What credit score is needed to lease a van?

If you are applying as a limited company, most funders require two years’ worth of sufficiently profitable company accounts filed with companies house.

As a Sole Trader or personal customer, it will be your personal credit score that is assessed. Most funders require this to be either ‘good’ or ‘excellent’ in order to be accepted for a van lease. You can check your credit score for free through your chosen provider – please bear in mind that different providers provide different numerical credit scores (for example, when using the Experian scale ‘Good’ is between 881 and 960 whereas for Equifax this is 670 to 739). Regardless of the value used, these are decided using the same criteria and equate to the same universal categorisations of: Very poor, Poor, Fair, Good, Excellent.

Through either method, this assessment will allow the funder to determine whether it is responsible to lend to you and make a judgement on your reliability in making the lease payments over the full term.

Some funders may approve applications that fall below their standard criteria with sanctions in place. For example, increasing your initial payment.

The Vanparison team will do their best to match you with a funder based on your financial circumstances provided it is in your best interest to do so. We are partnered with providers who can support an application from a business without sufficient age of accounts if proof of future income can be proved. However, please note, lease rates may raise depending on the funder chosen.

If you are in any doubt, please speak to one of our wonderful team.