What is contract hire?

In simple terms it allows you to choose the right vehicle at an affordable monthly price. You can customise the trim, the length of the lease, the initial payment, and the annual mileage limit.

But how does contract hire work?

Either the company (in the case of business contract hire) or an individual (personal contract hire) leases a van from the funder for a set term. You’ll pay an initial payment upfront, and you’ll continue to make a set monthly payment for the duration of the lease.

The funder owns the vehicle, and it will be returned to them when the agreement comes to an end.

Contract hire is available for personal and business applications.

The main difference between business and personal contract hire agreements is the inclusion or exclusion of VAT. Personal will include VAT in the prices quoted whereas business contract hire does not.