Contract Hire Explained
When people talk about leasing a car, they generally tend to be talking about contract hire. This is because contract hire is one of the most common and popular lease agreements. Therefore we have created the video contract hire explained.
But, what is it?
Unsurprisingly, contract hire is also one of our most popular lease agreements.Contract hire is designed for businesses. There is one for private individuals which is aptly named private contract hire. However, contract hire is essentially where a company rents a car for between 1 and 5 years while paying a monthly rental. After that time is up, they hand the car back.
Who is contract hire for?
Contract hire is perfect for businesses who want to hand the car back at the end of the agreement.
There are also VAT benefits to business contract hire, so contract hire is also perfect for VAT registered businesses.