What is van contract hire?
Contract hire is basically a rental agreement. After making an initial payment you continue to pay a set number of rental payments over an agreed period. At the end of this period you return the vehicle. If the van is in good condition and you haven’t exceeded your mileage commitment there is nothing else to pay.
This finance option is very similar to van leasing with the main difference being that you do not have the hassle of selling your van at the end of your contract.
Contract Hire Quotes
Contract hire quotes are often quoted as 3+35 or 6+47. This describes how your quote is constructed between the up-front payment and the monthly payments.
For example – “£200 per month, 3+35” means one up-front payment equivalent to 3 monthly payments (£600) followed by 35 fixed payments of £200 each. A total contract of 3 years.
Don’t forget to factor in VAT on top if you are not VAT registered.
Initial Rental (deposit / up-front payment): This first rental is flexible and you can choose to pay as little as 3 times the monthly rental and up to 12 times the monthly rental.
Monthly rentals: This is a fixed amount based on your chosen annual mileage, length of contract (2 to 5 years) and initial rental payment.
Mileage and fair wear & tear restrictions apply. Finance is subject to company status and credit checks.
For more information on our flexible van contract hire deals contact us now on 0845 021 1111.
Fix your monthly payment over a term of 2 to 5 years
Finance packages tailored to your needs
Inclusive of RFL (Road Fund Licence) for full term
Servicing and maintenance options available
Eliminates financial risk on residual value
Return vehicle to leasing company at end of agreement
As it is owned by the leasing company, the vehicle does not appear on your balance sheet
Reclaim the VAT on your finance payment
Meeting the following criteria will assist your application:
Full address history (3 years to date)
A successfully completed credit item in past 3 years
Resident of United Kingdom
Full UK driving licence
Proof of income
You must not have any current Mortgage arrears or CCJ's
For business use:
Proof of positive trading
A Director who can sign as guarantor
All advertised payments do not include VAT. Depending on the type of contract, deposit can mean either initial payment or initial rental. Finance approval is subject to a credit check by the chosen finance company on application.