Business Contract Hire
What is Business Contract Hire (BCH)?
Business Contact Hire is designed specifically for businesses. If you're considering upgrading your fleet, Business Contract Hire is a savvy and cost-effective long-term option for your company.
With BCH, you can lighten your financial and administrative load through a straightforward credit agreement with the finance company. By leasing your fleet this way, you can put aside concerns about depreciation values and vehicle management. Instead, you’ll make fixed monthly payments for a set period—anywhere from 1 to 4 years—and return the vehicle when the agreement ends.
Contract Hire brings many benefits to your business. With leased vehicles, you won't need to list them on your balance sheet, and you can reclaim 50% of the VAT on your lease payments. The flexibility in terms, costs, and mileage makes it easy for you and your business to adapt to shifting market conditions.
Benefits of a Business Contract Hire agreement?
Contract Hire is a fantastic and cost-effective way to equip your business fleet with premium commercial vehicles like vans, trucks, pick-ups, and 4x4s. Plus, there are some great additional benefits to Business Contract Hire leasing:
Access to latest vehicles and tech.
You can equip your fleet with the latest technology for fuel efficiency, upgrade the size of your payload with larger vehicles, and get hands-on with in-car technologies.
Reduce asset management and admin.
Contract Hire streamlines your operations by eliminating unnecessary administrative tasks. You just pay the monthly fees and return the car at the end of the lease.
VAT savings.
If you're running a VAT-registered business, you can reclaim 50% of the VAT on the contract and 100% of the VAT on any maintenance costs.
Flexible finance arrangements.
With low initial payments, usually spread over 3 to 6 months, you’ll find it easy to get started.
To qualify for business contract hire leasing, you'll need to be an eligible sole trader, partnership, or limited company. Your company will need to provide proof of address and ID, and it will also go through credit checks before we can determine whether your organisation is eligible.
At the end of your BCH agreement, you can simply return the vehicle to the leasing provider without any further obligations. Just a heads up—if you've gone over the agreed annual mileage, you will need to cover the cost for each additional mile.
We’ll assess the vehicle's condition based on the BVRLA (British Vehicle Rental and Leasing Association) Fair Wear and Tear guidelines, so please keep that in mind! Any damage exceeding these guidelines could lead to some end-of-lease penalty charges.
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