Contract Hire Rental Payment Profile
Contract hire rental payment profile essentially tells you how many total payments you will make over the contractual term (duration) and many other companies will quote a high initial rental payment, perhaps six months rental for the first rental, and then followed by subsequent payments, to make the ongoing rental look cheaper.
To show you how this makes a difference have a look at two different contract hire rental payment profile examples below. For the purposes of the exercise we have assumed that you are comparing monthly rentals of £300 per month over a three year agreement and that all other contractual parameters are the same i.e. annual mileage, type of contract, same car and length of contract.
All rentals are shown exclusive of VAT.
The only thing that is different is the contract hire rental payment profile. On a three rentals in advance profile followed by 35 subsequent rentals, the amounts are as follows.(Car contract hire rental is £300 per month excluding VAT).
- On a 3+35 contract hire rental profile you would make 38 payments
- 38 payments x £300 per month = £11,400 total rentals paid over the three year term.
- If the contract hire rental payment profile was 6+35, this is in fact 41 payments in total that you would pay.
- 41 payments x £300 per month = £12,300 total rentals paid over the contract term of three years.
- Extra contract hire rentals paid over the three year term = £900
So if you get a car leasing or van leasing rental quote with a 6+35 contract hire rental payment profile, to compare like with like on a 3+35 contract hire rental payment profile, just divide £12,300 by 38 payments (3+35) and you will see the real rental to compare to £300 is in fact £323.68.
Many other vehicle leasing providers will sometimes quote you a "cheap" contract hire rental when in fact it could actually be costing you more if you look at the total rental payments you will be making.
All rentals on Comparecontracthire.com are compared with only three rentals in advance, to make it clear to customers what they will be paying over the total contract term. However if you want to pay six rentals in advance (6+35), then just ask any of our vehicle finance partners via the CONTACT form, as they all have the ability to do this.
We have also shown a sample of Ford car leasing, Vauxhall car lease and Volkswagen car leasing prices below and all rentals shown are with three rentals in advance. All other manufacturers are available as well.
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