Personal Motor Finance
There are several forms of motor finance or car leasing types available for the personal user - these typically will include the most popular and well known forms of car leasing car finance such as Personal Contract Hire, Personal Contract Purchase and Hire Purchase. Where the individual has a poor credit history, bad credit or adverse credit or - as in some cases - no credit history whatever or even if the individual has previously been involved in bankruptcy proceedings or in an Individual Voluntary Arrangement (IVA) then this need not be a bar to our finding motor finance for car leasing for him or her.
Personal Contract Hire provides a contract hire agreement which is rather like hiring a car over a fixed term - indeed it is often referred to as car leasing. The hirer or person paying the for car lease pays a fixed monthly amount over an agreed period and when the personal contract hire agreement has ended then the car can be handed back to the funder, providing the opportunity to start another personal contract hire agreement on another vehicle, or to simply "walk away". Personal Contact Purchase agreements differ in that there is a guaranteed future value of the vehicle (sometimes called the "balloon") and the hirer has the option to purchase the vehicle at the end of the personal contract purchase period by paying the balloon, or to hand the vehicle back and either take out a new personal contract purchase agreement, a new personal contract hire agreement, a hire purchase agreement or to walk away. Both personal contract hire and personal contract purchase contract types of car leasing can include the maintenance for the life of the personal contract purchase or personal contract hire agreement if desired. Our personal contract hire and personal contract purchase car leasing agreements also include the road fund licence for the first year of the contract, and in some cases it (usually personal contract hire rather than personal contract purchase) it is included for the duration of the contract also. Both of these personal finance car leasing options provide a clear and simple way of budgeting for your motor finance costs over the term of the contract - with only the "consumables" (motor vehicle insurance and fuel for example) being a variable amount.
Hire purchase is another form of car finance available to the private individual, even if the individual has had credit problems historically; including bankruptcy, poor credit, bad credit, adverse credit of has little or no credit history. Hire purchase motor finance will give the end user the ability to budget for their vehicle costs over the time of the hire purchase agreement and at the end of the hire purchase agreement the vehicle becomes the property of the hire purchase agreement holder. Hire purchase agreements require an initial deposit followed by the monthly payments (a portion of the money you borrowed plus interest) over an agreed period - usually 36 or 48 months, although this can be tailored to suit the individual's own requirements. Hire purchase agreements normally include the road fund licence for the first year of the agreement, but maintenance, insurance and fuel etc. are the responsibility of the hire purchase agreement holder
