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Is your director’s credit getting in the way of vehicle leasing?

Commercial fleet finance is rarely straightforward. At Your Car Choice, we’ve heard countless cases in which a directors credit history has scuppered their business’ chances at leasing vehicles.

We believe that director credit (which is, when we get down to it, a personal credit score) should be a separate entity from that of your organisation. It shouldn’t affect your ability to access finance for a fleet.

Today, we’re analysing how a director’s credit score can put a stop to your company’s goals, as well as how you might find a remedial course of action…

The impact of poor director credit

A poor relationship with finance will drag down any credit score, whether that’s for a company or a single person. That rating can worsen when further incidents occur, until it’s unlikely that any lenders will take a chance on you.

Lenders will turn to a director’s credit when a company doesn’t yet have enough financial history information. This can be because they have recently become a limited company or have just started trading.

We can, of course, build the score back up steadily with a few smart decisions. Meanwhile, however, your organisation will be left without the vehicles it needs, simply because your director credit isn’t what it could be. That can puncture any type of leasing, from personal contract hires to a contract purchase, or even a limited company finance lease.

There has to be a better way. As luck would have it, there is – in the form of specialist financiers.

A fairer road to corporate leasing

The majority of big-name lenders don’t want to go near a challenging director credit score, even if it’s got nothing to do with the business that is applying for the lease. Firms that look beyond this do exist; and with Your Car Choice, finding them is made easy.

We show you the lenders who are sympathetic when it comes to funding a lease. In these instances, a personal credit rating is often not taken into account. What they will want to see are the statements, income reports and the types of credit your business has accumulated so far. With that information, your finance request will be assessed on the right terms.

It’s all handled on your behalf. Your Car Choice speak to the lenders we trust, and feed back their requirements and leasing plans. A credit line can be open in a matter of weeks. Meanwhile, we can advise on how to top up your existing, personal score, so that it doesn’t hinder other finance applications in the future.

Vehicle finance doesn’t have to suffer for a directors’ poor credit history. Want to learn more about our leasing support? Speak to the team 01653604301 , or browse our company director page.

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