Personal car lease refers to a car finance agreement which is for your own personal private use. This can include social, domestic, pleasure and commuting. There are two main forms of personal lease which are Personal Contract Hire (PCH) and less common these days Personal Contract Purchase (PCP).
A personal lease will be paid by you from your private bank account for the duration of your contract, whereas a company lease which is paid by the business owner and is exempt from VAT.
Your lease contract will consist of an initial payment, followed by subsequent monthly payments over the agreed term of your lease.
If leasing a brand new car it will be delivered to you free of charge and will more than likely have the most recent number plate. If this isn’t the case and your car is pre-registered, you will be notified prior to making any formal agreements.
You won’t have to worry about taxing your vehicle either as road tax is included for the full lease period on contract hire leasing. As an MOT is not needed until a vehicle is 3 years old, you will probably not need to worry about this unless leasing over a longer period such as 48-60 months.
When you reach the end of your lease, you arrange the collection of your car and we will arrange the delivery of your new one.
Not normally, the only difference between a business and personal lease is usually just the VAT. Whether a business leases a car or you take out a private lease the VAT still has to be paid. The benefit to a business if it is vat registered is that some of the vat payable can be offset against quarterly vat returns.
Whilst the majority of personal lease are the same price as the vat inclusive business lease there are some car manufacturers that do not offer as much discount or subsidy to private motorists as they do to business users. Don’t worry we will advise you of which manufacturers to avoid.
Personal lease is really simple:
There are many benefits to leasing a car, here are a few of the main reasons to lease a car.
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