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How to Apply for Personal Vehicle Finance

Looking to apply for vehicle finance? This guide is designed to help you understand the finance application process. Giving you what you need for a successful application and ensuring you have what you need before starting the process.

Once your eligibility for vehicle finance has been confirmed,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.

Step Three - Employment Details

In order to ensure you will be accepted for finance, we ask you provide details of your employment history. 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.

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.

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 is required during the process?

Before applying for a personal vehicle lease with Nationwide Vehicle Contracts you’ll need to have specific documentation to hand. This will help speed up the order process, read on to find out what you’ll need and why.

Documentation required as 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.  

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)

This should also be provided alongside a copy of your passport as photo ID. 

Proof of address dated within three months

Accepted forms include:

  • Gas or electricity bill
  • Bank statement
  • Credit card 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

How should documents be provided?

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).

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 either Personal Leasing or Business Leasing, then contact one of our Customer Service Advisors now.

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