How long does the credit check take?
Once your business finance application has been submitted to us, one of our sales representatives will be in touch by phone to confirm the order and to run through any necessary pre-credit checks before submitting you for finance with the lender.
On average, most funders respond to a credit application within two working days however during busy periods, it can take up to five working days to receive a response from the funder. We will contact you to let you know if you have been approved for finance by telephone or email.
I've failed finance, what are my alternatives?
If a lender refuses you credit you have several options available to you.
Challenge the decline
Firstly, if you'd still like to continue with your order and feel that the information held at the credit reference agency is incorrect, you must firstly obtain a copy of your credit file. You can get a copy of your credit report by contacting the credit reference agency direct. In addition, if have any further documentation that you believe will support your application (such as bank statements) you can send these across to us and we will forward them onto the finance company.
Look at other funding options
Another option is to discuss your other funding options with your sales consultant. As applications are assessed differently by each lender, it could be that you are declined for finance by one provider but accepted by another. Depending on circumstances, you may be able to apply for van finance through a different provider. We work with a wide range of lenders who can approve finance for customers who have had previous credit issues. Your sales consultant will be able to discuss these options with you.
Consider personal van leasing
Finally, if you have a good personal credit score, you may want to consider taking out a personal lease agreement on a van. Personal van leasing is when a private individual (instead of a business or a company) takes out a lease agreement on a new van or pick-up truck. This option is a particularly popular choice with sole traders, partnerships and limited companies who have been trading for less than a year or who have previously been denied vehicle finance.
Please note, personal van leasing is not available on every product as this funding solution is only available through selected finance providers.
Still unsure if you’re eligible for van leasing finance? Find out more about How Leasing Works in our handy guides section or call us on 0345 811 9595 to speak to one of our experienced advisors.