what is personal contract hire & how does it work? 

Personal contract hire is a non-ownership rental agreement that allows you to use a vehicle for an agreed period of time.

Personal contract hire requires an initial advance rental which can be as little as your first monthly rental, followed by a fixed term and mileage with contract options between 24 and 60 months.

At the end of the contract you can return the vehicle to the lender, letting them take responsibility for the risk of depreciation and disposal.

There are terms and conditions which could incur additional costs on return, including excess mileage and vehicle condition.

wht are the advantages of personal contract hire?

• Fixed monthly payments
• No final rental 'Balloon' at contract end
• Accurate monthly budgeting
• Road tax included
• Fixed interest rates
• Optional maintenance cover
• No vehicle disposal issues

what are the disadvantages of personal contract hire?

• Fixed term and mileage contract
• Early termination can be expensive
• Lessee never owens the vehicle
• Excess mileage charges can apply
• Maintenance package is an additonal cost
• Fully comprehensie insurance required 
• You must look after the vehicle and return it in a well-maintained condition otherwise you will be charged for any damage over and above stated in the Fair Wear and Tear guide where applicable.