What separates good contract hire companies from the bad?

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Choosing a new contract hire company

Whether you’re switching from a current provider or embarking on hire or leasing as an organisation for the first time – it can be a nerve wracking time. With the car and van leasing sector contributing over £14 billion per year to the UK economy according to the latest statistics, there is an abundance of choice in the marketplace. If you’re struggling to separate the good from the bad, asking the following questions of your shortlisted companies can help to ease the decision making process and have you choosing your contract hire company with confidence;

Experience

When you’re entrusting a big portion of your monthly budget to someone, you want to know that they have the savvy to manage it well and use it to its max. The first thing to check is how much experience does your agent have? Is the team full of individuals who have done this for a long time? Are team members well seasoned in the industry with plenty of experience to call on?

Business understanding

When embarking on a contract hire or lease for your business, you’re committing to making a fixed monthly payment over a set term. If you’re leasing a fleet of vehicles, your commitment is greater. Therefore, consider the kinds of questions your chosen or shortlisted company asks you. Do they take the time to understand the nature of your business and its finances? Much like with a mortgage application, your contract hire company should want to spend time learning about your business’ situation, its incomings, outgoings, growth plans and employee patterns so that it can best advise on the type of vehicle and type of contract or lease that will best suit your organisation.

Transparency

Just as you wouldn’t go into a mobile phone contract without being told how many included minutes you’ll get, you’ll need to check that your chosen company can be upfront and clear on what is and isn’t included in your contract. Are they transparent about any additional costs that may be incurred for example if a vehicle does more than the agreed mileage? If you ask for a choice of solutions, are they forthcoming with options? Is the service agreement transparent and tailored to your specific business needs?

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By |June 24th, 2013|Categories: Contract hire, Vehicle Finance|Comments Off on What separates good contract hire companies from the bad?