What might a provider consider?
A provider may review the company’s trading history, financial position, requested borrowing, deposit and vehicle. Depending on the application and its checks, information about directors may also be relevant. Requirements differ, so do not assume that a personal or company credit issue will be ignored or will automatically determine the outcome.
Be ready to explain the circumstances
A clear, factual account is more useful than guessing what a funder wants to hear. If an older issue has been resolved, know the relevant dates and whether records accurately reflect the position. A lender may request evidence later. Do not send bank details or a full credit file through the initial enquiry form.
Consider affordability as well as approval
Look beyond the monthly figure. Ask for the full written terms, including the deposit, VAT, fees, payment schedule, any final payment and the total payable. Compare these with the company’s cash flow and retain a realistic operating reserve. The lowest monthly payment is not necessarily the least expensive agreement.
Choosing a used or new van
The provider may have conditions relating to vehicle age, mileage, value or the supplying dealer. Those conditions vary. Keep the advert and written price available, and check service history and condition separately: finance approval is not a vehicle inspection.
Your next step
Speak to Damian about your limited company, the van and any previous refusal. He can explore a possible introduction to an independent commercial funder. That provider decides what documentation is needed and whether to offer funding.
Ready to talk?
Speak directly to Damian about a possible independent commercial finance introduction. Funding is subject to the provider’s eligibility criteria, assessment and terms.
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