Leasing with fair credit

[Gscotts]

This is my first post on here. Just after some advice.

I'm looking into my first lease. My skoda citigo is paid from HP end of this month.

Due to a broken marriage with issues I left with poor credit. This has since gone up. Currently 680 on Experian and rising. I do have a CCJ from 2017. I have a lot of disposable income once bills are paid so I guess what my question is is are there lease firms who used lenders who use a softer search or look at affordability more than just my score. I understand how it all works etc just wanting to know if there are any firms who are more likely to accept for a lease rather than getting rejected. Currently leasing works best for my situation.

Thanks for easing.

[chrisch77]

First question is if your current car is about to be paid off, why would you want to change it and take on a lease considering your (potentially) difficult credit position?

[Gscotts]

Thanks for replying.

It's a 63 plate and starting to cost more in issues. I currently walk to work where as I'm starting a new job where I will be commuting 3/4 times a week and need something cost inclusive and reliable

G

[Whatshappening]

Zen auto have a check for your eligibility. No experience of using it. Details towards the bottom of the page.

https://zen.auto/?gclid=CjwKCAiA6Y2QBhAtEiwAGHybPU...

[Jamescrs]

The first thing to understand is your credit score number doesn't mean a great deal to a lender, they don't see the number and they all have their own systems of assessing your credit worthiness anyway.

Your CCJ will likely be problematic.

How is your credit otherwise? Do you have any history of obtaining and managing credit since the CCJ? That will be key.

You could try a place and see what happens.

The most cost effective solution would be to get your Skoda into a good state of repair and use that in the immediate future.

[Gscotts]

So the CCJ was settled immediately. Credit since then has only been car insurance and phone contracts all which have been fine. Zero issues.

I've read a few bits about companies not actually seeing the score, what is it exactly they're looking at?

As I said previously I have a high disposable income, pay all bills on time and have no missed payments since my marriage breakdown 4/5 years ago

Thanks again

[ilikejam]

Gscotts said:

So the CCJ was settled immediately. Credit since then has only been car insurance and phone contracts all which have been fine. Zero issues.

I've read a few bits about companies not actually seeing the score, what is it exactly they're looking at?

As I said previously I have a high disposable income, pay all bills on time and have no missed payments since my marriage breakdown 4/5 years ago

Thanks again

As others have said - the only real way to know is give it a try.

On the plus side, leases generally fall into the 'utilities' type section on your credit file alongside phone contracts. You're also only financing the cost of the lease rather than the total price of the car (so maybe only £10-£15k rather than £20-£30k etc)

[Gscotts]

That's great to know, I'll get in touch with a couple of lease firms and go from there.

The whole "credit" score seems to be unreliable when score, affordability and history/situations can all be separate rather than 100% connected as credit agencies suggest!

[Dave Hedgehog]

Gscotts said:

So the CCJ was settled immediately. Credit since then has only been car insurance and phone contracts all which have been fine. Zero issues.

I've read a few bits about companies not actually seeing the score, what is it exactly they're looking at?

As I said previously I have a high disposable income, pay all bills on time and have no missed payments since my marriage breakdown 4/5 years ago

Thanks again

no credit card? they are one of the best ways to rebuild your score

[Gscotts]

Sorry yes a credit card with a limit of 2k and roughly £250 on. Pay twice a month and more than the minimum payment also.

[vikingaero]

If the CCJ was satisfied within 28 days then it shouldn't exist. Shoudn't in a perfect world. Sometimes companies and solicitors don't update the Court/records.

I've helped a friend get credit using zuto.com. I would say too that he was middling credit - ill health/unable to work. We didn't use Zuto in the end and I went with him to Car Giant and they asked for a manual decision from their underwriter, who accepted him on a normal good credit product.

[Gscotts]

Thank you!

Did he use zuto for a PCH or another finance?

[Andy665]

Lease / Contract Hire usually have a lower threshold for acceptance as the risk is lower to the lender

[vikingaero]

He was approved for Zuto (submitted ID, docs and payslips) so he was ready to buy - this was pure HP.

But we found a car at Car Giant. They originally offered not fully sub prime rates, but asked for a manual decision from their mainstream lender who checked more thoroughly and approved him on normal rates.