About Vehicle Leasing
For both the public and businesses, it is well documented that vehicle leasing can be financially beneficial for them. 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 – contract hire is basically a vehicle leasing contract that’s so versatile because it works well regardless 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.
To be able to avoid dealing with problems like hidden costs, it will be a smart move for you to make sure that this is included in lease deals or offers. 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 – this particular car lease deal or simply known as PCP is being offered often on 2 to 4 year deal. PCP is also available to many interested individuals so long as they have good credit rating. This is almost the same to other types of lease available in that you should settle the initial low amount first and 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 – 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. 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.
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