Eligibility: Am I Eligible for Vehicle Leasing Finance?

Eligibility: Am I Eligible for Vehicle Leasing Finance?

Vehicle leasing can be an attractive alternative to buying one outright. You get to drive a brand new car, a van or a pickup truck for a fixed period of time, then return it at the end of the agreement and choose another one if you like.

Personal leasing eligibility criteria

Not everyone qualifies to lease a car. As car lease is a loan agreement between you (the lessee) and the finance provider (lessor) funding the deal, you'll need to provide some personal and financial information before you can qualify. Leasing providers will not use this information for anything other than to determine your eligibility to lease.

The following criteria should be met if you want to lease a personal car:

  • You’re at least 18 years old
  • You have a full valid UK driving license
  •  You have a good to excellent credit score

What information is needed to lease a car?

When setting up a personal car lease, we will need the following information:

  • Name
  • Date of birth
  • Contact details (phone number and email address)
  • Five years of address history
  • Marital status
  • Number of dependants
  • Employment details
  • Bank details (name of bank, sort code, account number)
  • Income and expenditure details
  • Photocopy of your driving licence card

The same criteria apply to personal van leasing and personal pick up truck leasing.

Business leasing eligibility criteria

For businesses looking for an affordable, hassle-free commercial van or business car solution, leasing is a viable option. Car and van leasing is available to a variety of UK businesses, whether they are start-ups, sole traders, established corporations, or companies with multiple offices.

Is there a minimum trading time required to lease a vehicle for business?

Leases for business vehicles are not subject to minimum trading requirements, however, newly established businesses typically struggle to obtain finance due to a lack of credit history. There is a solution for this problem called the director's guarantee, where the director of the company takes responsibility for the monthly rentals if the company is unable to pay them. A director in this situation will need to go through a similar process to when leasing a personal vehicle, even though the lease is in the business's name. This is to ensure the director is creditworthy and, therefore, able to pay if the business fails.     

Is there a requirement for the business to be VAT registered in order to lease a van?

VAT registration is not mandatory for business vehicle leasing. There are various options for businesses that do not register for VAT to lease a van, a car, and a pick-up truck. We will advise you of the best lease product for your circumstances and needs. 

What information is needed to lease a car, a van or a pickup for business?

The most common information a UK vehicle leasing company asks for is:

  • Details about the business, like the name, address, company registration number, and revenue
  • Information about company directors, such as their full name, date of birth, and marital status
  • Business bank details, such as account numbers, sort codes and bank names

New businesses may also be asked for additional information, such as:

  • Bank statements and/or audited accounts for at least three months
  • Information about management accounts
  • Director's guarantee (as explained above)

 

As part of our vehicle leasing process, we verify your eligibility for personal or business vehicle finance so you can take advantage of our excellent car and van lease deals. Using our expertise, we can assist you in choosing the right vehicle finance option for you. We are confident that we can find the right lease product for your unique needs. If you have any questions about vehicle leasing, whether it's a personal lease or business lease, car lease, van lease or pickup truck lease, you might find the answer in our FAQs section. Alternatively, call us on 01424 863 456 or use our contact form.

Vehicle Leasing FAQs           Contact Us

Need Help?

Call Us Today

CVC are here to help every step of the way.

If you need help give us a call on:

01424 863 456 Head Office

020 3627 1127 London

0161 820 7808 Manchester

0121 314 2364 Birmingham

0117 911 0410 Bristol

Am I Eligible?

We work in partnership with many of the UK’s leading van leasing, car leasing, contract hire and finance leasing funding companies in order to provide the most competitive rates and offer you the best leasing deals possible. Our guide to eligibility will help you understand the various requirements for establishing a vehicle finance agreement.

Our Vehicle Ordering Process

Achieving the best van leasing deals and the best car leasing deals has become a key consideration in the work we do, so you can get the best leasing deals. Our process is built to ensure we accurately and efficiently identify your needs and requirements, achieve the best finance deal for you, apply for finance on your behalf and provide you with the quickest delivery possible.

Our First Class Service

At Commercial Vehicle Contracts, we ensure that every aspect of the car leasing process and van leasing process is seamlessly undertaken with full management on your behalf, meaning you can sit back and relax with the peace of mind that your chosen vehicle will arrive at your desired address matching your required needs.

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