Non Status Contract hire customer ?
Here at MSG Cars we are able to offer you Non Status contract hire on any UK car or van – even if you have a low credit rating, have been previously refused finance, or have adverse information such as CCJ’S – Defaults – Iva or even a previous Bankruptcy. We pride ourselves in being able to offer customers a light at the end of the tunnel when it comes to getting their finances back on track.
Contract Hire Explained
But what does contract hire mean? Quite simply this is another word to describe a bad credit car lease where by you select the car or van of your choice and have a fixed monthly payment agreed over usually a three or four year period. At the end you simply hand the car back and are free to take a new vehicle once again. The benefits of a Non status car lease are that you don’t need to worry about the value of the car depreciating as you don’t own it. The finance company when calculating your rental take this into account but even if the market drops suddenly and used car prices plummet – your direct debit based payment will not alter by one penny.
What is Non Status funding?
Non status is the term used to describe the fact that your credit profile is not really taken into account when the underwriters make their decision on your application and can be related to many situations. It could be that a Non status car leasing is the best choice for you as you have had very little finance in the past or not had the need to. Some high street lenders would react this as bad as having any bad credit as they have nothing to go off when accessing how much of a risk you are! Other reasons why MSG customers need to use a Non status based service might be if they have moved home address a considerable amount which believe it or not can cause alarm bells to ring with many banks or car leasing companies. The reason for this is that main stream funders believe activity such as frequent address change is suspicious behaviour. Now there could well be reasons such as being in a rental situation where it may be your choice to choose to change every six months or so as you are not tied to any particular property.Non status contract hire and the finance companies that we use that offer this facility can look past the usual requirements and are much more flexible. The main requirements are that you can prove who you are – usually with a driving licence or passport and also a utility bill to prove your address at the present time. At MSG Cars we are in the fortunate position where the lending criteria that applies to the the high street lenders doesn’t effect our Non Status lenders decisions.
Are you sure you can help?
We are so confident that we can help and we assure you that when we say that we can offer Non Prime car finance we mean it! It would be a waste of your time and ours if it wasn’t something that we could offer to any UK resident – it’s that simple. Car leasing is a method of funding your choice of vehicle but you can also take advantage of our purchase schemes if you want to retain ownership at the end. You will have the road tax provided for you for each of the years you take the car over also so helps keep running costs down and modern motors these days all come with factory provided breakdown cover and dealership warranty protection too.
Does it take long?
Our quick and easy system now means that a customer can fill in the application online and drive away in their new car only days later. We are also able to offer a pre approval system where an applicant can be given an instant decision and credit limit to then go out and pick there own finance car or lease motor from stock. Each case is different but our expert vehicle consultants are on hand to guide you through each and every step and even offer guidance on your choice of car including valuations. Just because you have had some difficulties don’t let that stop you thinking you can’t still drive the car of your choice. You might have even already spoken to other companies and been left disappointed but get in touch as MSG Cars are one of the biggest arrangers of this type of funding in the UK.
Common FAQ’S for Non Prime Car Funding
With all applications you will need a Full UK passport that is valid or if this isn’t available we will need a copy of your birth certificate. The name that is on the identification needs to match that on the application form completed. You will also need to provide two months payslips or bank statements to support your proof of income.
In the eyes of the right type of lender and Bankruptcy will usually mean that a person has no outgoings other than rent and essentials and so has a clean slate as far as credit is concerned. This means that they are much more likely to be able to afford repayments – even when compared to someone with perfect credit but lots of obligations such as Mortgage, Bank Loan, Car finance and Credit Cards! Our lenders will consider all discharged Bankrupts.
The best way to look at Non Status funding is that the underwriting process involved means that your overall credit status doesn’t have the same influence over the decision as it would do with a main stream company or high street bank for example. Your overall profile is looked at which means that factors such as how long you have lived at your home address, salary and other factors come more into play as the lenders in this market have created a system that means they are looking to lend to customers and not find reasons to turn them away. A Non Status lender will advance funds to those looking for a new car even when they might have been Bankrupt or had cars repossessed previously and this is because they look at the current situation as opposed to simply saying no if any poor credit shows over 6 years.