Contract hire is similar to renting, in that your business is using a particular vehicle(s), for an agreed length of time (usually between 2 – 5 years), for an agreed and set cost.
You have complete freedom over the vehicle’s make, model and specifications (colour, trim, etc.), and the contract is tailored to your business’s needs in terms of annual mileage, length of contract and how the business would prefer to structure payments.
At the end of the contract the vehicle is simply returned, checked over, and the payments cease, leaving your business free to take another lease, should it wish.
Business Car Leasing
Eligibility Criteria
Regardless of size, your business may be eligible for a business car lease if it is one or more of the following:
• A Limited Liability Company (LTD)
• A Public Limited Company (PLC)
• A Limited Liability Partnership (LLP)
• A sole trader/self-employed person
• A charity, Embassy, Local or Government Authority
Other forms of business entity may also be eligible, depending upon the circumstances. In addition, your business must be currently trading and have a suitable income and profit level (these are assessed as part of the application process).