How to Apply for Personal Vehicle Finance

Looking to apply for car leasing? This guide is designed to help you understand the finance application process, detailing what information you need for a successful application and the documentation you have to provide when leasing a car.

This guide covers:

• What information you need to supply when filling in a finance application
• What documentation is required during the process
• What other information may be required
• Why we require certain documentation to supply you with a personal lease

What information do I need to supply when filling in a finance application?

When applying for vehicle finance, you'll be required to complete a personal finance form. We require you to answer various questions when completing the form over six simple steps.

• Personal details
• Address details
• Employment details
• Bank details
• Income and expenditure
• Form submission

We will also require specific documentation from you during the process, details on what is required are also included in this guide.

How to apply for personal vehicle finance

Step One - Personal Details

As standard on all forms, we will need your title, full name, marital status, date of birth, number of dependants, nationality, and contact details. As a fraud prevention measure, this allows the finance provider to check you are who you say you are.

Step Two - Address Details

We need your address details for the past five years. This information is used to verify your identity as well as to make sure that any credit history is investigated and verified. The reason for the five-year requirement is to ensure that all your financial details are covered over the period. Previous residents you have no financial association with are not taken into account.

Step Three - Employment Details

In order to ensure you will be accepted for finance, we ask you provide details of your employment history for the past three years. The information we will need is:

• Your current employment status and title

• Your employer's name, type of business and address

This allows the finance provider to check you have supplied the correct information regarding your employment status. This information may also be used to calculate how your current income and expenses will change during your lease.

Step Four - Bank Details

Here, you will need to provide the name and address of your bank, your sort code and account number, and the length of time you have been with the bank. Similarly, this allows the finance company to run any fraudulent checks against the information you have provided. It is used to verify how you have managed your existing accounts and whether you will have any difficulties making payments on time. Although the account details for which you will set up a direct debit must be submitted if your application is approved, no money can be taken from your account without your approval.

Step Five - Income and Expenditure

This section not only helps the finance provider determine if you can afford to take out a personal lease. But it’s a chance for you to double check you can afford the monthly payments without spreading your finances too thin. This part of the form is made of two parts:

Part one:

In the first part of this section you’re asked to provide your gross and net income, as well as any regular overtime payments and any other regular income that you may have, such as dividend or benefits

Part two:

Moving onto the second part, you will need to provide details of your monthly expenditure. This includes:

• Mortgage and rent
• Outstanding loans and credit cards
• Utility bills
• Travel and fuel
• Phone and TV contracts
• Any current car payments you may be paying

Please note, there is also a section for other monthly payments such as school fees and childcare that fall outside of those general household monthly bills.

Step Six - Reviewing your details and submitting your form

This is the final section and we ask you to read through all the information you have provided and make sure it's correct. This is important as supplying false information is a criminal offence.

• Confirm if your new agreement will be replacing an existing finance lease, purchase or loan agreement
• Highlight any changes in your personal circumstances (such as redundancy, retirement, or change in family circumstances) that would result in you being unable to make repayments over the term of the vehicle finance agreement
• Make sure read and accept the terms and conditions and the General Data Protection Regulation (GDPR) policy, this ensures you understand all aspects of the contract

Once all this is done, you can send your finance application back to us. If you have any questions regarding the finance application form, contact one of out customer service team, who will be happy to help. 

What documentation do you accept as photographic proof of ID?

In addition to the information supplied on the finance application, you will also need to provide us with documentation as proof of identity. This includes:

Full UK Driving Licence (photo-card)

This must be in your current address, show your photograph and be in date. 

If your driving licence is not in your current address, we will also need a copy of your passport along with two utility bills dated with the last three months showing your current address. 

This proof of ID will be used to verify the signature on your documents. We can't accept provisional licences. 

Please note that if the signature differs once we have received the other paperwork required (below), you will have to provide further proofs or possibly resign a new agreement. Please ensure your signatures match.

Full UK Driving Licence (old-style paper licence) with UK/EU Passport

If you have an old-style paper licence, this should also be provided alongside a copy of your passport as photo ID. This must show your photograph and be in date. 

What documentation do you accept as proof of address?

Proof of address dated within 90 days. This should be either a gas or electricity bill or a bank statement, neither of which can be internet-printed, showing your first name or, at the very least, an initial. Accepted forms include:

• Gas or electricity bill
• Bank statement
• Council tax statement 
• HRMC Letter (such as confirmation of tax credit)

Please note we DO NOT accept the following as proof of address: 

• Landline or mobile phone bills
• Insurance documents
• Card statements
• Water bills

Are scanned copies accepted, or do you require original documents?

All documents must be scanned from originals as internet-printed documents are not accepted. These documents will need to be supplied in colour and either in paper form or in an acceptable file format such as .tif, .jpg, or .pdf.

They also need to be clearly legible, both on the computer screen and when printed. From the original proofs and dated within 90 days.

Please note that some lenders may require both scanned and physical copies of documents. 

Any ID (especially on your driving licence) must be in your current address, and your name, address and date of birth must be spelt correctly and must match the information provided on your finance application.

If you have recently changed your name and the proof of ID is in your old name, please provide formal confirmation of the change of name by way of a marriage certificate, deed poll or decree absolute (with a copy of the marriage certificate if you are reverting to a maiden name).

When do you need the ID documents?

Send as soon as possible, preferably within 24 hours.

We will inform you what physical documentation you actually need to support your application. Some finance providers allow you to provide unaltered black and white photocopies of identification, while others require originals that must include photocopies of pages that contain the following: photographs, reference details, transactions and current UK entry/residence visas.

The name and address detailed on your identification must be the same as the name and address you provide us during your application, and occasionally, there may be additional checks and documents required.

What other information may be required?

Once we have received your finance application and proof of ID, we will pass your details onto the finance provider who will decide on whether to approve you for vehicle finance.

At this point, we may need further information to support your application, particularly with regards to:

• Your employment history and/or your monthly income and expenditure, especially if you are not currently in full time employment

• If you have moved home frequently, or have been with your current employer for less than five years 

This is purely to make sure that you can afford the lease you have applied for. We will inform you what is required when it comes to supplying physical evidence.

Some finance providers allow you to provide unaltered black and white photocopies of identification, while others require originals that must include photocopies of pages that contain the following – photographs, reference details, transactions and current UK entry/residence visas.

Why we require certain documentation to supply you with a personal lease

As an FCA regulated business, Nationwide Vehicle Contracts has a legal obligation to check the identity of all our customers, both new and existing. The main reason for this is to comply with Anti-Money Laundering (AML) regulations to make sure that you are who you say you are . 

These regulations are in place are not only in place to protect you as a customer, but also the finance provider who is financing your lease agreement.

This is to ensure your identity has not been stolen by criminals who might try to use your identity without you knowing and to ensure that you are able to afford the lease you have applied for. 

Rest assured that any financial details that you supply are safe with us and that all the information requested is necessary for both OUR financial security as well as YOURS.

If you have any questions regarding what is required, or on any other matter regarding cars available for lease, then contact one of our Customer Service Advisors.