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Business Contract Vehicle Hire

A simple and cost effective way to fund any number of vehicles

Contract hire is a popular funding option to finance fleets of all shapes and sizes. You lease the vehicles required from your lease provider for a fixed monthly rental over a fixed term, usually 2-5 years and for an agreed contractual mileage. At the end of the term you return the vehicles and providing there is no excess mileage or damage to the vehicles there is nothing further to pay. You can also include a maintenance contract over the same period, paying a fixed monthly amount to cover servicing, tyre replacement, maintenance, and repair costs.

Funding by contract hire means you are not exposed to losses on resale as the residual value risk sits with the lease provider. Therefore your costs are fixed over the contract term (subject to excess mileage and end of contract damage charges) allowing you to budget effectively. All you need to decide is the length of the contract and expected mileage and we will look after the rest.

Advantages:

  • Minimum capital expenditure
  • Accurate monthly budgeting
  • Improved cash flow
  • Fixed interest rates
  • Rentals can be offset against the businesses profits. Cars with a CO2 output above 130g/km are currently subject to a 15% disallowance on the amount of the rental that can be claimed against the businesses taxation, for contract-hired cars with a CO2 output of 130g/km or below, there is currently no disallowance.
  • On-going advice and support
  • No residual value or maintenance risk
  • Road Fund Licence provided (vehicle excise duty paid) for the duration of the contract
  • Optional maintenance package
  • Optional breakdown rescue cover
  • Optional replacement vehicle cover in event of breakdown
  • Optional GAP insurance which provides cover for the shortfall between the outstanding finance and the insurance value if the vehicle is declared a write-off by your insurance company

Disadvantages:

  • Early termination can be expensive
  • If you do more miles than stated in your contract you will be charged excess mileage for each mile over that stated in your contract
  • You must look after the vehicle and return it in a well maintained condition otherwise you will be charged for any damage over and above that stated in the 'Fair Wear and Tear Guide'
  • You must have fully comprehensive vehicle insurance
  • You will never own the vehicle as there is no option to buy it

More Information on Business Contract Hire:

I would highly recommend Planet Leasing if you are considering leasing a car. From my first conversations with Elliot who found a higher spec Audi A3 at a lower price than my previous car, to the help and assistance through the ordering and delivery process provided by Kirstie and the administration team, their customer care service was exemplary. Calls were always answered promptly and politely and each member of staff did their upmost to answer any query even if the relevant person was not available – a rare quality these days. Thank you all very much for ensuring my new car arrived on time and I will be sending my daughter hopefully very shortly when she passes her test!

Lisa Williamson, Audi A3

All vehicle images and car descriptions shown on this site are for illustration and reference purposes only as provided by CAP data, and are not necessarily an accurate visual representation of the vehicle on offer. Our platform is optimised to show the best available price for your chosen configuration, if you would like review other prices for similar deals, please contact a member of our sales team on 01702 410470.

Planet Leasing Limited is a credit broker and not a lender, and is authorised and regulated by the Financial Conduct Authority. Registered No : 688093. Planet Leasing Limited is an Appointed Representative of AutoProtect (MBI) Limited which is authorised and regulated by the Financial Conduct Authority for Insurance Mediation, their reference number is 312143. You can check this on the FCA Register by visiting the www.fca.org.uk or by contacting the FCA direct on 0300 500 8082.

Registered in England & Wales with company number: 06160177 | Data Protection No: Z9866952 | VAT No: 938 0368 07
Registered Office: 601 London Road, Westcliff-on-Sea, Essex, SS0 9PE

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