Car lease Eligibility

Y9776

I currently am looking to leqse a car for around £290 per month. I make £36-38k per year and keep up with mortgage payments and all other bills. I have only a outstading amount of 104,000 which is a mortgage that i am paying as per the mortgage plan. I have 2 defualts. One which is £2500 that £1400 is reminaing as i am making payments and one defualt for £79 whuch i have paid in full and i didnt know i had earlier. My score is 700 out of 999 according to experian. Do you think i will be accepted for car lease credit?

[Deleted User]

Your score isn't a factor in lending, but the defaults are a major problem especially if unsettled. Lenders will be doubtful you'll want to repay them if you haven't yet settled your previous debts.

Get those cleared first.

Y9776

I am on a £100 per month payment plan for one of the defaults.

worried_jim

So at worst you'll be good to apply in 25 months.

f1charlie

I've just failed a credit check for a £157/month lease. I've got a 999 score on Experian, pay my credit cards off in full every month, no missed payment on my mortgage which is now less than £40000. I used Noddle to run a credit check and nothing untoward shows up (as I would expect). So I don't know what you need to be eligible!

[Deleted User]

f1charlie wrote: »

So I don't know what you need to be eligible!

You need to meet the lender's criteria. Not Experian's.

Check all three of your files, not just Noddle.

f1charlie

By three files do you mean Experian, Equifax and ?

[Deleted User]

TransUnion, which you've already done via Noddle.

f1charlie

Just checked them and nothing showing up :huh:

Smellyonion

Generally affordability is just as important as credit history. You could feature a perfect credit history, earn £500 pm, no way in hell will you get a lease.


If you have a decent credit history - no defaults, past history of using credit and repaying and still get rejected. Check your affordability, ie - Income to expenditure

f1charlie

I get that, but I wouldn't have applied if I couldn't afford it!