Are You Suitable For A Lease Deal? Try Our Eligibility Checker

Are You Suitable For A Lease Deal? Try Our Eligibility Checker

Not many of us can afford to buy a house outright, so we need to get a mortgage. Most of us are aware of how complex this process can be and it’s only right that it is; we are talking about a lot of money and whoever is lending you that money needs to know you can pay it back. Vehicle leasing is very similar. At Pink Car Leasing we use a variety of funders who enable us to source vehicles and offer them to you, and in return you pay a monthly fee for the use of the vehicle. But you are actually paying the money back to the funders, and just like a bank or building society offering you a mortgage, those funders need to know you are capable of keeping up with the payments.

Entering into a car leasing deal is a big commitment and for a lot of people is second only to a mortgage in terms of a regular financial outlay, so for this reason Pink Car Leasing has designed a simple eligibility checker to quickly establish whether an applicant is suitable for a car leasing deal and is likely to be able to maintain the commitment. The eligibility checker ensures that you are not entering into something that might lead to financial trouble for you, and it also ensures the funders are not lending money they might struggle to get back, so the eligibility checker is for the benefit of both you the customer, and us the vehicle leasing company.

What information does the eligibility checker need?

In addition to basic personal details and employment status, the eligibility checker uses Experian to carry out a soft credit search, and this enables it to establish the likelihood of you getting credit from our funders, so it needs to know what your income and employment status is and what your home ownership status is so it can establish how stable your income is and what financial commitments you already have. If you have a number of credit agreements ongoing and only a part-time income, for example, this may start to raise a few alarm bells, as it suggests you might struggle to maintain these financial commitments and definitely another one on top of them.

You may also have a history of defaulting on repayments, so the funders need to know how reliable you are and whether you will be able to maintain these regular payments.

How does the eligibility checker work?

First of all it is important to note that the eligibility checker is:

• Free to use

• Leaves no mark on your credit record

• Is confidential

• Gives an answer within 60 seconds

• Available for anyone to use

Our eligibility checker has a slightly different process depending whether you are applying for a personal lease, a business leaseor if you are a sole trader. But essentially you submit some basic personal details about yourself and your home, and then information about your employment status and your business (if applicable). This is all used by the system to establish how dependable you are likely to be in terms of maintaining the financial commitment. When you submit this information, you should receive an almost instant response.

What would help my eligibility for a vehicle leasing deal?

Even if our system identifies that you are not suitable for a leasing deal, there may still be some funders who will accept you, so you should contact us anyway to discuss this. On the flipside, if you pass the eligibility checker there is no guarantee that you will be able to secure a lease deal, but of course you will have a very good chance, and in order to give yourself the best possible opportunity of being suitable for a great value vehicle leasing deal you should:

• Ensure your employment status is stable and secure

• Limit the number of credit agreements you have ongoing at one time

• Make sure you can maintain your commitment to these credit agreements

• Don’t overstretch yourself in terms of the vehicle you wish to lease, be realistic in terms of the monthly outlay and the kind of vehicle you can afford to drive

If you need any further tips or advice on your eligibility for a vehicle leasing deal, then contact our sales team at Pink Car Leasing today, otherwise, check out our simple eligibility checker and take the easy steps towards a vehicle leasing deal and driving the car of your dreams.