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"Bad credit" it a myth?

Published on Wednesday 28 February 2018 in Van News

The truth about leasing and bad credit…

We get asked this question ALL the time: "Can I lease a van with bad credit?" Short answer is yes, but there are some things you should be aware of…Vanarama's Tom Roberts reports.

Here's the inside scoop…no one has a single definable credit score on a file somewhere that every finance company on the planet can access.

Equally, however, if you have had a credit history with as many up and downs as a yo-yo, that will affect whether or not a company lends you money. Seriously, it's this last point that makes people think they have "bad credit" to start with.


The mother of all…mistakes…

Assumption can be a real stumbling block, but it shouldn't be which is why our Sales Director Gary Lemon always offers this advice: "A lot of our customers believe that if they have poor credit they cannot be accepted for finance on a vehicle.

"However, finance companies actually use a score card system to mark a customer/business against, and there are a lot of key points looked at that you may find help your case."


Finance companies...what do they want?

Again, short answer: not a lot, but there are a few things to remember when you next call a finance company and don't know what to expect.

  1. If you have lived somewhere for a long time, that's a good thing! Why? It helps the finance company find you. Oh, and make sure you're on the electoral register because that can massively swing things in your favour.
  2. If you've gotten credit before, that's another good thing! All a finance company will look at is how you managed your previous payments back then – if you kept up then, you're a good prospect for lending.
  3. If you can put down a big deposit, this is another big thing in your favour! Larger deposits lower the risk you present and the amount of money you need to borrow. The less you borrow, the easier you might find it to get credit.


Just one last thing to remember

"We can't guarantee that credit will always be accepted," comments Gary. "But we have an experienced team here at Vanarama who will put all their efforts into finding you the best product, and match you with the most suitable funder."

That's a promise from us to you…and remember, always feel free to give us a call and ask us your burning questions. We'll answer them all, because once you're in the know, you'll be ready to go.

So, call 01442 838 195 today and ask away. We hope this article busted a few myths and made you wonder if you really do have bad credit. Give us a like, share or a comment for more content like this, and why not check out this article about the top 4 reasons to lease in the first place?