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Protecting your home and family with the right insurance policies. You might not know it, but the two common ways of financing a car are personal contract hire PCH and personal contract purchase PCP. PCP is similar, but gives you the option of buying the car in the future. When you lease a car there are strict rules and restrictions, so make sure you understand how it work.
Leasing a car is effectively long-term rental — you pay a fixed monthly fee to use the car for an agreed time period and number of miles.
This means you need to make sure the costs are within your budget. Use our Budget Planner to help. To get out of a PCH deal early you may not be able to just walk away from the agreement.
Here are the details:. Monthly payments are normally higher than if you had leased the car through PCP. However, the total amount you pay over the contract is often less than with a PCP. But every deal is different so make sure you shop around and compare the total cost including running costs.
If so, leasing a car through personal contract hire PCH might work out cheaper for you. While PCP can be used as a way of leasing a car, it also gives you the opportunity to buy the car and become its legal owner at the end of the leasing contract. This is in addition to your deposit and monthly payments, and will be a few hundred or thousand pounds.
With PCP the total amount you repay in monthly instalments is based on an estimate of how much the car will lose in value though depreciation between the start and end of the contract. Ending a PCH early means that you might have to pay off the lease costs in full, so think very carefully before cancelling the agreement and find out exactly what these total costs would be.
For a PCH, there can be further charges, so check your agreement. They might offer to extend the length of the lease, which would lower your monthly payments, or come to some other arrangement to help you out.
Leasing a car You might not know it, but the two common ways of financing a car are personal contract hire PCH and personal contract purchase PCP. How does car leasing work? How do I finance a car with personal contract hire PCH? Find out more about how to improve your credit score.
For help with this see our Finding the right car for your budget. Find out more about financing a car with personal contract purchase.
Find out more about Financing a car with PCP. You can read more about ending lease agreements early on our Cutting car finance costs page. Did you find this guide helpful? Thank you for your feedback. Related guides Best way to finance buying a car When is the best time to buy a car Buying a car through hire purchase.
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