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Getting-Finance-Approval

18/11/2014

How easy is it to get personal car finance or car lease approval?
If I had one pound for every time I have been asked this question, I most certainly would be retired by now with a villa and a boat in Barbados. But I’m not.

Car Leasing Approval
So, with this in mind, I have decided to impart my knowledge to you so that you know the “inside lowdown” in the hope that it will help you decide if your criteria fits the bill before you go shopping around.

Personal leasing credit approval criteria 2014

1. TraceabilityThere is one thing that finance companies don’t like and that is not to be able to find someone. So if you’re not on the voter’s roll or if you’re not traceable for at least the past three years, this is not a good thing when it comes to getting approved for a personal car lease. Oh, and they also like you to have a landline telephone number as well as a mobile.
2. Employment
In the same way, finance companies look for stability regarding employment – obviously, they want to know that you can afford your monthly payment and that your salary reflects that. They also usually like to establish your working history for a reasonable amount of time, although it has been known for leases to be approved where relatively young people haven’t got years’ and years’ employment history. With car leasing retired is not an issue, provided your credit score and affordability are sufficient to cater for the monthly finance should be available for you too.
3. Affordability
It is the leasing company’s responsibility – especially with the new FCA (Financial Conduct Authority) regulations – to ensure that you can afford the vehicle, which is why you will find yourself being asked about your outgoings as well as your salary to ensure that you are not pushing yourself to the limits with your finances.
4. Credit issues
If you have CCJs, payment arrears, defaults or payment arrangements of any kind (including IVAs) then obviously, this is not good. In fact, I would usually advise clearing your credit record up completely before applying for a “good credit” lease (I would definitely not advise applying for “bad credit” car finance as they usually have very high APRs to reflect the risk).

Company leasing credit approval criteria 2014


In my next blog, I will be exploring the world of company car leasing approval criteria – watch this space and in the meantime, please do feel free to ask us on Twitter @Car4Leasing or call 0844 414 8144 for any advice that you would like to chat through. We will always be happy to help!

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