You might fail on the first attempt but there are ways you can improve your credit rating
In order to lease a car either for business or personal use, you will have to go through a credit check as part of the process.
A request is sent to one of the credit reference agencies to determine what credit score you have and if your score falls below the required level you might be refused car credit and will not be able to lease a car.
However, all is not lost as you could turn the decision around by simply cleaning up your poor credit history.
If you set about trying to improve your credit score, the next time you apply to lease a car you might be successful.
The first thing to do is request a copy of your credit file from one of the main customer credit reference agencies in the UK, for which there might be a small charge.
After reading your credit file you can request that the credit reference agency removes any out-of-date items off your file, such as any debts that have now been paid. This should help your credit score to increase.
It might sound crazy but finance companies are spooked by people who don’t have a history of making regular payments, so taking out a credit card and ensuring you pay the balance off each month so you don’t incur any interest charges could help to improve your credit score.
A history which shows that you borrow and always make your repayments on time is better than no history at all as it proves that you act responsibly and are a good risk.
You could also suggest paying a larger than normal initial payment which tends to be equivalent to 3 monthly rentals, however this is generally the rule for people who have a poor credit rating anyway.
The best advice would be to wait for at least three months before applying again, or for the first time, whilst you try and improve your credit score.
For more information regarding our car leasing services and special offers please click here, or give us a call on 0844 846 4007.