Leasing a car is a finance product,Therefore does require a finance application to be filled out online and then processed in order to setup up the credit line, The driver is being entrusted with a vehicle worth thousands of pounds, while only being required to pay a fraction of its worth on a monthly basis.
Credit companies view a lease deal in a similar way to a loan. However, rather than the loan amount being the same as the value of the car, it will be equivalent to the total amount of payments.
Performing a car lease credit check is one of the ways that a finance company can determine if you are financially stable enough to be able to pay the monthly instalments.
We Urge you to check your score before applying as to avoid further damage to your profile if a decline occurs.
A large deposit will not get an approval if your credit score is low, However if you credit score is nearly in the Good section an Initial deposit maybe requested by the finance underwriters.
Generally, funders will look at:
We would not want somebody to take a lease out which they could then not comfortably afford.
If you are unsure of your credit score, we advise our customers to check the main credit reference agencies, Click the links below and register online, Once you have your score one of our sales team can advise the likelihood of being approved :
As a general rule, most finance companies ask that applicants have a credit score that is somewhere between ‘good’ to ‘excellent’ in order to be successful.
Anyone making an application to lease a car has to demonstrate they have enough income to pay for the monthly instalments. If you have bad credit but can afford the payments, you may be asked to show your last three wage slips. You may also be asked to provide your last six-monthly bank statements to highlight the healthy condition of your account.
Opting for a cheaper car doesn’t have to mean you’re losing out, because with SVL, you still get a new car and by having lower monthly payments could make it easier to qualify for the finance.