Car leasing can be complicated â€“ we understand that. So below is a list of some abbreviations or words you may come across that lack an explanation. We try to keep our use of jargon to as close to zero as possible, but just in case you come across any we have compiled a handy list for you.
Personal Contract Hire or more commonly known as car leasing. This is what we call what the agreement is.
Business Contract Hire or more commonly known as car leasing. This is what we call what the agreement is.
Personal Contract Purchase. This is the agreement where the driver owns the car at the end.
Typically a larger payment at the end of the contract. While there is no balloon payment with a lease, a balloon payment is common with other methods of car finance. We've compared different types of finance in our depreciation and equity blog.
Miles per gallon. A measure of how much fuel a car uses.
We've covered this topic in-depth here.
A measure of vehicle emissions.
Value added tax. Currently 20%.
More commonly known as car tax.
What the first payment will be. Not to be confused with deposit. Non refundable.
You can read our full guide to initial payment here.
Finance company names which may fund your vehicle.
The time between making an order and taking delivery.
If the car is not spec amendable it means it has been built and canâ€™t be changed. If it is spec amendable we can customise it for you. Non spec amendable cars are typically most common with stock deals.
Proofs and information we need.
You can find all the information required in our guide.
The place where the car is at or your deal is facilitated through.
Administration fee or document fee refers to what we charge for using our services.
You can read about our fee here.
How much you will pay as a total.
An individual brokering leasing deals. May not be regulated and risky.
How long you will be leasing the car for. Typically 24, 36 or 48 months.
More details here.
Also referred to as a Personal Contract Hire (PCH) or Business Contract Hire (BCH) the term contract hire is the official title of car leasing.