Bad Credit Car Leasing
Do you have bad credit, and need a car?
You are not alone, many of us in the UK are falling short in our credit ratings which means when it comes to getting finance for a vehicle in the mainstream market, lenders are not willing to help.
At UltraCar we only work with customers who have an adverse credit rating, we understand that a poor credit rating is not a true reflection of someone’s circumstances.
What could lead to a bad credit score?
- If you have been a bad borrower in the past, this includes late payments and exceeding your credit limits etc.
- If you are not on the Electoral Role
- If you have never had finance/borrowed before – No Credit History
- If you have made lots of credit applications in the past
- If you have been or are in an IVA
- If you have been declared bankrupt
- If you have CCJ’s (County Court Judgements) that you have not settled
How do I apply for a bad credit car lease?
We have tried to make our car leasing application process as simple and pain free as possible. You can either call us and have a chat with one of our friendly advisors, or fill out our quick enquiry form and we will give a call back.
We will then send you over an application form for either Personal leasing or Business leasing depending on your requirement.
If you wish to speed up your application then you can fill out either of these forms securely online – Personal or Business
You then just need to send in your supporting documents (see below), we will collate all the information and take your application to our underwriters.
We aim to get an answer back to you within 2 working days.
How can UltraCar help me get a non-status car lease?
UltraCar are also the funders of your vehicle, this means we are able to take your application to our own underwriters.
They will look at each application on an individual basis, the more information you can provide to our advisors, the stronger your application will be.
Our underwriters are looking at two main criteria- Affordability and Traceability
In order for the UltraCar underwriters to be able to assess you on the above criteria, we will require the following information from you.
- 3 month’s worth of current bank statements (these will need to be detailed clearly showing your incoming, outgoing and running balance)
- A copy of a utility bill or similar showing your name and address
- A copy of your driver’s licence (if you are using a paper licence we will also require a copy of your passport)
In some applications the underwriters may ask for extra supporting documents to enable them to make an informed decision.
Once approved for a non status car lease
We will contact you to discuss your car requirements. We have sourcing experts who have access to car suppliers across the country, this means we are able to get the best prices on all vehicles. We want to get you the best car for your budget, so you are happy for your 3 year lease term.
Which car can I choose?
We do not hold stock of vehicles at UltraCar, instead we purchase the car for you, and then lease it back to you.
This approach works extremely well with our customers as many are working to a budget, rather than to a car make or model. Our car sourcing experts are able to discuss your requirements, and give you vehicle options. We can source any make and model of car for you, which falls within your approved budget.
What happens when I have chosen my car?
We will require 50% of your initial payment for us to purchase, and secure your car. It will take 10 working days to get your car delivered to you. During this time we will send you out your contract by post for you to sign, and return.
Lease car delivery
Before your car is delivered we require your signed contract, and the balance of your initial payment.
You are then welcome to collect your car from us.
Are there any extra costs I need to know about?
- There is an admin fee for the duration of your lease costing £120.
- Logistics: If you are unable to come and collect your car, we can arrange for your car to be delivered by our trusted logistic company. The charge for delivery is a £1/mile, please ask for a quotation should you need this service.