Short, Simple, Clear Car Leasing
If in the past you’ve experienced issues with your credit history, you might be unsure as to whether you’re eligible for leasing a car.
As with a loan or credit card, vehicle finance is also a form of credit and for that reason finance companies need to ensure that you’re not a risk and that you’re eligible for finance, so your credit history will be investigated and a decision made based on their findings.
If you have or have had a County Court Judgement (CCJ), been declared bankrupt or have been declined finance in the past, it could be that your credit merit has been affected by these.
Your ability to borrow following any of the above can have a negative impact going forward and even making a late payment on a credit card or loan could cause problems in the future.
Before your application for a lease car can be approved, the lender will contact a UK credited reference agency such as Experian to look into your credit history. These agencies generally use a visual scale to determine your credit score based on five bands ranging from ‘very poor’ to ‘excellent’.
Most finance providers as a general rule look for a ‘good’ to ‘excellent’ credit score for an application to be accepted on a lease car, however other factors will be looked at such as whether you’re able to keep up with the monthly payments and what other outgoings you have.
Fortunately, here at Clear Car Leasing we work closely with a number of vehicle lenders who are happy to accept customers who may have a history of poor credit, so please call our friendly team for help and advice.
Please click here to find out more about our business/personal car leasing services and amazing offers, or give us a call NOW on 01904 55 75 44.