Are you thinking about leasing a van but are not sure whether or not you will be eligible? This is a concern for many people as they don’t want to damage their credit score by applying for a van lease and then not being accepted. However, there is no need to fret as we are here to take you through the process of van leasing step by step and to give you an overall guide of whether or not this is something that you should be eligible for.
What Is Van Leasing?
Let’s start off with the basics first. If you are just finding out more about van leasing, then you’ll first want to know more about how van leasing actually works. Van leasing is now more popular than ever before and with this type of contract, you will agree to monthly payments for the van for a set period of time which is usually around two years. At the end of this agreed time, you can hand back the van. It really is as simple and as easy as that! So, what’s the difference between this and buying a car? Well, with leasing, as you hand the car back after the set time period, you won’t own the car at the end of it. Vans can be leased both privately and also through a business. You can click for a great van leasing website that has more detailed information about what exactly this is and you can grab yourself a great deal.
What Are the Conditions to Be Met for Van Leasing?
Generally, when you are leasing a van, most people will be eligible to do who want to. While there are no set conditions as this will vary from company to company, there are some general conditions that you will have to abide by. Before you will be allowed to lease a car, there a number of different aspects that will be looked at. This includes how strong your credit score is, what exactly you are using the vehicle for, how old you are and how much you earn.
What Can Affect My Credit Score?
Having a poor credit score is one of the main reasons why some people are not deemed eligible to lease a van. You can find out online how good your credit score is, but there are a few things that can seriously affect your credit score and may stop you from leasing a van. Some of the things that can affect your credit score, both positively and negatively, are having a credit card, how much you pay off your credit card each month, paying off debt on time, having a personal loan and the length of time that you have lived at your home. Remember, if you check your credit score too often, it will start to have a negative effect on it.
So, if you already know that you have a bad credit rating, then you may be wondering what options are available to you. Well, some companies may be willing to lend to you with a higher monthly payment, however, you may need to work on building up your credit score which you can easily do if you have a secure income.
What is the Minimum Age Limit to Lease a Van?
As long as you have the appropriate driver’s license, you should be able to lease a van. However, if you are young, you most likely will not have had any financial commitments that will have allowed you to build up a credit score. This then means that you likely won’t be accepted when trying to lease a vehicle. However, you may be able to lease a vehicle with a guarantor.
Benefits of Leasing a Van
There are lots of fantastic benefits to van leasing and this suits many different types of people. It provides you with fixed monthly rental costs with minimal capital expenditure. If you are van leasing for a business, then you do not have to be VAT registered and some van leasing companies will allow you to settle the agreement early. Other fantastic benefits simply include being able to drive a lovely new, top of the range vehicle and you won’t have to worry about extra some extra maintenance costs such as MOTs as these cars are brand new.
As you can see, most people will be eligible to lease a van, however, there may be some credit issues which will make this not possible for you. Van leasing is a fantastic option and many people will be able to benefit from it massively. Find out if you are eligible today before leasing a van.