Leasing a car with poor credit
It is very easy to lease a car with poor credit from CVS Ltd, You can either call us Tel:0134287110 or Text Car4 to 66777 and we will call you back to discuss your options. You can speed up the application process by filling out our secure online application form for more information take a look at Personal Leasing or Business Leasing. However before we look at how easy it is to apply for a poor credit car lease with CVS Ltd, lets look at what a poor credit rating is.
Why do I have a poor credit rating?
There are a number of credit reference agencies, all of them will have a slightly different variant on whether you have poor or bad credit. The most well-known credit reference agencies are Experian and Equifax each one will have a report on you and depending on the different credit agency you may fall into a different credit rating.
If you fall between 561 – 720 with Experian and between 279 – 366 with Equifax you are considered to have a poor credit score. As you can see with both there is quite a jump between the two!
This does not make any difference to us at CVS Ltd as we do not look at your credit score when you apply for car leasing, but you can see the problems you face with companies who do look solely at your credit score before continuing into a relationship with you.
A credit score is affected by a search.
Did you know that when you apply for finance it automatically effects your credit score? If you apply online there will be a box to say you agree for a credit search to be carried out, by doing this your credit score is damaged. You do not have to worry about your car leasing application with CVS Ltd, we do not check your credit records unless our underwriters have passed you in principle.
What effects your credit score for it to become poor?
Your credit score is based on your credit report, there are various factors on your credit report that can cause your credit score to change. Information such as how much available credit you are using and you total debts. A history of payments made to various accounts, have they been on time, missed etc. As mentioned earlier every time a credit search is carried out on you (other credit applications). Public records which will show electoral roll and county court judgements (CCJs).
What does CVS Ltd check for?
In the initial application we look at affordability and traceability. We simply need you to give us evidence of the two factors, for more information on the application process see here.
We will then pass this on to our underwriters, once they have approved your poor credit car leasing application in principle, only then will we do a check on your credit report. We have to do a credit check to fall into the guidelines of the Financial Conduct Authority (FCA) who we are regulated by. The reason for us checking your report is not to check your credit score but to check traceability, and for us to know our customer.
Another plus point, and there are many!, is that we carry out our own underwriting (we fund your car); not only does this mean there are no third parties involved, but also we can get an answer back to you within 2 working days. Also because we do our own underwriting we can also tailor make a poor credit car leasing agreement that suits your individual requirements.
We will have you behind the wheel of your car in no time!