At Academy Leasing we recognise that you may want more flexible ways to run a car rather than making a costly outright purchase. Maybe you want a newer, more expensive make and model or prefer the peace of mind of knowing that you can hand a vehicle back at the end of a contract? Or perhaps hassle free ‘all inclusive’ motoring appeals to you? Whatever your reason, we have options to suit your needs.

  1. Personal contract hire

This solution is for people who prefer to pay a fixed monthly sum based on the vehicle type, duration and anticipated annual mileage. The minimum initial payment is normally three rentals in advance and deals are normally calculated over a two or three year period.

The plus side

  • Low initial outlay
  • There is also an option to take a maintenance package which includes breakdown cover and servicing / tyres / MOT costs – giving you hassle-free motoring
  • Road Fund Licence costs are included for the duration of the contract.

The downside

  • If you exceed your agreed mileage by the end of the contract an excess mileage charge would be payable
  • Any damage to the vehicle may be subject to additional charges

Find out more

  1. Personal contract purchase

As with Personal contract hire, this option is only available to private individuals. However, this method gives you the added flexibility to purchase the vehicle at the end of the agreement.

The contract is normally between two and five years and monthly costs are based on your period, deposit and anticipated annual mileage. When your agreement comes to an end, you  have the option to pay or re-finance the “Balloon Payment” and own the vehicle, or return the vehicle to the finance company.

The plus side

  • You don’t have to decide until towards the end of the contract if you would like to return or keep the vehicle
  • Ideal for company car ‘opt outs’

The downside

  • Damage and excess mileage will incur costs if you return the vehicle

Find out more

Call our sales team on 01942 408 521 if you need to discuss your individual requirements in more detail.

This article provides general information to be used for your reference only and is not intended as a substitute for financial advice specifically directed at your business and taking account of the particularities of your situation.