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Yes, most Personal Contract Hire (PCH) car leasing agreements include an initial rental payment, typically equal to several monthly rentals. The exact upfront cost can vary depending on the specific lease terms and vehicle chosen.
Yes, with a Personal Contract Hire (PCH) car lease, you can set your annual mileage allowance at the start of the agreement to match your driving needs.
If you exceed your agreed mileage allowance on a Personal Contract Hire (PCH) lease, you’ll be charged an excess mileage fee. The exact rate is clearly stated in your leasing contract.
Maintenance isn’t automatically included in a Personal Contract Hire (PCH) lease, but you can add an optional maintenance package for an extra cost. This usually covers routine servicing, tyre replacements, and certain repairs, helping you manage running costs more easily.
No, with a Personal Contract Hire (PCH) car lease, you simply return the vehicle at the end of the agreement. There’s no option to purchase the car when the contract finishes.
The final balloon payment, also known as the Guaranteed Minimum Future Value (GMFV), is determined by the finance company. This amount is based on the car’s estimated value at the end of the PCP agreement, taking into account factors such as annual mileage, contract length, and the vehicle’s expected condition.
Yes, most Personal Contract Hire (PCH) car leasing agreements include an initial rental payment, typically equal to several monthly rentals. The exact upfront cost can vary depending on the specific lease terms and vehicle chosen.
If the car’s market value is higher than the Guaranteed Minimum Future Value (GMFV) at the end of your PCP agreement, the difference can be used as equity towards your next vehicle. Alternatively, if you choose to sell the car privately, you can keep any additional value as profit.
Yes. PCP is commonly offered on both new and approved used cars, subject to the finance company’s terms.
No, at the end of a Personal Contract Purchase (PCP) agreement, you have three options: pay the balloon payment (GMFV) to own the car outright, return the vehicle with nothing further to pay (subject to mileage and condition), or part-exchange it for a new model.
Yes, Business Contract Hire (BCH) is available to sole traders, partnerships, and limited companies, subject to a successful business credit check and finance approval.
Yes, road tax is included for the entire duration of a Business Contract Hire (BCH) agreement, and most leases also come with manufacturer breakdown cover as standard.
Business Contract Hire (BCH) can provide valuable tax benefits for companies. Monthly lease rentals are typically tax-deductible as a business expense, and VAT-registered businesses may be able to reclaim some or all of the VAT on the agreement, depending on the level of business use.
Yes, you can return a leased vehicle before the end of the agreement, but early termination fees will usually apply. The exact cost depends on the terms of your Business Contract Hire (BCH) contract.
Yes, you can add a maintenance package to your Business Contract Hire (BCH) agreement for an additional cost. These packages typically cover servicing, tyre replacements, and routine repairs, helping you manage running costs and budget more effectively.
Yes, once you’ve made all the monthly payments and the final option-to-purchase fee on your Hire Purchase (HP) agreement, you’ll own the car outright.
Hire Purchase (HP) agreements typically last between 2 and 5 years, although the exact term can be tailored to suit your budget and is agreed upon with the finance company.
Yes, you can settle a Hire Purchase (HP) agreement early by requesting a settlement figure from the finance company. Doing so may reduce the total amount of interest you pay over the term of the agreement.
Most Hire Purchase (HP) car finance agreements require an upfront deposit, although the exact amount can vary. Paying a larger deposit typically lowers your monthly repayments and can make the overall finance deal more affordable.
Yes, like any form of car finance, a Hire Purchase (HP) agreement will appear on your credit file. Making your payments on time can help maintain or even improve your credit score, while missed or late payments can have a negative impact.
