Below are our frequently asked questions, if you have any you would like to add to the list…please do not hesitate to ask..
Bad Credit Specific FAQs
Will I require an initial rental or deposit to even get accepted?
Yes the funder will require a minimum initial payment of 4 equal monthly rentals, so if the monthly rental is £250.00 the initial payments will be £1000.00
Can some one act as a guarantor for me on the contract?
Yes you can have a family member or partner go on the contract with you to support the application
Are non status lease agreements the same as those without credit problems or is there a premium?
In most cases we can work towards budgets, so if you have £250 to spend we can show the types of vehicles that fall into that budget. The funder will require 4 equal monthly rentals rather than the standard 3 payments on a status contract this is due the funder assuming the risk of the contract
I am a UK citizen who has been abroad for 7 years, and not had a UK address since 2004, I am returning to the UK shortly. Bearing in mind I have no trace would I qualify for non status?
Yes it is still possible, with the right information you can still lease when you arrive back in the UK
Can you guarantee an acceptance through the non status funder?
Not 100% guaranteed, but around 97-98% of our proposed clients get approved for finance
Can I lease a vehicle without a driving licence, I am the wage earner but my wife does the driving?
Yes, we would have to do a joint application with you and your partner
I am a UK resident but not on the electoral roll, I keep getting turned down?
Being on the electoral register or electoral roll is still a legal requirement even if you chose not to vote, first thing register so at least you have a document showing you at your current address. With more supporting information we can get finance but it is tough
I am desperate for a vehicle, how quickly can I be in a vehicle?
Process for getting finance approval is 48 hours, once this is done it really depends on you, once the initial rental is paid to the funder you could be in the vehicle from anywhere 3-10 days
I currently have a vehicle on lease, can I have another in my name?
Yes, no reason why not households do have multiple vehicles on one persons name
I have been discharged from my bankruptcy for 12 months now, I have been turned down can you help?
Yes, even when you get discharged it will still leave a mark on your credit file. But with non status you can still lease
I have just returned back from 12 months maternity (unpaid) I only have 1 payslip and have a CCJ, can we still get finance?
Yes, despite payslips are a requirement for affordability the funder however will look at the application and underwrite as long as we give them rational to only having 1 payslip
I am in the Armed Forces and have moved address a lot recently and do not think I will be on the electoral register, can you help?
Yes, the funder will be aware in certain circumstances that you may not be on the electoral register but they will still underwrite
I am currently in an IVA can you help?
Simple answer – YES
Is insurance included in leasing?
No, you would have to organise your own insurance
I am 1 month down on my mortgage, should I wait until I get that back up to date?
It is not essential, if you require the vehicle now we can process and approve the application
How Does A Personal Lease Work?
How Does A Business Lease Work?
What About Road Tax?
When the vehicle is taken on a Contract Hire agreement (Contract Hire or Personal Contract Hire) the vehicle will come taxed for the term of the agreement. When the vehicle is taken on some form of purchase agreement (HP,PCP,etc) the vehicle will only come taxed for the first 6 or 12 months.
Is Breakdown Recovery Included?
Most of our vehicles also have breakdown recovery included. The specifics of the contract will differ from one manufacturer to another, however generically the contract is designed to be able to offer you the facility to be relocated in the event of a breakdown. Please talk to your advisor about specifics.
How Do I Order A Vehicle?
Once your funding line has been agreed you are now in a position to order your vehicle. We will discuss with you delivery date and location that you want the vehicle to be delivered to. We will require proof of address such as a utility bill, and a copy of your driving licence. You will then be sent an order form. Once this has been completed and returned to UltraCar, you are now obligated to go ahead with the arrangement. If you decide at a later stage not to go ahead for any reason other than contract change or delayed delivery, once the vehicle has been ordered, then you will be liable to pay a £500 cancellation fee.
Will The Vehicle Be Registered In My Name?
What Term Can I Lease For?
What Is A Maintenance Contract?
What Is Not Included In The Maintenance?
What If I Get Declined For Finance?
Is The Deposit Refundable?
How Does The Finance Work?
Can I Claim The VAT Back?