Personal contract hire is also known as personal leasing. It works in the same way as business leasing but the prices are generally slightly more expensive as they include VAT. You pay a monthly rental to lease a car over a set period of time, typically between 24 – 60 months, with a flexible initial payment structure of either 1, 3, 6, 9 or 12 months which is paid after delivery. The vehicle is then returned at the end of the term.