Contract Hire from Britannia Car Finance - could prove ideal for your business. You can focus on core activities, by fixing your costs and avoiding the burden and risk of owning your own vehicles.
Contract Hire Advantages
- Minimum capital expenditure
- Accurate monthly budgeting
- Improved cash flow
- Fixed interest rates
- Reduced administration
- Road Fund Licence provided for duration of 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 companyFor a set monthly sum, everything except fuel and motor insurance can be taken care of in your finance package - including servicing, tyres, even the tax. At the end of the agreement, you simply hand back the vehicle.
Contract Hire 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
Personal Contract Hire
Personal Contract Hire is based on a fixed term contract where customers pay an agreed monthly rental for the use of a vehicle for a previously agreed period.
Personal Contract Hire Advantages
- Flexible initial rental
- Fixed term contract
- Fixed mileage contract
- Fixed cost motoring
- At the end of your contract simply hand the vehicle back
- Option of including maintenance with the contract
- No depreciation or disposal risk
Personal Contract Hire Disadvantages
- You must look after the vehicle and return it in a well maintained condition. Failure to do so will result in charges for damage that is over and above that described in the 'fair wear & tear ' guide.
- If you do more miles that stated in your contract you will be charged an excess mileage fee for each mile over that stated in your contract.
- Early termination can be expensive.
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