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What documentation do I need to lease a vehicle?

May 9, 2019 | News

Depending on whether you are searching for business leasing or personal leasing, the type of documentation and ID that you need to provide is different. Car & Van Finance Direct provide a guide to the documentation you can be expected to provide to apply for vehicle finance

Documentation for vehicle leasing

As with and vehicle broker, Car & Van Finance Direct are legally obliged to check the identification of all of our customers, both existing and new. This helps to comply with Anti-Money Laundering (AML) regulations and protect against criminals who may attempt to use your identity without your knowledge. This is why when you take out any type of car of van finance with us, we’ll ask you to provide information and documentation to prove your identity.

Personal leasing

Details required

When taking out a personal car leasing or van leasing agreement you will be asked to provide details of all of the following:

  1. Personal details – This includes marital status and number of dependants
  2. Five years address details – This information is used for identity verification as well as to make sure that credit history is verified and investigated. The reason for the five year time-scale is to ensure that all of your financial details are covered over the period.
  3. Three years employment details – This information is used to determine how your present income and expenditure is likely to evolve over your vehicle finance agreement and how it has already evolved.
  4. Bank details for the account you want to use – Should your vehicle finance application be accepted then you’ll have to provide bank details, no money will be taken from this account without permission and it is used to determine how you have managed existing accounts and whether you’ll be able to make payments on time.
  5. Monthly income and expenditure – This is used to determine affordability of the vehicle finance deal that you have applied for.

We may also require some additional information, particularly if you are not in full time employment, regularly move home or have been with your current employer for a limited period of time, this is again for affordability purposes.

What documentation do you require to lease a vehicle?

Once your vehicle finance application has been approved, you will need to provide:

  1. Photographic proof of identification – Photographic driving licence or passport.
  2. Proof of address documents – Utility bill or bank statement.

Depending on who is providing the finance, you can supply photocopies of the following documents, scanned copies or the original documents. Once the vehicle finance application has been approved we will let you know the requirements.

  • Full UK driving licence showing the date of the licence and the photograph, both must be in date, we cannot accept provisional licences.
  • Proof of address dated within 90 days, this should be either a gas or electricity bill, or bank statement, showing your full name and address.

Car & Van Finance Direct will inform you of what physical documentation you require to support your vehicle finance application, specific requirements depend completely on what the finance company are looking for. The name and address detailed on your identification must be the same as the name and address you provide us during your application.

Business leasing

When taking out vehicle finance through a business, you will be asked to provide the following information:

  1. Company details – Name, address, company registration number and annual turnover.
  2. Director details – Name, date of birth and marital status.
  3. Business bank details – Bank name, account number and sort code

Depending on the circumstances of the business, such as it being a relatively new business or having previously been denied vehicle finance, we may ask for some further information including:

    1. Three months’ business bank statements
    2.  Management account
    3. A directors guarantee

 

New vehicles on finance

Looking for a new vehicle on finance? You’ve come to the right place! At Car & Van Finance Direct we have a massive range of new cars and vans available and flexible vehicle finance options for both personal and business users. Interested? Simply fill in a contact form or call us on 02920 789234 for a friendly chat regarding all of your requirements.