So you’re thinking about car leasing? If so, you may be wondering what exactly it is you need to take out a car lease. But don’t worry, the car leasing process is quick and simple, meaning you can get behind the wheel of a brand-new car in no time.
Like with any contract and financial agreement, there are a few things you’ll need in order to take out your lease but in most cases, you should have everything you need to complete your car leasing agreement around the house.
In this guide, we’ll walk you through what you need for the leasing process so you can prepare your details and documents.
Who Can Lease A Car?
Let’s start by taking a look at who can apply for personal car leasing. To be eligible to lease a car, you must meet a few basic requirements.
Below, you’ll find the key criteria for personal car leasing:
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Be over the age of 18.
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Have a valid driving licence.
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Have a fair to good credit score.
What Do I Need To Lease A Car?
When you take out a leasing agreement, there are a few things you'll need to have ready. But don't worry, it’s nothing too complicated.
Once you decide on the contract particulars for your lease vehicle like how long you want the car, the mileage, the monthly price, the initial deposit and whether to add a maintenance package, you'll move forward with the lease agreement.
For this, you’ll be asked for the following:
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Personal details.
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Documents for leasing.
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Car insurance - this is needed once the lease is agreed.
Keep reading to find out more about each of these categories.
What Information Do I Need To Lease A Car?
You’ll need to provide various information when applying for a new car lease and finance agreement. This will be used by the lease company and your finance provider.
Basic information includes:
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Personal details - your personal details include information such as your name, current and previous address, date of birth, marital status, etc.
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Employment details - you’ll need to provide your employment status, company names and contact details, company registration details, etc.
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Finance & bank details - this will include account details for direct debit for monthly payments, affordability information, etc.
What Documents Do I Need To Lease A Car?
You’ll also need to provide a few documents to take out your lease.
Documents may include:
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Photographic ID - usually your passport or driving licence.
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Proof of address - to verify your identity, you’ll need either a utility bill, bank statement, etc.
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Signed finance agreement - once your car leasing contract has been agreed upon, you’ll have to return a signed copy of the finance document.
It will depend on the finance company whether a hard or electronic copy of these documents is required. On some occasions, physical copies may be needed.
Additionally, some companies may need specific documents such as your driving licence or proof of employment. If more information is needed before a credit check and decision can be made, we’ll contact you with further details.
What Proof Of Address Do You Accept?
To prove your address, you’ll have to provide one of the following documents dated within the last three months:
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Utility bill, usually a gas or electricity bill.
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Bank statement.
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Council tax bill.
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HMRC letter.
Unfortunately, other bills and letters are usually not accepted as proof of address.
Do You Need Car Insurance To Lease A Car?
Once you arrange a lease on your new car and before you take delivery, you'll have to organise car insurance. This should start on the day you receive your new vehicle.
The insurance should be fully comprehensive and provide cover for the duration of your contract, or a one-year policy that you must renew when the time comes.
What Credit Score Do I Need To Lease A Car?
There’s no specific credit score needed to take out a car lease, however, it's generally considered that you’ll need a fair to good credit history to be eligible. The higher your score, the more likely you are to be accepted for a credit agreement.
If you do have a lower credit score, you may still be able to lease a vehicle though. Short-term leasing is always an option as well as choosing a more affordable lease deal.
If you want to see how likely you are to be accepted for a leasing contract, you should use the Vanarama eligibility checker. Using your basic details, we can advise whether you qualify for leasing without affecting your credit score. Or find out more in our guide to what credit score you need to lease a car.
Do You Need To Show Income To Lease A Car?
Typically, for a leasing contract, you’ll be asked about your employment and income to ensure any vehicle lease you take out is affordable. You’ll likely not be asked specifically for your income though as checking whether you can afford your leasing contract is done through your credit check.
Do I Need A Job To Lease A Vehicle?
Having a job isn’t necessary for leasing but can improve your chances of being accepted. However, if you’re retired with a pension or receive benefits, you’ll still be considered for a lease vehicle.
In these cases, you may be asked for additional documents to prove your monthly income but it will depend on the finance company.
If you’re ready to choose your next new motor, browse our cheapest car lease deals available and find a great offer today.
