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Car leasing explained
Car leasing, also known as Personal Contract Hire or PCH, allows you to lease a brand new car from 2 to 5 years. It can be a simple way to drive a brand new car, as you can spread the cost with monthly payments.
In this guide, we’ll explain what car leasing and PCH is and how it could unlock access to the brand new car you’ve always wanted.
In this guide:
Is car leasing the right choice for me?
Before you decide to lease a car, you should weigh up whether car leasing suits your needs. Check out some of the benefits and things to consider:
Frequently asked questions about car leasing
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The amount it costs to lease a car can vary based on the type of car you want and how long the lease lasts.
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While you can lease a used car with some providers, Bank of Scotland only provides car leasing for brand new cars. So, you should bear this in mind when deciding what car lease deal would be best for you.
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It's usually fine to put a private number plate on a leased car. But bear in mind the leasing provider owns the vehicle, so you’ll need to get in touch with them first before arranging anything. There may be a charge for adding and removing a private plate.
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It depends on the finance provider. Some may let you extend your car lease for an agreed period. There are two types of car lease extension available:
- Informal extension – also known as an extended hire, or a rolling contract. In this case, you would continue to use the leased car beyond the end of the contract date, until collection is requested
- Formal extension – a formal agreement between you and the lease provider, allowing you to extend the contract for an additional term, often six or 12 months.
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