What documents do I need to lease a car?Back to 'Expert guides'
Car leasing is a form of finance that allows you to drive a brand-new car for an agreed period. Although the car is in your possession, it is not actually yours to own. Instead, you make fixed monthly payments to a finance company for the duration of the contract.
To set up the contract, the finance provider needs to verify who you are and if you can afford the payments for the term on the agreement.
Once you have found the perfect lease deal and made an enquiry, you will be sent a formal quote. After this has been agreed, the advertising partner will invite you to fill in an application form.
Although criteria may vary depending on which company is providing the finance, it would be sensible to have information to hand when filling in the application form.
You will need:
· Personal details. This includes your name, date of birth, marital status, number of dependants and various other personal details;
· Address details. You will need to have your address details for up to the past five years;
· Employment details. You will need your current employment details including monthly income, and may be asked for recent employment history for up to the past five years;
· Income and expenditure details. You may need to provide details of your current income and expenditures;
· Bank details: You will need bank details for the account you want to use for your monthly payment. This will be taken by direct debit;
· Photographic proof of ID: During the leasing process, you may also be asked to submit photographic proof of ID e.g. photographic driving licence or passport.
This information will also be used by the finance provider to perform a credit check. A credit check is always necessary to protect everyone involved, especially you. This will assess if you are eligible for the vehicle you have enquired on. It may help to use a credit check service beforehand to check your suitability.
Please note, we do not provide finance at Leasing.com. The decision on whether you are approved for credit or not will be made by the lender, not us. We provide our advertising partners with an application form. So you can apply for finance online, at a time that suits you.
Once the finance is approved, you will then be sent your hire agreement, which is regulated by the Consumer Credit Act 1974. This will include all the key information for the agreement for you to sign.
What documents do I need for business car leasing?
If you are looking to take out a business lease, the process is like personal car leasing, but you will be asked to provide different supporting information.
To be eligible for business car leasing, you must be a sole trader, partnership, Ltd or PLC. Some funders will require you to have trading history of at least three years with bank statement and accounts.
Alongside a credit check, you simply need to be able to demonstrate that the business is currently trading and can afford the payments for the term on the agreement.
You will need:
· Company details: This includes your company name, registration details, number of dependants and various other personal details.
· Address details: You will need to have your company address details.
· Director details: You will need details for all your company directors.
· Business bank details: You will need bank details for the business account. You may also be asked for up to three months’ business bank statements.
· Photographic proof of ID: During the leasing process, you may also be asked to submit photographic proof of ID e.g. director’s photographic driving licence.