Hi there, I have a quote at the moment on a pick up. The deposit represents the first three months payments or is equal to that, is this deposit payment deduced from the overall length of the lease, in my case 60 months? Or does it represent the first three months' worth of payments? What I am trying to say is really, when does the first payment fall due under personal contract hire?
Our expert Richard answered...
Hello Anna, thanks for your question. I would have to look at your exact quotation to be able to advise. The majority of the contracts will have your initial rental followed by a further 59 rentals, but there are options as you have mentioned where you pay for the last 3 rentals at the start of the contract. This option is not as popular but it does give you a few months rental free at the end of the agreement where you can save for the next initial rental if you take out another vehicle. If you would like to discuss this further, then please contact one of our specialists on 01442 838193. Kind regards, Richard Wells.