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What is a personal lease? – by Paul Bulloch, managing director, Concept Vehicle Leasing

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11 August 2008

Personal leases are ideal for business owners wanting a private car for some business use
PCH: like contract hire, but no company car tax

Until a few years ago, vehicle leasing and contract hire were very much restricted to the corporate and business world.

The consumer – including the small business owner wanting to run a private car for occasional business use – had fewer options open to them. Unless there was spare cash in the bank.

The only real alternatives for small businesses were: a bank loan; or hire purchase from a franchised dealership – requiring a large deposit.

Thankfully, those days are well behind us. Leasing companies have adapted their offerings to include Personal Contract Purchase (PCP). And, more recently, Personal Contract Hire (PCH). PCH now caters for the majority of personal leasing agreements.

Now the consumer and small business owner have choice. And PCH agreements are available from a wide range of different sources: banks; car dealerships; leasing companies; and leasing brokers.

So what’s the difference?

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Ralph Morton

Ralph Morton

Ralph Morton is an award-winning journalist and the founder of Business Car Manager (now renamed Business Motoring). Ralph writes extensively about the car and van leasing industry as well as wider fleet and company car issues. A former editor of What Car?, Ralph is a vastly experienced writer and editor and has been writing about the automotive sector for over 35 years.

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