| | | P | Personal Contract Hire - PCH |
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| What is PCH?
PCH stands for Personal Contract Hire also used as car leasing. This means that the person doesn't buy the car only rents it for a longer period. Leasing it means that the customer pays an agreed amount of money on a monthly bases until the end of the leas contract. When the leas expires then the car has to be returned and then another lease can be taken out.
For example you want to buy a car and you don't have the money for it. The car of your desire costs £10.000 and you only have £6000. When you go lease the car then you have to put a fixed amount up in front. Let's say £4000 after that you make the contract for 2 years and pay a monthly fee for using the car. Warning if you default on your payment you loose the car and all the money what you have payed already. After the leas is up then you can get a new one or choose another option. | | | | |
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