Contract hire is somewhat another name of leasing vehicles, in the setup you are required to pay an upright amount as a down payment and later on monthly or annually you are required to pay the rentals for the vehicle usage.
In this setup there are certain terms and conditions which are being met by the person who is taking the vehicle on the basis of contract hire. Commonly the conditions are based on the setup of tax payments and also on the maintenance of the vehicle, sometimes the company offering the services as a contract hire keeps an upper edge on the setup and sometimes hands over the maintenance and tax payment task to the person who is using the vehicle
Personal Contract Hire
Personal contract hire is a setup where vehicles are being taken off for personal usage, which could be based on the daily household usage. In this form the vehicle being demanded for the purpose may be of a lesser value and so the rentals and down payments are also far much lesser as compared to the ones being required to be paid over the entire setup.
Professional Contract Hire
Under the setup of the professional contract hire the businesses and companies tend to take vehicles on the contract hire basis rather than investing on the trucks and buses or any other heavy duty vehicle for the businesses purpose. Many businesses do not find owning these vehicles worthwhile in the longer run and so they may need a way out to run the business accordingly as well. However, when it comes to this setup as well when the business needs the vehicle they use the setup of contract hire and when the business doesn’t need this setup they may return the vehicle and have another one as per the requirements of their business setup.