What is a car lease and how does it work?
A car lease is an agreement that allows a consumer or business user to drive a brand new vehicle of their choice for a set period of time for a fixed monthly repayment. A lease is also known as a contract hire agreement and essentially allows the driver to only have to pay for the portion that they have use of the car for and so don’t have to take into account depreciation effects suffered with purchasing the car. The car lease will differ from standard car finance in that it will have limitations set for the annual mileage so that the finance company that sets up the lease can calculate the future value of the vehicle based upon trade estimates and also the effect of the miles travelled. Most cars will be brand new and so come with full manufacturers warranty along with roadside breakdown and road tax each year will also be provided.
How can I get approved for a bad credit car lease?
This is where a specialist company comes in as mainstream lenders will usually instantly decline a case where they can see adverse information showing on a person’s credit file. Every company has its own criteria and so there business model is based upon certain criteria being met. It might be that you have even been proposed by a mainstream car leasing provider and found that they can’t accommodate you. This is true as they are not set up to deal with an application that can assess the risk in a customer if they have a poor credit profile. The lenders who operate in the bad credit car lease market are very limited but the good news is that there are still those that will consider lending to someone deemed subprime from other companies. The reason you would still be able to get approved is that it isn’t just a simple credit check that is carried out. What happens is that your current circumstances are taken into account as opposed what might have gone on before. This means that even if you have something like – defaults, debt management, missed payments, mortgage arrears or even bankruptcy showing the lender can look at the bigger picture. What they will be looking for is to see that you are traceable and in that we mean show up for factors such as the land registry if a home owner or voters electoral roll also. You would also need to show that you could afford the repayments and so your monthly salary and also outgoing would be assessed too. Providing you can supply some items such as bank statements and proof of identity you stand a very good chance of being successful once you pass the first stage.
What car can i get on a lease for bad credit?
You are still able to have any vehicle you like with this type of finance as it is essentially a funding requirement and so the lender will accommodate any car that qualifies. It is even possible to have a car that isn’t brand new and maybe pre registered to save money. Many popular types include Audi,BMW,Honda,Ford,Mercedes,VW and Volvo although cars such as Aston Martin, Porsche and Ferrari are also possible.
Who can help me?
At MSG Cars we are one of the UK’s biggest brokers for Non Prime vehicle finance and so can offer Bad credit car lease terms to all UK residents on any make or model contact us via our website at http://www.msgcars.co.uk/ or call 01613368455
Bad credit car lease 