Business lease advice
Discussion
Apologies if this should be in general leasing thread... Hoping for some advice on leasing through a business.
Myself and my business partner set up the company last October, and it's been running since then. We made an enquiry to a lease firm about getting a business lease, but they wanted 2 years accounts before entertaining it.
I just wondered, as a complete newbie to self employment, if this is a normal stipulation or whether it is worth contacting several to see if 12 months books is acceptable?
As always, thanks I'm advance for any advice.
Myself and my business partner set up the company last October, and it's been running since then. We made an enquiry to a lease firm about getting a business lease, but they wanted 2 years accounts before entertaining it.
I just wondered, as a complete newbie to self employment, if this is a normal stipulation or whether it is worth contacting several to see if 12 months books is acceptable?
As always, thanks I'm advance for any advice.
This is normal, but I’m sure with some searching you may find some providers with lower requirements.
I pulled the following from Nationwide Vehicle Contracts, from under their business leasing section, to provide further detail -
“Businesses trading for under two years may find it difficult to obtain vehicle finance. This is because it is difficult for the finance provider to objectively gain insight into the business and the potential lending risks involved. New businesses may be required to submit 3 months business bank statements, management accounts (if available) and a director's guarantee (ltd companies only) to support your finance application. In some cases, a larger initial rental may also be required.”
I pulled the following from Nationwide Vehicle Contracts, from under their business leasing section, to provide further detail -
“Businesses trading for under two years may find it difficult to obtain vehicle finance. This is because it is difficult for the finance provider to objectively gain insight into the business and the potential lending risks involved. New businesses may be required to submit 3 months business bank statements, management accounts (if available) and a director's guarantee (ltd companies only) to support your finance application. In some cases, a larger initial rental may also be required.”
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