When you apply to a lender for car financing (and car leasing is a form of vehicle financing too! ), they will want assurance that you can make the payments.
During the application process for leasing a car, your leasing company will contact one of the UK's three main credit reference agencies: Equifax, Experian, or TransUnion (formerly Callcredit).
Credit reference agencies keep a record of your financial history. It's likely that your credit rating will have been adversely affected if you've had financial issues in the past, such as defaulting on loans or credit cards, being declined by other lenders, declaring bankruptcy, entering into an IVA or having a County Court judgement.
It is important to have a good or excellent credit score when applying for any type of credit. You may have a challenging time finding a lender willing to work with you if your credit score falls below this. They will also take into account other debts you may have and your ability to make regular payments.
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Please feel free to contact us if you have further questions about your car leasing eligibility.