Are you eligible for personal leasing finance?

In order to take advantage of a cheap car finance deal with Nationwide Vehicle Contracts, you will need to undergo a credit check as part of the finance application process.

Most funders ask for a good to excellent credit score in order to be accepted for car leasing. A lender may also look at other factors such as your ability to make regular payments on time and any other debts you may have. All credit lending decisions are based on your current circumstances, not any future changes. You can check your current credit score on Experian for free.

Take our brief interactive questionnaire to find out if you are likely to be accepted for personal leasing finance.

Additional information that might be required

As part of your application, you may be asked to provide additional information in certain circumstances – for example, if you are not currently in full time employment, or if you’ve only been with your current employer for less than five years.

We might ask you for:

• Further detail about your employment history
• Further detail about your monthly income and expenditure
• Copies of bank statements showing a regular income from other means

This information will be used to ensure you are able to afford the lease you have applied for.

I’ve recently moved to the UK, will I be accepted for vehicle finance?

If you’ve recently moved to the UK from another country, you may need to supply additional information in order to be considered for vehicle finance. This is because it can be difficult for the finance provider to view your full credit history outside of the UK. Additional information they may ask for could include:

• Annual bank statement or account summary showing at least 6 months of payments received or spending in the UK
• Proof of residence in the UK such as a tenancy agreement or residential mortgage statements
• Contract of employment or an employer letter confirming employment with evidence that the employer is genuine (for example, their Companies House number)
• Proof of UK bank account, such as bank statement showing your full name and address

What credit references agencies are used to check my credit history?

Most finance providers use a credit reference agency to assess your eligibility for vehicle finance.

There are three credit reference agencies in the UK - Experian, Equifax or TransUnion (formerly Callcredit) - who all use information such as your current and previous lending history, indebtedness, the electoral register and demographics to form your overall credit score.

If you wish to find out your current credit score, we’d advise that you contact the credit reference agency direct to obtain this.

How long does the credit check take?

Once you have completed the Personal Finance Application Form, a sales representative will be in touch by phone to confirm your order and run through the necessary pre-credit checks before submitting you for finance.

Most funders respond to a credit application within 2 working days however during busy periods, it can take up to 5 working days to receive a response from the funder.

What to do next

If you’ve taken our quiz and are likely to be eligible for finance, you can:

• View our latest car leasing offers
• Search our huge catalogue of cars and vans
• Browse our wide range of stock cars

Once you’ve found the vehicle of your choice, you can fill out an online quote form and one of our representatives will be in touch. Alternatively, give us a call on 0345 811 9595 and we’ll be happy to help.

If you’re still unsure whether you are eligible for personal finance, please call us on 0345 811 9595 to discuss your options.

Alternatively, if you’d like to find out more about how lenders decide to give you credit, read this guide from the Citizens Advice Bureau.