Understanding Contract Hire

Understanding Contract Hire

Whether you’re running one car or a fleet of company cars, contract hire takes away the financial risk, potential maintenance costs and eventual burden of re-sale, allowing you to focus your time, resources and capital on running your business.

The process is straightforward, once you’ve selected your company car, you simply decide on an agreement period – ranging from 24 to 60 months - make an initial deposit, and set an annual mileage. At the end of the contract, you simply hand the company car back to us.

Our dedicated fleet specialists are on hand to look after every aspect of your fleet operation and work closely with you to tailor your contract hire agreement, adjusting the agreement period and deposit until we find a monthly rental figure that works best for your business.

Important information to consider

  • Ownership of the vehicle will always remain with the finance company and it is important that you keep up to date with your monthly rentals. Please contact the finance company if you are having any difficulties, as the vehicle may be at risk if you do not.

  • Contract Hire agreements are not designed to be settled early. If you wish to end your agreement early you can request an early termination quote to cover the cost of the remaining rentals.

  • If you exceed the agreed mileage set out in your agreement, excess mileage charges will apply. If during your agreement you think you will go over your anticipated mileage, please contact the finance company to discuss the options available.

  • It is important to keep your vehicle in good condition as you may be charged for any damage that goes beyond fair wear and tear.

Find out more about our range of finance products.

fixed monthly costs

Offering fixed monthly costs, so you can better budget for your new vehicle.

no depreciating asset on your books

Take away the financial risk of having a depreciating asset on your books.

Removes the burden of selling the cars

At the end of the contract, you simply hand the company car back to the finance company.

update your business car/small fleet regularly

Drive away in a brand new vehicle from every 24 months.