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Car Leasing is for Everyone

Car Lease and Contract Hire

An operating lease, or contract hire, means that the car is hired for a fixed period and a fixed rental is paid based on the anticipated mileage to be used. It can come with or without a maintenance agreement. At the end of the car lease the vehicle is returned to the finance company, which re-sells it. As much as 100% of the cost of car lease can be offset against taxable profits and up to 100% of VAT on the car leased can be reclaimed, depending on the situation.

Contract Hire is another form of car lease and can be business contract hire or personal contract hire and is now available to everyone. It is what it says in that you contract hire the car for a fixed period and at the end on the contract hire you simply give it back and start again.

Another form of car lease is lease purchase, under which the lessee owns the vehicle after all payments, including the option to purchase at the end. Like contract hire however, there is the option to return the vehicle at the end of the contract rather than make the balloon payment and keep it. Lease purchase is a cheaper monthly alternative to hire purchase, the traditional method of financing, and is written on a hire purchase agreement with the protections afforded by the Consumer Credit Act. A personal car lease has a residual payment incorporated into the lease. If the lessee pays it, he owns the vehicle. Alternatively, it can simply be returned to the finance company.