What Is Contract Hire

Contract hire is a type of financing a car. In contract hire the individual that hires the car do not possess the car but pays a monthly fee to hire it. Contract hire is generally arranged over a period of between 1, 2 and 3 years. Company leasing the car can feel confident that the car will bring in an income over a longer period of time. At the end of the contract the individual that has used contract hire gives the car back without having to worry about selling it. The contract hire company also has to ensure that it receives the monthly fee and it often builds in a prepayment that might be 2 or 3 times the value of the monthly payment. This is done to secure the deal in the event that the person leasing the vehicle can’t pay off what they own.
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