There are certain criteria points which need to be met in order to qualify for a business car lease contract:
- You must be a sole trader, partnership, Ltd company or a PLC
- You must be able to provide company bank statements and/or audited accounts
- You need to produce proof of address and proof of ID for the main company director
- Your business should have a good credit rating.
Your business will undergo a thorough automated credit check before a decision is made as to whether you qualify for business leasing. The purpose of the credit check is for the finance company to determine whether your business can afford the monthly repayments and the best way to judge this is by looking at your business credit history.
If you have a good business credit score then there shouldn’t be any issue in arranging the leasing finance agreement. If you’re credit score isn’t as good, then you may be asked to provide additional evidence to prove that you can and will make the monthly payments. This could include taking out a directors guarantee (where you will make the monthly payments should the company fail to do so).