What information is needed for a business finance application?
A business finance application will require information on the person applying for the car, the business that will be funding the agreement and also details of any applicable directors or business owners.
This information will be used to ensure the financial suitability of the applying business for the lease deal being requested.
Business Contract Hire finance application
A business application works slightly differently from a personal one. Firstly if you are applying as a Sole Trader, you must proceed with a personal application. If you are part of a Partnership, Limited Liability Partnership (LLP) or Limited Company your application will consist of the below:
You will first be asked to supply the details of the person applying and information about the company itself. This includes the applicants full name, job title, and contact phone number and email address. You will then be asked to provide the company’s website address, postal address and property status.
A few further details are then required about the business. This includes the business sector, company registration number, the year established and, for Limited Companies, we also require the VAT registration number. The registered address is also required if different from the postal address already provided.
Next up are the bank details from which the payments for the lease car will be taken. We need the same details here as with a personal finance application: sort code, account number, account name, bank name and a figure for the time spent with that bank.
The big difference between a personal and a business finance application is the need for details of at least one business director or business owner. Some funders will only accept an application that provides the details for two company directors when the applying business has more than one.
The details required of the directors personally are: full name, date of birth, nationality, marital status, number of dependents and a contact telephone number. Three years of personal address history is also required. We also need to know their share in the business. These details will allow the finance house funding the deal to assess the profitability and longevity of the business as it is proposed to them.
Once submitted, the information will be provided to the finance house funding your chosen lease deal. They will conduct the necessary checks and return an almost instant decision of accepted, referred or declined. If referred, it will require a more in depth review of your application. This is common and does not indicate that you will be unsuccessful. It may also mean that more information is required from you and if this is the case your account manager will advise accordingly. If your application is declined there are options available to you both in the long a short term, but as it is you will not be able to lease your proposed lease car.
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