Vauxhall Finance has launched Personal Contract Hire (PCH) and Business Contract Hire (BCH) in a move designed to boost SME business sales within the brand's UK dealer network.

The new Personal Contract Hire is available on new Vauxhall cars, whereas Business Contract Hire will be available on LCVs and new Vauxhall cars at all Vauxhall Retailers.

Vauxhall Finance has launched the products in recognition that some customers, particularly SMEs, choose to return or upgrade their vehicle at the end of term.

Vauxhall Finance’s managing director, Simon Kington, said: “This product launch is a further step for Vauxhall Finance to become a full captive for Vauxhall, which is part of our new strategic plan for profitable and sustainable growth."

Contract Hire enables the return of the car when the contract expires1, removing any concerns over depreciation or the admin of resale.

Payment options include an advanced rental payment to reduce monthly spend, or to split the total rental cost evenly throughout the contract term, typically between 24 - 48 months, with no deposit required.

Kington said: “Increasing our product portfolio means we are able to deliver more of the finance products that Vauxhall customer’s want, which will improve the experience at Vauxhall Retailers.”

Personal Contract Hire (PCH) and Business Contract Hire (BCH) customers will be given the option to include a Service, Maintenance and Repair (SMR) package as part of their contract.