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Business Contract Hire (BCH) FAQs
What does BCH stand for?
BCH is an acronym for Business Contract Hire, a type of car finance agreement that allows business owners to make use of a vehicle without having to buy it outright.
How does BCH work?
There are four considerations to keep in mind when deciding if a Business Contract Hire agreement is the best option for you:
- The initial deposit
- The monthly payments
- Length of the agreement
- Mileage
The higher the initial deposit, the lower the monthly payments. The length of the agreement you choose will also decide how much the payments will be for each month. Think about how many miles you want to travel in it every year and make sure the agreement reflects that limit. At the end of the contract, when you hand back the car, you can renew your agreement for a newer model.
What are the benefits of BCH?
Fixed monthly costs
You won’t have to worry about any surprising charges. As long as you keep within the mileage limit, then you can easily budget the cost of leasing the car for your business. Every month you will pay the same amount, making leasing an easy and predictable expense.
Access to a new car for your business every few months
You can update your business car regularly with a Business Contract Hire. This way you can take advantage of the latest upgrades and advances in technology.
What are the disadvantages of BCH?
Possible excess mileage charges
Keep in mind that if you exceed the agreed mileage limit, extra charges are possible. So, make sure you choose a contract that suits the rhythm of your business.
Excessive wear and tear could lead to extra costs
Usually, fair wear and tear won’t lead to additional charges. But make sure to protect the vehicle from any damages outside what is considered normal wear. In the rare circumstances where damage beyond this is present, there might be extra costs involved. So, keep this in mind as well when choosing a BCH agreement.
What Subaru models are available on a Business Contract Hire finance plan?
The Subaru models available on PCP are the Outback, the all-new Forester and Crosstrek.
What costs am I responsible for?
The main costs will be the monthly payments and any excess mileage. Also, keep in mind the usual costs associated with using a vehicle, such as tax and insurance.
How long does a Business Contract Hire agreement last?
The agreement duration for a Subaru Business Contract Hire is 48 months.