Both new and established businesses can find credit situations a challenge to leasing vehicles, but Your Car Choice can steer you back on track.
We work closely with underwriters to overcome the perceived risk of lending to low net worth companies – which has stopped you, so far, from getting a business vehicle or fleet. Your Car Choice are experts at solving these problems, even if you’re stuck in negative equity.
There’s always a solution for van or car leasing
Lenders consider many things when you approach them for finance. Your credit history has to meet the standard they require, and a company’s books will be scrutinised to ensure you can afford to lease the vehicle.
The second matter is difficult when vehicles are essential to your business’ profitability. A car or a van is measured against the value of your company in many cases. In addition, those business records may not, in fact, reflect what you’re able to afford. Your Car Choice helps bring the things that do work in your favour – such as the director’s credit score, accounts history or recent bank statements – to light for successful lending.
But we don’t deal with sub-prime lenders. Our partners are carefully vetted, and we’ll only put forward options that are right for your company. We’ll advise on cheaper vehicles, if necessary, or bigger deposits – ensuring a positive result tailored to your situation.
Let Your Car Choice take the reins on your next steps. Our helpful insights will support you when financing a vehicle fleet, from the very first time you contact us.
But first, take a look at some of our FAQs to see how we work.
Most of our funders class a “New Start” company by one that has been trading for less than 12 calendar months, and is a registered limited company.
A low or negative net worth will relate to a weaker financial strength and a lower credit rating, thus directly affecting the individual’s or the company’s ability to raise funds from the market.
We manage fleets of all different shapes and sizes. From small fleets of vans for a tradesperson, to a large fleet of 50 cars and vans for large multinational companies. Once we’ve completed our FREE fleet consultation we can then look at how we can maximise the potential of your existing fleet.
You will know if you’re “fully committed” to another finance company as an extra request for vehicles has been denied. We have the widest variety of funders so can offer people who are fully-committed another route to finance.
“Sub-Prime” refers to a particular type of lending. Someone who may be referred to as a “sub-prime borrower” is a person with either one or all of the following permutations; a poor credit score, CCJ’s (County Court Judgements) or someone who has missed payments on other financial agreements such as credit cards, store card or a mortgage etc. Sub-prime borrowers are more of a risk to finance houses, and the cost of borrowing is usually a lot higher for someone classed as “sub-prime”.
Also known as: “Back to Invoice GAP”, “VRI GAP” or “BTI GAP”.
In the event of an insurance write-off, the motor insurance company is only obliged to pay the ‘fair market value’ for the vehicle. RTI GAP Insurance pays the financial shortfall between the insured value and the greater of either the original purchase price of the vehicle or the outstanding settlement value on your finance agreement (subject to conditions).
Return to Invoice GAP is suitable for the following contract types:
Business Contract Purchase
Personal Contract Purchase (PCP)
Also known as: ‘Finance GAP’.
In the event of an insurance write-off, the motor insurance company is only obliged to pay the ‘fair market value’ for the vehicle. This may or may not be sufficient to cover the amount required to settle off the Contract Hire Agreement. Contract Hire GAP Insurance covers this potential shortfall (subject to conditions).
Contract Hire GAP is suitable for the following contract types:
Business Contract Hire (BCH)
Personal Contract Hire (PCH)
Finance Lease (FL)
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