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  • FIRST POST
    • GolfR12
    • By GolfR12 8th May 18, 12:30 PM
    • 28Posts
    • 12Thanks
    GolfR12
    Lease Car
    • #1
    • 8th May 18, 12:30 PM
    Lease Car 8th May 18 at 12:30 PM
    Hi guy,

    I was wondering whether a true car lease (not a PCP, no option to purchase etc) reports on your credit file? If yes, does it report as monthly instalments or as the value of the car? My understanding is as youíre effectively renting the car and not financing, it should not report at all.

    My partner is looking at leasing a car; however, we will be looking to purchase a house towards the end of the year so donít want this to affect how much we could borrow on a mortgage.

    I have seen some conflicting advice on other threads I have seen hence the reason I have started a new thread.
Page 1
    • GolfR12
    • By GolfR12 8th May 18, 12:31 PM
    • 28 Posts
    • 12 Thanks
    GolfR12
    • #2
    • 8th May 18, 12:31 PM
    • #2
    • 8th May 18, 12:31 PM
    Edit: Guys*
    • Gary_Dexter
    • By Gary_Dexter 8th May 18, 12:41 PM
    • 1,124 Posts
    • 620 Thanks
    Gary_Dexter
    • #3
    • 8th May 18, 12:41 PM
    • #3
    • 8th May 18, 12:41 PM
    It will yes as it's a credit/financial agreement
    • BoGoF
    • By BoGoF 8th May 18, 1:08 PM
    • 3,116 Posts
    • 2,388 Thanks
    BoGoF
    • #4
    • 8th May 18, 1:08 PM
    • #4
    • 8th May 18, 1:08 PM
    Mines doesn't show on Equifax....that is only one I have checked though.
    • gash
    • By gash 8th May 18, 1:12 PM
    • 29 Posts
    • 4 Thanks
    gash
    • #5
    • 8th May 18, 1:12 PM
    • #5
    • 8th May 18, 1:12 PM
    It will affect what you can borrow for a mortgage because it will reduce your monthly disposable income, which will lower the amount of monthly mortgage repayment you can afford.
    • DCFC79
    • By DCFC79 8th May 18, 1:30 PM
    • 31,599 Posts
    • 19,939 Thanks
    DCFC79
    • #6
    • 8th May 18, 1:30 PM
    • #6
    • 8th May 18, 1:30 PM
    Better if you can buy cash.
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
    • camelot1971
    • By camelot1971 8th May 18, 5:20 PM
    • 704 Posts
    • 1,094 Thanks
    camelot1971
    • #7
    • 8th May 18, 5:20 PM
    • #7
    • 8th May 18, 5:20 PM
    Mine shows as a lease with the total borrowed as the total amount of payments to make (not the cost of the car).
    • MEM62
    • By MEM62 9th May 18, 10:35 AM
    • 1,571 Posts
    • 1,193 Thanks
    MEM62
    • #8
    • 9th May 18, 10:35 AM
    • #8
    • 9th May 18, 10:35 AM
    What is shown on your report is not the final determination for affordability checks. You will have to declare your monthly expenditure / financial commitments when applying for the mortgage so whether this is a lease of PCP is largely irrelevant.
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