I'm currently employed (paye) but am considering going self-employed, my credit history is not the best, would this be a problem leasing a van? Also, do I need business accounts when looking to lease? Also, my wife has a great credit history, could I use a van she leased for my self-employment?
Our expert Mike answered...
Hello Ryan, thanks for your question. A lot of our customers believe that if they don’t have very good credit, they cannot be accepted for finance on a vehicle. However, the finance company uses a scorecard system to mark the customer/business and there are a lot of key points they look at, which you may find help your case. For example, being a long-term resident at your address, if you have had credit before and how you have paid this off in the past. Also, the size of deposit has an impact as the larger the deposit, the less risk there will be to the finance company.
Secondly, to answer the second part of your question, you do not need a business account when looking to lease a vehicle. Finally, as a sole trader if the vehicle is for you then the agreement needs to be in your name and can’t go in your wife’s name as per the FCA guidelines.
If you would like to discuss this all in further detail with one of our experts. Who can then go over all the options available. Please call us up direct on 01442 838193 and we will be more than happy to help you. Kind regards, Mike Daly.
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