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Car Finance Expert Q&A

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Edwin Miles. Underwriting Manager

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Car lease with fair credit

Hi, I'm looking to get car lease for 2 years with payments of £300/month. My credit rating is 850 however my credit use is 60% with a few 1 month late payments on cards this year.

I've never missed a mortgage payment though. Will I be able to secure a car lease?

Posted by Jess on

Answer.

Hi Jess, as you have a fair credit rating we should be able to secure you a competitive PCP (personal contract purchase), which is similar to car leasing, with no problems at all. At the end of the PCP agreement you can either hand the car back, part exchange it for a newer car or pay the final balance (balloon payment) and keep the car.

As you have fair credit and a clean mortgage i'm confident we can get you accepted. Please make an application and once approved you can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Edwin

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Question.

Hi Edwin. I am current a permanent employee at a company looking to start contracting with another. Everything looks favourable - money is there, offers, contract could be ready shortly. Big downer is that I am a one-car family today living in a convenient world with walking and buses and I would need to start commuting 100 miles each way to London and need a car to get me to and from the train station each day which is 25 miles away. My plan is to lease a car and my credit history is very good, but I am worried that by freelancing, I won't get credit approved for new company that initially will have no income and no cash when it starts trading on day one! Help!

Posted by David B on

Answer.

Hi David, i don't see the issue with getting you approved personally for a lease but we may struggle placing it in the businesses name if there is no trading history whatsoever. Would this be sufficient? If so, please make an application and we'll go from there. Kind Regards, Edwin

Posted by on

Question.

Hi, I've got a credit score of 757 and I was looking to get a car lease over 2 years. I've got one default in 2007 for a mobile phone bill but that's it - do you think i'll get accepted?

Posted by Joseph B on

Answer.

Hi Joseph, as you have a fair credit score and the fact that your default was over 5 years ago i'm confident we could get you approved for a car lease. Please make an application on our site when you're ready. Kind Regards, Edwin

Posted by on

Question.

I have a credit score of 938 and I am wanting to lease a car over 3 years. Should I have any problems and do car finance lease cars too?

Posted by Jordan on

Answer.

Hi Jordan, with that score you shouldn't have any problems whatsoever. Please apply on our website when you get chance as we have some market leading rates available at the moment. Kind Regards, Edwin

Posted by on

Question.

Hi, I have a fair credit score of 780 but 7 defaults spanning 4 years due to losing my job in 2010.

I have cleared everything and have only one default unpaid which is being dealt with now. Am I likely to be able to get a lease car?

I have around £4000 deposit or a trade in of a Mercedes CLS 2008 to use as deposit. I am looking for an Audi A5 Coupe Diesel. Thanks

Posted by Franc on

Answer.

Hi Franc, thank you for your question. However, due to the amount of defaults you've had in the past and the current default that has tey to be settled we wouldn't be able to get you approved for a car lease or a PCP deal unfortunately.

I would like to add though that we could potentially get you car finance (Hire Purchase) as you have a large deposit and we do have lenders in this area that lend to people with past credit issues. The difference is that with hire purchase you own the car once all payments have been made.

Please make an application and once approved you can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Edwin

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