Contract Hire is a type of lease agreement with a maintenance schedule attached to it. It can provide a solution for businesses that want to concentrate on their core business activities, whilst avoiding the financial risk and administrative burden of owning and maintaining any vehicles or equipment that they use.
Key features and benefits of Contract Hire:
- Fixed rentals for the whole package, making budget planning easier with Contract Hire
- Flexible Contract Hire terms to meet your requirements with variable duration and mileage/hours terms
- Maintenance of the equipment is included in the monthly/quarterly rentals, and so spread the cost over the Contract term
- Contract Hire normally removes depreciating equipment from the balance sheet and the associated risks of owning vehicles or equipment
Contract Hire is suitable when, as a business, you have a particular contract or task to fulfil over a specified period and you want certainty over costs and equipment availability. Typical equipment types for Contract Hire are materials handling, commercial vehicles and cars.