What information is needed for a business finance application?
Any information provided for this application will be used in deciding the financial suitability of the business applying for the lease deal.
Business Contract Hire Finance Application
An application for business contract hire (BCH) differs slightly to a personal one.
Be aware that if you’re applying as a Sole Trader, you should put in a personal application. If you’re part of a Partnership, Limited Liability Partnership (LLP), or Limited Company, then the information below will apply.
First, you’ll be asked for the details of the person applying and information about the company. This could include their full name, job title, and contact information, as well as the company’s website address, postal address, and property status.
You’ll then need to give more details about the company.
These will include the business sector, company registration number, the year the company was established, and, in the case of Limited Companies, the VAT registration number. If the registered address is different from the postal address, we’ll also need that.
Then we’ll need you to supply the bank details that the payments will be taken from, including sort code, account number, account name, bank name, and how long you’ve been with the bank.
The biggest difference between a BCH application and a PCH one is we will need the details of at least one business owner or director.
NB: some funders will only accept an application that provides the details for two company directors if the business has more than one.
We will need the full name, date of birth, nationality, marital status, number of dependents, and contact information of the director. Three years of personal address history is also required, along with their share in the business.
These details will allow the funder to assess the profitability and longevity of the business putting in the finance application.
The finance house will then conduct the necessary check and will return a decision within 24 hours as to whether the application has been approved, denied, or referred.
If the decision is referred, this means that a more in-depth review of your application is needed. It’s quite common and doesn’t mean you’ll be denied. You could be asked for more information, but your leasing consultant will advise you on this.
If your application is declined, there are options available to you, but you won’t be able to lease your chosen van as is.
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