As a responsible lender, a credit check on application for one of our lease deals is essential. This is done to protect all parties involved: us, the finance company and, most importantly, you.
A credit check will not only ensure that you can afford the vehicle, it’ll also check any credit that’s already attached to your name – for example loans, credit cards, store cards etc. – along with the history of said accounts.
The credit check will analyse your payment profile along with the amount of credit you are able to utilise. If your payment history is good and your current credit limit is within your range of affordability, then you have a much better chance of being accepted.
As an FCA (Financial Conduct Authority) registered company, we have to be responsible in our lending, which means that if your application is declined, this decision cannot be waivered.
If you think you have adverse credit, it’s best for you, and us, if you highlight this before proceeding. This knowledge will allow us to carefully select a finance provider suitable to your needs before application, meaning your chance of being accepted could improve.
We’re partnered with Experian and Risk Disk for our credit searching needs, both of these services offer a free trial of their credit report system which will enable you to check your credit before applying through us.
If you find that your credit rating is poor, both of these facilities offer advice on how to improve your score which will allow you to rebuild your credit rating and apply for credit in the future.
The best and easiest thing to do is use one of the sites that offer a free report, this way you can check your credit score without affecting it further. If you have late payments, CCJs or default accounts on your record then we’re sorry but it’s unlikely we’ll be able to help.
If you need any more information on credit, you have a question about leasing or wish to make an enquiry, don’t hesitate to get in touch on 01565 880 880.
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