Different Types Of Vehicle Leasing
For both the public and businesses, it is well documented that vehicle leasing can be financially beneficial for them. On the other hand, with tons of available options these days, being bogged down is so common. Here in this article, you’ll learn about the jargon as well as other reasonable tips that can be very useful when choosing which contract hire or car lease deal to choose for your needs.
Number 1. Choosing a contract hire – no matter if you’re a partnership, limited company or sole trader, this contract hire will probably do fine, which makes it very versatile. One of the most notable benefits for choosing contract hire is that, you only need to pay either monthly or fixed rental and most instances, included in the package is repair and service of the vehicle you’ve selected.
It will be a smart move of you to make sure that this is included in any lease deals or offers to avoid dealing with hidden costs. Contract hire is offered often on 18 to 48 months contract at which time you must return the car to the lender.
Number 2. Choosing personal contract purchase – otherwise known as PCP, this car lease deal is typically offered on a 2 to 4 year deal. And so long as you have a good credit rating, you can easily use PCP. It is almost the same to other kinds of lease available in that you’ll have to settle the initial low amount and which will be followed by fixed monthly payments. You’ll have to hand the car back to the lender at the end of contract agreement or you can pay them to keep the car for good if you want to.
Number 3. Choosing personal contract hire – almost the same with PCP as this is offered on 2 to 4 year basis and is the best option for business and companies that provide employees of certain stature of personal car allowance. Like with other deals, you have to be sure that the service, repair and maintenance are offered as part of the deal and that you will return the car before the end of agreement.
These are just some of the different kinds of car leasing that you should take into mind when making initial inquiries regarding car lease. Say for example that you have a bad credit rating or has recently started a new company on the other hand, there are several options that you can try if you wish to lease a car which you might want to inquire like lease purchase, subprime contracts or non-status contracts as well as hire purchase.