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  • Hello sir, I’m a flooring contractor, I’ve a 52plate Transit. I’d like a newer van if possible. My credit is not great, but don’t think it’s dead in the water. Would appreciate most sincerely if you can help or advise me to getting newer van. Many thanks, Paul

    Gary Lemon

    Our expert Gary answered...

    Hi Paul, believe it or not it is a lot easier to get a van on lease then you may think. This is because the debt is secured against the vehicle, as opposed to a loan from the bank which is not secured against anything but you. A lot of our customer think similar to yourself and don’t believe they have great credit, however the finance company use something called a score card system to mark the customer/business and there are a lot of key points they look at which you may already have. I have listed a few below just to give you an idea.

    1) Depending on the company entity the finance company will look into the business to see how well It has been trading, if you have been trading for a long time and made a healthy profit they can potentially put aside some bad credit on your personal account if the business is strong enough. 2) Being a long term resident at your residential address will help the finance company in finding you, and making sure you are registered on the electoral register can be crucial. 3) If you have had credit before this will help the finance company to see how good you are at paying it back at regular intervals, but this is not essential if you haven’t have credit. 4) The size of deposit you decide to put down can help. As you would imagine by putting a larger deposit down this will lower the total cost of the finance, which is less risk to them.

    We cannot guarantee that the credit will be accepted. However I hope this has given you a little more insight and confidence into what the finance company looks at. Please feel free to give me a call if you wish to discuss further. Kind regards, Richard Wells, Senior Account Manager

    Question asked 18/06/2014
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