Business lease with bad credit
When looking for options to fund your companies vehicle needs the first type of agreement that comes to mind will be a Business lease or contract hire as it is also know. The Business lease with bad credit will typically be spread over perhaps 24, 36 or 48 months and will have a fixed monthly repayment amount that does not change. Many businesses like this type of operation as it allows them to forfill their car requirements without substantial cash outlay and at the same time retain the ability to offset the cost against VAT. As with any other lease deal the business lease will come with a vehicle that if not brand new will be ‘nearly new’ and so also come with the associated benefits of new car ownership such as manufacturers warranty, roadside breakdown cover and road fund licence also.
We all know the benefits of leasing but what happens when the application is declined? For many companies – especially in recent times this is the uncomfortable truth in the way the finance industry operates. Often if doesn’t even need to be bad credit to cause a proposal to be declined as many leasing finance houses just wont consider a case from a business that doesn’t have two full years accounts to hand. This rules out any new start business straight away and even if the enterprise has proven to be very successful and has plenty of funds in the bank it just wont be underwritten. A common misconception with car leasing and finance in general – especially when it comes to business cases is that the lender will look at the company and not the director or proprietor. This isn’t the case and so if anyone associated with the Business has bad credit then this is likely to be the reason for the decline. With the lending that we can offer this doens’t matter as the finance company will consider the whole picture and not just spotlight on any credit problems. It might be something as straight forwards as a small CCJ resulting from a billing dispute or one of the directors could just have poor credit from many years previous. What ever the circumstances we are able to help and just because a mainstream lender has turned you away does not mean that others cannot help assist. A Bad credit business lease is also a stepping stone to rebuilding a credit profile that might have taken some knocks and once completed will possibly leave you open to select where to take your business once again and get a better rate.
This is where we can help though so fear not! A Business lease with bad credit is just one of the options avaialble to customers of MSG Cars and will allow you to order the car of your choice on either 3 or 4 years contract hire. The application is straight forward and requires an online proposal form to be completed and the supply of two full months bank statements as a minimum. If further information is required will usually be able to inform you of this within the first few hours and so turnaround times can be 5-7 days. As with a main stream car lease you can stipulate the required mileage and at the end of the term simply hand the car back and order your new replacement.
