Personal Contract Purchase (PCP) – for those who opt out of a company car scheme in favour of a cash option. Negotiated deposit with regular monthly repayments. Purchase option of predetermined amount at end of contract.
Personal Contract Hire (PCH) – long-term vehicle rental agreement that also covers major running costs. Typical one- to three-month deposit based on agreed mileage with regular payments for up to 60 months; the most common alternative to purchasing new vehicles.
Business Contract Purchase – finance agreement for VAT registered organisations enabling them to run high-value vehicles whilst avoiding the risk of depreciating assets. Purchase option of predetermined amount at end of contract.
Business Contract Hire – most popular choice with VAT registered sole traders, partnerships and limited companies seeking minimum outlay and maximum control of costs, especially when maintenance is included. Off-balance sheet scheme with proportion of VAT allowed against tax.
Lease Purchase – Simple finance package for non-VAT registered companies desiring eventually to buy their vehicles but not wishing high up-front costs.
Business Finance Leasing – most flexible and most popular funding solution for eligible businesses. Provides from one car to an entire fleet with no crippling up-front payments. Highly tax and VAT-efficient. End of lease disposal to third party with 98% of proceeds retained by lessee. For business customers only.
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