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Nationwide Vehicle Contracts Ltd is an appointed representative of Network Vehicles and Renault Financial Services.
Personal Contract Hire (also known as personal leasing) is a long-term rental agreement. It is a solution for private individuals and is becoming more popular amongst car users.
The private individual makes monthly payments for the part of the car that they use and at the end of the contract, return the car without any further obligations. On a personal contract hire agreement, you also have the option to pay the remainder to own the car (dependant upon the finance company), just as in a personal contract purchase.
Jane Doe takes out a personal contract hire agreement on a Vauxhall Corsa 3-door. The contract is for 24 months with an annual mileage of 10,000. After the initial payment of £599.95 + VAT, Jane pays a monthly fee of £134.95 + VAT direct to the finance company. At the end of the contract, Jane decides she doesn’t want to keep the vehicle so the Vauxhall Corsa is returned to the leasing company and Jane is free to hire or purchase another vehicle.
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