As with any finance agreement, you will need to pass a compulsory credit check before you are approved for finance. If your credit score looks good, then your application should be processed.
Unfortunately, no. Personal Contract Hire (PCH) is a finance agreement that is only available when hiring a new car.
With a Personal Contract Hire (PCH) agreement, road tax and breakdown cover are included in your monthly rental. You can also include maintenance costs for the vehicle within your monthly fees to help spread the cost further.
Note that PCH finance does not include insurance and you'll need to make sure the vehicle is fully covered. Legal ownership of the vehicle is also not included, as you are simply hiring the vehicle for a set amount of time.
Personal Contract Hire (PCH) is also sometimes referred to as personal leasing. It's a form of finance agreement whereby you rent a vehicle for a certain length of time (for example, 24 or 48 months).
You pay an initial payment followed by monthly payments covering the use of the vehicle. You must also stay within the agreed mileage limit. At the end of the agreement, you return the vehicle and walk away with nothing to pay.
Yes, you can get out of a Personal Contract Hire (PCH) contract. However, it's often expensive and more complicated than with a non-leasing form of finance arrangement. You will likely be expected to pay off any remaining balance so it's best to consider carefully before entering into the agreement. If you're unsure which type of finance contract you need, we offer a range of other finance options to help you decide.
At the end of a PCH agreement, you will return the vehicle to the lender and walk away. If you have stayed within the agreed mileage limit and kept the car in good condition you don't have any additional costs to pay.
A PCH contract can last between two to five years, with different options available to suit your needs.