contracts or non-status contracts as well as hire purchase.
Resource: this contact form