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Personal Contract Hire

Personal Contract Hire (PCH) – Suitability

PCH is a long-term rental agreement and is based on the usage of the vehicle at a fixed monthly rental, having already paid an initial rental, for the duration of your agreement (for example 3 years) and then handing the vehicle back at the end. With a PCH agreement you never become the owner of the vehicle, the owner is the finance company.

Key Features and Benefits of PCH:

  • Fixed Monthly rentals for the duration of your agreement (terms available between 2 years and 4 years)
  • Low initial rental is an option, however the more initial payment you put upfront the lower your monthly payments will be. Initial payments range from 1 month upfront, 3, 6, 9 and even 12 months. This is non-refundable.
  • Mileage choice – as chosen by you. It is important that you know how many miles you do a year
  • Maintenance/service packages are optional
  • Road Fund Licence is included for the duration of your agreement, though charges will apply for any future increases
  • Roadside assistance is provided for the duration of the agreement
  • You never own the vehicle at the end of the agreement, it is the property of the finance company. This does mean that you do not have to worry about the vehicle’s depreciation value
  • In some cases, subject to the finance company, you may be able to extend the agreement

Areas to consider with a PCH Agreement:

  • If you are wanting to buy the vehicle then this type of agreement doesn’t allow you to do this. The owner will always be the finance company
  • If you exceed your agreed mileage, an excess mileage charge will be payable at the end of the agreement. The charge for this will always be confirmed to you on your order form at the beginning
  • Terminating your agreement early will incur charges and can be expensive
  • The vehicle must be returned in a well-maintained condition. Any damage over and above that is stated in the Fair, Wear and Tear Guide will be subject to additional charges. Please click on to this link for our guide …….
  • Vehicle must have fully comprehensive insurance cover
  • You will require authorisation from the finance company to take the vehicle abroad
  • The vehicle must be serviced and maintained accordance with the manufacturer’s requirements. Keep a record of any repairs and servicing as proof will be required on return of the vehicle
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