Contract Hire in Brentwood Essex
Contract hire is the leasing of a vehicle for a set time period and mileage, at a fixed monthly rental. The monthly rental is determined by the cost of the vehicle, the period and the mileage covered as well as the resultant depreciation and maintenance costs. There are no standard terms and mileage, these are tailored to suit your individual needs, this is reflected in the price you pay, so you only pay for what you need. Our contracts range from a minimum of 12 months and 10,000 miles up to 3 years and 100,000 miles depending on the vehicle and the contract chosen. All costs associated with running the vehicle, excluding fuel and insurance are covered. At the end of the contract the vehicle is returned to Supervan Limited.
Benefits of Contract Hire
- Fixed monthly rentals
- Benefits of vehicle use without the hassle of ownership
- Can include maintenance, mechanical and accidental relief
- No disposal risk
- Off the balance sheet (providing rental do not exceed 90% of the cash price of the vehicle)
- VAT on finance rentals is recoverable either in full or 50% depending on any private usage
- VAT on maintenance rentals is fully recoverable
Deposits and Monthly Payments Required for Contract Hire
The initial outlay for a contract is usually 3 months rental as the first payment (deposit), followed by an amount of monthly payments.
For example
a 36 month contract with monthly payments of £350.00 would be structured in the following way:
1st payment = £1050.00 followed by 35 monthly payments of £350.00.