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What Credit Rating Do I Need To Lease A Car?

Bad Credit Loans

Secured Loans > What Credit Rating Do I Need To Lease A Car?

What Credit Rating Do I Need To Lease A Car?

Affording a car can be difficult, but if you’re looking to become the owner of a new vehicle, then you may have considered leasing a car or taking a loan out to cover the initial expense. The team at Evolution Money are here to help you get behind the wheel whether you’re hoping to finance a brand new car, purchase a second-hand vehicle or even carry out repairs on your current vehicle.

Discover what credit rating you need to lease a car, and how Evolution Money can help you reach your financial goal despite bad credit.

How does Car Leasing Work?

Usually, when financing a car, people can choose from Personal Contract Hire (PCH) and Personal Contract Purchase (PCP). Essentially both options allow you to rent the vehicle long-term through fixed monthly payments over an agreed amount of time.

In order to lease a car, the provider will require you to pass a credit rating check. The better your credit score, the more likely you are to secure a more competitive rate of interest. It’s also crucial that you are able to afford your agreed repayments and that you understand the terms and conditions of your lease before committing.

What Is Considered A Good Credit Rating?

It can be difficult to determine what credit rating you’ll need to lease a car as different lenders and finance companies have their own measure of what is considered a good credit rating.

Your credit rating can be found on your credit file, which keeps information on your financial situation and credit history, including any missed payments, debts and financial decisions made over the past six years.

To check your credit rating, you may need to request your full details from one of the UK’s three main credit reference agencies. 420 out of 700 is a good credit rating according to Equifax, Experian considers 880 out of 999 as a good credit rating, and TransUnion considers 700 and 749 a good rating. Usually, if your credit agency considers your credit score as good, then so will your potential lender.

However, a good credit rating will not guarantee you’ll be able to lease a car, or that you’ll receive the most competitive rates of interest. Before making any financial commitment, you should first research all your borrowing options and ensure that you understand all the necessary terms and conditions and are able to afford the repayments.

Can I Pay For A Car With A Bad Credit Loan?

At Evolution Money, we offer bad credit loans for people who may have struggled to build a healthy credit score and have been rejected for loans or finance in the past. If you possess a bad credit score and are unable to lease a car, then you may consider a bad credit loan to help you get on the road.

We offer secured bad credit loans ranging from £5,000 to £50,000 to help you achieve your financial goal and afford the car you want. We look at more than just your credit rating, and instead consider a range of criteria and assess our customer’s individual circumstances before helping them with affordable car loans.

There are plenty of advantages to using a bad credit loan to finance large purchases such as a car. Whether you’re hoping to cover the cost of your dream car, get back on the road with a reliable second-hand model or even take a smaller loan to repair your current vehicle. With a secured loan from Evolution Money, there is no age-restriction on the model of the car you choose to lease or buy, and you don’t need to reveal any details for the vehicle or have even chosen one yet!

Plus, if you’ve been refused a loan in the past with a bad credit loan you still may be able to borrow the amount of money you require and be cruising from A to B in no time.

Finance A Car with a Bad Credit Loan from Evolution Money

If your credit rating is ‘less than perfect’, then a bad credit loan from Evolution Money may be the right financial decision for you. Our secured bad credit loan amounts range from £5,000 to £50,000 and can be used for many purposes, including purchasing a brand new car.

We look at more than just your credit rating and allow for your personal situation, so even if you’ve been refused finance in the past, you may be able to buy a car with a loan amount from Evolution Money.

Our UK based loan experts are available to guide you through our straightforward loan process and answer any questions regarding financing a car with one of our secured loans. Over the years, we’ve helped 1000’s of satisfied customers achieve their financial goals with our secured loans and lending terms ranging from 1 year to 20 years.

For more information regarding our bad credit loans and for a no-obligation quote, give our friendly loan experts a call today on 0161 8149158. Customers can also apply online with our simple application process. To apply for a secured bad credit loan, you must be aged 21 and over, be a homeowner and UK resident and pass our affordability checks to ensure you’ll be able to afford the monthly repayments through your regular income.

Warning: Late payment can cause you serious money problems. For help, go to moneyhelper.org.uk
Representative 28.96% APRC (Variable) - For a typical loan of £20,950 over 85 months with a variable interest rate of 23.00% per annum, your monthly repayments would be £537.44. Including a Product Fee of £2,095.00 (10% of the loan amount) and a Lending Fee of £714.00, the total amount repayable is £45,682.15. Annual Interest Rates ranging from 11.7% to 46.5% (variable). Maximum 50.00% APRC. The loan must be paid back by your 70th birthday. Read more.

Think carefully before securing debts against your home your home may be repossessed if you do not keep up repayments on your mortgage or any other loan secured against it. If you are thinking of consolidating existing borrowing, you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.
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