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Finance Types

Contract Hire

Contract Hire from Britannia Car Leasing - 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.