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By DonnaIn order to take advantage of a cheap car finance deal with Nationwide Vehicle Contracts, you will need to undergo a credit check as part of the finance application process.
Most funders ask for a good to excellent credit score in order to be accepted for car leasing. A lender may also look at other factors such as your ability to make regular payments on time and any other debts you may have. All credit lending decisions are based on your current circumstances, not any future changes. You can check your current credit score on Experian for free.
Take our brief interactive questionnaire to find out if you are likely to be accepted for personal leasing finance.
Including marital status and number of dependants.
This information is used to verify your identity and may also be used to determine the credit histories of anyone you are financially connected with. Previous residents to which you have no financial association are not considered.
This information is used to determine how your present income and expenditure is likely to evolve over the period of your lease.
This information is used to determine how you have managed your existing accounts and your ability to make payments on time. Although the details must be provided for the account for which you will be setting up a direct debit should your application be accepted, no money can be taken from your account without your permission.
This information is used to ensure you are comfortably able to afford the finance deal for which you have applied.
As part of your application, you may be asked to provide additional information in certain circumstances – for example, if you are not currently in full time employment, or if you’ve only been with your current employer for less than five years.
We might ask you for:
This information will be used to ensure you are able to afford the lease you have applied for.
“Most funders require a good to excellent credit score to be accepted for personal car leasing, so it’s worth checking your eligibility before applying.”
If you’ve recently moved to the UK from another country, you may need to supply additional information in order to be considered for vehicle finance. This is because it can be difficult for the finance provider to view your full credit history outside of the UK. Additional information they may ask for could include:
Most finance providers use a credit reference agency to assess your eligibility for vehicle finance.
There are three credit reference agencies in the UK - Experian, Equifax or TransUnion (formerly Callcredit) - who all use information such as your current and previous lending history, indebtedness, the electoral register and demographics to form your overall credit score.
If you wish to find out your current credit score, we’d advise that you contact the credit reference agency direct to obtain this.
Once you have completed the Personal Finance Application Form, a sales representative will be in touch by phone to confirm your order and run through the necessary pre-credit checks before submitting you for finance.
Most funders respond to a credit application within 2 working days however during busy periods, it can take up to 5 working days to receive a response from the funder.
If you’ve taken our quiz and are likely to be eligible for finance, you can:
£215.12
Business Leasing £179.27 Excl VAT
£251.26
Business Leasing £209.39 Excl VAT
£336.17
Business Leasing £280.14 Excl VAT
£272.43
Business Leasing £227.03 Excl VAT
Once you’ve found the vehicle of your choice, you can fill out an online quote form and one of our representatives will be in touch. Alternatively, give us a call on 0345 811 9595 and we’ll be happy to help.
If you’re still unsure whether you are eligible for personal finance, please call us on 0345 811 9595 to discuss your options.
Alternatively, if you’d like to find out more about how lenders decide to give you credit, read this guide from the Citizens Advice Bureau.
