How Vehicle Leasing Works

Contract Hire (or Personal Contract Hire for individuals) is a fixed term contract where you or your business pay a set monthly rental for the use of a new vehicle for a set period. It benefits anyone wanting to eliminate the financial risk, outlay and ‘hidden costs’ often associated with buying, owning and then selling on of a vehicle.

After you have chosen your new lease vehicle, it is purchased by one of Northridge Cars Vehicle Leasing’s chosen funders (or finance companies) who will charge you a fixed monthly rental until the end of the lease period, giving you the use of a new vehicle. Once the term is over you simply hand the vehicle back, and either take out a new lease or not – it is completely up to you. There is no risk of depreciation, no hassle part exchanging and no need to borrow money to buy the vehicle. The finance company take on the risks of ownership, including: depreciation, unforeseen changes in vehicle value and the cost of interest. 

All vehicles from Northridge Cars Vehicle Leasing are new and supplied direct from an Authorised Franchise Dealer. This means they come with the manufacturer’s warranty and roadside assistance. Road tax is included for the full term and Northridge Cars Vehicle Leasing also offer delivery free of charge to your door, anywhere in mainland UK.

Is vehicle leasing for me

If you're used to buying outright or borrowing to finance your vehicles, you might be surprised when you find out how much of the cost you could save by leasing a vehicle - and the cost is set for the length of the contract which means no nasty surprises.

When you give Northridge Cars Vehicle Leasing a call we can take you through the key advantages and limitations of leasing a new vehicle. We’ve listed the main points below so you can decide whether leasing is for you:

Benefits of Contract Hire (or Personal Contract Hire for individuals):

• Fixed monthly budgeting for the length of the agreement 
• Use of a new vehicle with the manufacturer’s warranty 
• Initial rental can be adjusted to suit most budgets 
• Contracts available from 5,000 to 30,000 miles a year, to match your own requirements 
• No depreciation or disposal risk, you simply hand the vehicle back at the end of the term 
• Optional maintenance saves you the cost of services, worn tyres and other maintenance 
• For businesses, a proportion of the VAT can be claimed back •Road tax is included for the full term 
• No hassle in ever having to sell or part exchange the vehicle 

Contract Hire (or Personal Contract Hire) might not be suitable if:

• You might need to end the agreement early, as early termination can be expensive 
• You cannot predict your annual mileage 
• You cannot look after the vehicle and return it in a well maintained condition 
• You will not have fully comprehensive insurance 
• You want to export or take the vehicle abroad for extended periods 
• You want to own or have the option to buy the vehicle

To discuss leasing in more detail, call Northridge Cars Vehicle Leasing now on 01442 920 920.