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Personal Contract Hire
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| The more traditional methods of buying cars i.e. hire purchase,
bank loan or from savings, are becoming less and less attractive as more
sophisticated and cost effective methods become available. In addition,
many companies are choosing to give their current company car drivers
'cash' instead of a company car, to allow them to make their own arrangements
and therefore avoid 'benefit in kind' taxation. |
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Personal Contract Hire delivers all the benefits of a company car to the
private individual. The monthly payment is calculated by taking the initial cost
of the car, taking away the future estimated value and dividing the difference over
the number of months you require the car for [plus interest].
As a leasing company Direct Cars UK are allowed to reclaim all the
initial VAT on the vehicles. This means that the monthly rental you pay
is much lower as the cost of the car used to calculate the rental is
lower by the VAT amount.
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You, as the private individual, will have access to our extensive buying power,
which means the car costs less to start with, making the monthly rental even lower.
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Personal Contract Hire gives the user a fixed equal monthly rental for a fixed
contract term. At the end of the contract term you hand the car back and take delivery
of a new one. No need to sell the vehicle privately and worry about its value.
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Personal Contract Hire arrangements can also include a full maintenance
package as part of the monthly rental. This provides full cover for all maintenance
requirements from regular services, tyre replacements to more involved mechanical
repairs. Because maintenance cover is provided as a fixed cost as part of the
monthly rental, it removes the risk of unforeseen breakdowns and large repair bills.
Personal Contract Hire delivers a no hassle solution to running a car and as the
costs are fixed and equal, it allows you to budget exactly for your car spend.
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