Often seen as something only those who had company cars would do – the Car lease is now big business for UK motorists with many millions following the trend that Americans have followed for several years. In the USA a large number of motorists lease their vehicles and its seen as a much more accepted method of financing car or van usage. The main advantage is that the user can simply hand back at the end of the contract and doesn’t have to worry about selling the vehicle themselves and is free to simply choose a new vehicle and be driving it within a short period. MSG are specialists in the Bad credit car lease sector and we can offer similar packages to the mainstream companies for those who still want to have a car lease despite being turned down for finance. A Bad credit car lease operates in a similar way to a Prime contract in that the user is free to choose any make or model car though some cars are more heavily discounted than others so will work out better on price! We are able to take your choice of car and get you a quote on either a new or nearly new vehicle but it can be up to 4 years old as long as it qualifies for being placed upon a leasing arrangement. To secure acceptance we will require 2 months bank statements to show your income and what your outgoings are so if you have more than one bank account we will need both! Other than this the other requirements for approval are identification such as drivers licence and passport and a recent utility bill. Each case is viewed individually as no credit check is carried out so this is why previous problems don’t effect the case. At MSG we are very efficient in knowing what the finance company will ask for so we are usually able to pre-empt and ask for this before we send across your proposal. From start to finish a Bad credit car lease usually takes no more than 2 weeks including delivery but we have had cars completed and delivered within 4 working days!!!
Can i get approved for a car lease with bad credit?
We are able to look at the entire range of applications from someone who may simply have a slow payment history such as not having their credit card paid by direct debit and so have been late a few months right upto an applicant who has been bankrupt. We operate with specialist lenders whose sole market is the Non Prime sector and so this means that our systems are fully able to underwrite proposals from customers who have already been refused approval from a mainstream lender or bank and are searching for a lender who will look at the case based upon current circumstances.
What do i need to supply for a bad credit car lease to get approved?
As with any finance application you will need provide a proposal form with your basic details on and from this we can usually get a very good indication on how the application looks. To support your case you will need to usually provide us with some identification in the form of drivers licence and passport and also two months bank statements or payslips. You will always be required to pay an initial payment when commencing a vehicle lease and currently this is around 4 times the monthly payment. Once you have been accepted for the funding all we need to do is help you decide on the model of vehicle and if you are happy with the quote the car can be delivered as soon as you return the finance documents.
Whats cars are available on a bad credit car lease?
Put simply you are able to have any car that is available. In order for a vehicle to be placed upon a contract hire lease deal it needs to be what is called VAT qualifying so this usually means either brand new, pre registered or a vehicle that has been first registered by a business as opposed to a personal customer. Our experienced leasing consultants are on hand to advise you on making your selection and so you can be rest assured that you will be driving the car of your choice.
