PERSONAL CONTRACT HIRE
also known as PCP, PCH or cash for cars

PCH is the flexible finance option for individuals, giving a wider choice, more car for your money and, if maintenance is included, complete peace of mind for the driver and employer.

When a car is purchased with cash or a loan, the payments have to cover the full cost of the vehicle. PCH payments are based on only part of the car’s cost for the contract period, therefore they are lower than you might expect.
Due in part to the new CO2 emission-based legislation, more companies are paying their employees a cash allowance as an alternative to providing a company vehicle. Before you make a decision to do so, you should ask the following questions:

• How wisely will the driver spend the money?
• Will the car chosen be safe and reliable?
• Will the car chosen be suitable for the job and your desired corporate image?
• What happens if the car is off the road due to accident, theft or major breakdown? How will the driver continue with his or her job?
• What happens if the driver leaves the company? The allowance will obviously be stopped but the driver still has the car - and the liability.
• How much will the insurance cost if the driver has no private no claims bonus?
• Will the driver’s private credit rating allow him to obtain funding for a vehicle?

We have extensive experience of developing PCH schemes for companies, we can help formulate a policy, assist the drivers in their choice of vehicles (within the guidelines laid down by the policy), and offer the same level of support to individuals as we do to corporate contract hire clients. PCH customers benefit from our national buying power to maintain the best discounts on purchase and maintenance.

How PCH works
The monthly payment is calculated by taking the initial cost of the car and its forecast running costs, deducting the estimated future value which MNH~platinum predicts based on the driver's annual mileage, and dividing the difference over the number of months that the driver requires the car. The final monthly charge, which includes interest, is fixed for the duration of the contract.

Road Fund Licence and breakdown cover are included as standard and we offer the option of a full maintenance package. This allows the driver to budget on a monthly basis (we offer the facility for payments to be deducted from payroll) and covers any unforeseen bills for maintenance or mechanical failure – especially important for high mileage drivers.

At the end of the contract, the driver has the option to pay the estimated future value (which was determined at the start of the contract) and keep the vehicle, or return it to us.