To lease a car through your business, the business itself needs to apply for credit so what is required depends on a few factors, such as: how long the business has been operating for, the industry it operates in, how profitable the business is whether the business can afford the repayments.
As a starting point, most businesses will need to supply:
- Last 2 year’s financial statements (profit & loss, Balance sheet) or Tax returns (in case of sole proprietor)
- Details of the business (what it does, how it does it and who does it)
- Director’s guarantees (in the case of most private businesses)
For newer businesses, additional details might be required such as:
- Detailed business plan & budget
- Understanding of the experience of the owners in the industry
- Other industry factors
- Evidence of no tax debts
To lease a car as an individual (so through a novated lease) you will need to supply:
- Completed application form (detailing income, assets and liabilities)
- Clear credit history (or acceptable explanation on any small paid defaults listed)
- Last 2 payslips or tax returns
In all cases, lenders are looking to ensure that you can afford the lease and that no financial hardship will be caused by your taking it out.
For more information contact us today