What information is needed for a personal finance application?

If you know that you won’t be eligible for finance based on the criteria above, we recommend that you don’t proceed with the application because it could end up damaging your credit score.

Any information you provide as part of the application will be used to determine your affordability and to run a credit check. You can submit your application online, via an emailed form, or over the phone.

All your details are kept securely and only used for the purposes of the application, as outlined in our privacy policy.

Personal Contract Hire Finance Application

The details we’ll need to submit your application will include your full name, country of birth, two contact telephone numbers, and an email address. This is to make sure we can correctly identify you and make sure you are a UK resident. You’ll also be asked your marital status and number of dependents to assess affordability.

We’ll also ask you for at least three years of address history. One of the most common reasons for applications failing is that you can’t be linked to your latest address – making sure you’re registered to vote is one way to ensure this error is avoided.

You’ll also be assessed on whether you can afford the lease.

You’ll need to provide figures including your annual salary, your monthly take-home pay, and – if applicable – your partner’s salary. You’ll also need to provide details of any outgoings like mortgage or rent, utility bills, and any other loans.

We’ll also ask about your employment details, including details on your current and previous jobs to account for at least three years of employment history, as well as your occupation, employment status, and work address.

The next section will ask about your bank details.

This is used to assess your affordability to make sure you have the funds for the lease deal you want. Another reason for failed applications is that the funder cannot see the funds to cover the initial payment, for instance, if they are in another bank or savings account.

NB: you cannot make the initial payment with a credit card.

Make sure the account you submit is the one you want your direct debits to be taken from, and make sure all funds are visible when you submit your application. You’ll need to provide the sort code, account number, account name, bank name, and how long you’ve been with the bank (which must be over three years).

You’ll finally be asked some questions about your suitability for credit, including whether you’ve ever been refused credit, how you rate your credit, and whether you know of any circumstances that might change over the course of the lease.

Once confirmed, you’ll need to accept the declaration and your application is done!

And then what?

Your application, once submitted, will go to the finance house funding your lease deal.

They’ll make the checks and return a decision within 24 hours of either accepted, referred, or declined. A referred decision means that a more in-depth review of your application is needed, and you might be asked for more information, but it doesn’t mean you’ll be declined.

Your leasing consultant will keep you updated on this.

If your application is declined, there are options available to you in the short and long term, but you won’t be able to lease the van as is.