Finance Terminology

Car Contract Hire

Contract hire is one of the simplest ways to lease a car from a supplier.

Basically, it means that a person has leased a car for a specified period of time at a particular regular monthly repayment rate. This method of running a car is popular among companies and individuals who are VAT-registered.

After the end of the specific period, a person can either walk away without any further commitment or agree to another deal for a new car. The best thing about contract-hire deals is that it includes servicing and maintenance also. So, one just has to pay for the insurance and fuel part. With contract hire, one gets the chance to drive the best cars available in the market without even paying a huge sum of money.