Car leasing, also known as Personal Contract Hire (PCH), is like renting. It’s a way of driving a brand-new car without owning it. A lease is a financial agreement made with a funder, although leasing is often done through a lease broker who will sort everything
You choose the car you want and decide how much you want to pay upfront. You can also decide how long you’d like to drive it for (usually between 2 and 5 years) and how many miles you’ll do in that time. The funder then works out your monthly payments and you can decide if the lease is right for you. If it is, your car will be delivered free of charge and you get to drive it for the duration of your lease. At the end of your contract, you simply hand the car back and you can upgrade to the latest model.