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Can I lease a vehicle with a bad credit history?

August 31st, 2018

If you had a bad credit history in the past, you may be wondering if is possible to lease a van.

Like a credit card or loan application, a finance lease is also a form of credit, and finance companies will investigate your credit history before approving your application.

To help you understand your situation better and increase your chances to get your application approved, here are some points to consider while submitting your application to the finance company.

When you submit your application the finance companies will check your credit history using at least one of the three UK credit reference agencies – Equifax, Experian or Callcredit.

It’s very important for you to check your credit file and credit score. By doing that you can understand how your credit history looks like and also what Is the chances you have to improve it.

You can use the three agencies below to check your credit

  1. Equifax – www.equifax.co.uk
  2. Experian – www.experian.co.uk
  3. Clearscore – www.clearscore.com

After checking your history and understanding exactly what is looking bad, make sure that any outstanding payments are paid and accounts are up to date. By doing that the finance agencies can see that you had a poor history, but you are paying everything off.

CCj’s and Defaults also need to be paid off in full, have in mind that if you negotiate the payment it is unlikely for the finance agencies to approve a new finance plan since you didn’t pay your full debt before.

To help you improve your chances, even more, you should provide bank statements. Here you will show the finance agencies some stability, proving you are prepared for a new financial plan. You can also provide different account such as from your business or tax returns to support your application.

If you are still not sure what you can do to have your van approved, you should always talk to one of the sales team and explain your situation openly. They will be able to help you with every step you need to get you on the road with a brand-new van.

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