In order for a car leasing application to be submitted, all applicants must complete a credit check. Whether you want to lease a car for business or personal use, a credit check must be completed in order for the lender to approve you for financing.
Why is a credit check required?
The credit check is a requirement put in place to protect all parties involved in the lending process. The credit check will take into consideration your current income and expenditure, as well as your credit history. For those who manage their finances well and have a good history with credit, the application process will be simple and easy to complete. Being approved will allow you to go ahead with your application and the signing of a car lease agreement.
For those who do not have a good credit score, it is possible to be declined. Being declined shouldn’t be seen as a negative experience, rather a way for the lender and the financier to protect you, ensuring you do not fall short on payments and wind up in debt.
Knowing how much you can afford to pay monthly
Taking a look at some of the car lease deals we offer on a monthly basis, it won’t take too long to confirm what you can and can not afford to pay. Taking into consideration your current fixed income and any other sources of income will allow you to determine the best deal for you. Conducting a free credit check will confirm what you may already know is true.
Why would someone be declined?
The simple reason for being declined is affordability. If your credit check shows that you would not be capable of paying the fixed monthly payments, we will not be able to process your application. If you have any CCJs or a history of late payments on your credit profile, we will unfortunately not be able to proceed with your application. This is simply because we would not want to place you in a position where you may end up in further debt or financial complications.
Conducting a credit check
At All Car Leasing we have partnered with Experian and Risk Disk for credit searching. To understand your credit score and to receive a free credit report, you can access their services before applying for a car leasing contract. By conducting a credit check, you can be certain as to whether or not car leasing is the right option for you and your financial situation. For more information about our credit check requirements and the application process, get in touch with our team.