Contract hire (otherwise known as leasing) is a rental agreement that allows you to drive a brand new vehicle without needing to own it!
Once you have chosen your ideal electric, plug-in or hybrid vehicle. You have four decisions to make:
Contract Hire agreements are available to all customers, business and personal as long as you are able to pass a simple credit check.
Manage your finances - Great if you’re wanting a fixed monthly rental. Sometimes knowing exactly how much your vehicle will cost per month is beneficial – allowing you to budget for other things.
Change your vehicle regularly - A fixed term allows you to plan exactly how frequently you can change your vehicle ensuring you having only the latest models.
No Balloon Payment - Unlike other agreements (such as contract purchase) there is no additional final payment – these sometimes leave you out of pocket.
Can include vehicle maintenance - You can add maintenance to your contract making budgeting even easier.
Lower monthly costs than a purchase agreement - When compared to purchase agreements the monthly costs are generally far lower. This allows you to get a more expensive vehicle than you would normally be able to afford.
• As the technology is new and the research carries high costs. Electric vehicles are generally more expensive (in terms of the vehicle value - they're normally a lot cheaper to run) than their gas guzzling equivalents.
• There is little data regarding the future value of used electric vehicles. It is therefore difficult to predict how much the value of your vehicle will depreciate over time. By leasing an electric vehicle, the risk of depreciation is taken out of your hands.
• Whilst technology has drastically improved in recent years, the true battery longevity of them is still unknown. Replacing a vehicles battery is extremely expensive. By leasing a vehicle, you will be handing your vehicle back before the likelihood of battery replacement.
Contract Hire removes all these worries whilst allowing you to drive greener and cheaper!
• The ownership of the vehicle always remains with the funder (we are a broker not a lender – we are an appointed representative of a variety of leading finance houses).
• You must keep up to date with your monthly rentals, contact us immediately if you are having difficulties meeting your payments as your vehicle will be at risk.
• These agreements are not designed to be settled early. If you do want to exit your contract early, please contact us for an early termination fee.
• Your vehicle needs to be needs to be kept in adequate condition, you will be charged if your vehicle does not meet BVRLA fair wear and tear requirements.
• Additional charges will apply if you exceed your agreed mileage. If you are an existing customer and you expect you will go over your mileage please contact us to discuss your options. Contract hire agreements are flexible but you must make us aware of this so we can alter your contract. Going vastly over your allowed mileage can be expensive so be careful and let us know in advance so we can help.
When your contract finishes you simply hand the vehicle back to the funder. Providing you are within your contract mileage and your vehicle is in an adequate condition you will not be charged. For further information please view our end of contract information.
No, you are simply hiring the vehicle and you will never own it.
Any questions? Please call our friendly team on 0333 009 1068
