Personal Contract Hire (PCH) is based on a fixed term contract where customers pay an agreed monthly rental for the use of a vehicle for a set period. It helps customers wishing to remove the financial risk associated with the disposal/sale of a vehicle. Contracts are normally taken over two, three or four years, providing a high level of flexibility. Some contracts can be formally extended beyond the end of contract date if required.
PCH is very similar to Business Contract Hire, whereby both are based on a fixed annual mileage which is agreed before the start of the contract. You will need to calculate how many miles you drive each year before a quote can be obtained. If you do exceed the agreed mileage at the end of your contract you will pay an excess mileage charge, which will have been agreed upon prior to signing your finance agreement.
If you would like to benefit from fixed motoring costs, then consider adding maintenance and recovery to your contract. Maintenance covers scheduled servicing, routine maintenance, tyres, exhausts and batteries etc. It is important that the vehicle is returned in accordance with the guidelines set out in the "Fair Wear and Tear Guide", a copy of which is made available to customers at the beginning of their agreement.
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