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Personal leasing is technically known as Personal Contract Hire (PCH). There are many benefits to this over actual ownership of a vehicle, but first we want to fully understand the basics of personal leasing, and also how it differs from business leasing.
Basically, personal leasing is a pretty straightforward three-stage process:
This is a similar process to personal contract purchase (PCP) except that you never own the vehicle outright. With PCP you pay a monthly payment for a fixed period of time and then have the option of paying a lump sum ‘balloon’ price to then own the vehicle and therefore keep it. With PCH you never own the vehicle and will always return it.
The key difference between personal leasing and business leasing is in how the vehicle is used. With a personal lease you can use the vehicle for any purpose you like, but with business leasing you can only use the vehicle for business activities. This is because VAT-registered businesses can claim back a percentage of VAT based on the emissions of the vehicle, and whether it’s used primarily for business. For this reason, a driver with a business lease is required to closely document mileage to prove that the vehicle is solely used for business.
Another key difference is that procurement of the vehicle and finance arrangements for business leasing are usually arranged by a fleet manager of the business in question, rather than an individual. As a result of a business using a fleet of vehicles, there is often a discount based on this multiple usage.
With a personal lease agreement you will negotiate a monthly payment which will be fixed for the duration of the lease term. The amount of this payment can go up and down according to a number of factors:
Vehicles are usually brand new and with Pink Car Leasing include every major manufacturer. You can choose from new petrol and diesel cars, Electric vehicle leasing, Hybrid vehicle leasing, van leasing and also public service vehicles.
You give the vehicle back to the lease company and that is the end of your agreement. In many cases you will choose a new vehicle and start a new lease agreement, but you are not obligated to. You may face extra charges if there is excessive wear and tear on the vehicle, and if you choose to terminate the lease early, you may also face extra charges.
Contact Pink Car Leasing today for a low-cost way to drive your dream car.
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