Getting Credit

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We hope this guide helps you if you are new to credit. Its not a be all and end all just our take on things. There are always exceptions just like anything in life.

Sole Traders & Partnerships 
Finance companies can often make automated decisions here. They will have a point scoring system and each have their own considerations. Most people have heard of Experian for credit checking
Experian check 
– No missed payments even for something small and silly
– No CCJ and adverse. For example an outstanding gas bill from three years ago you missed.
– On electoral register – Register to vote 
– Traceability. Often customers especially after a divorce for example live in many places.
If you had a bank statement sent to a parents house this is enough to be traced.
– Drivers license. Some finance companies require this. Also be sure that you have told us your driving license address in advance.
– Banks use their own credit check rather than experian. Thus even if you have a not perfect score with Experian you may well still get credit with some of our other bank related funders.

Limited Companies 
A Limited Company credit score is checked by an Adelphi Score which is the Experian version for companies. Of course new start companies won’t have one. Consider a few examples of a Limited Company. They look for payment history in the same way and CCJ.

Net Worth On Companies House 
This is perhaps the main consideration. Its public information and if your company has high net worth credit is easier and oppositely too. Generally you can borrow 25% of your company net worth. If you already used that for buying another vehicle it may be harder.
They also look at the directors. If one or more of the directors has a lets say “colourful history” many lenders will still say no. Such as closing down lots of companies for example.

1. Established
A company with say 10 years accounts, a great Adelphi score. It should in theory pass as long as the company hasnt over borrowed with other loans.  A net worth of 500,00 K
2. Younger company
A company three years old with three sets of accounts and a net worth of 50,00. Its borderline
pass. It does depend on the strength financially of the director(s). Often they will ask for a personal guarantee.
3. A new start company 14 months old .  There are no accounts, so zero net worth. There is no previous sole trader company. Its unlikely that the company will get credit without a guarantor

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Van Finance

7  Ways Of Van Finance  

Most of our competitors tend to be leasing franchises that all sell the same “specials” that tend to be basic vans purchased at the same time by the hundred. Often the vans you are offered have sat around a while. They tend to prefer contract hire as it locks you into them for some time.
We work via banks rather than by these franchises so we are not as tied in so can offer more of an array of van finance deals. This is why our vans are fresher and  deals better. There is no leasing franchise taking a cut.
All methods are tax deductible. All methods you should really have GAP Insurance Policy in case the vehicle is written off. Many commercial insurance policies will not pay new for old.

  1. Hire purchase – VAT down or VAT deferred . HP is a great way to actually buy a van. If your VAT registered claim the whole VAT amount back within three months.   Click Here.
  2. Contract Hire – This is more popular on cars than vans. Many customers think there is no credit check but there is. Its better for large fleets and doesn’t offer any advantage for less than fleets of 10. If you want to change over 10 vehicles in one go and they are basic then please get in touch. Click here for contract hire.
  3.  Lease purchase. Not always the best deal as some manufacturers offer discounts  that cannot be used on lease purchase. Its just like HP but with a final payment and once it’s paid you get automatic ownership. It’s better once again for VAT registered businesses especially if you want a T6.1 for example to keep at the end and convert to a motorhome. Sometimes a pre registered van is cheaper. Click here
  4. Finance Lease – By far the most popular method as it attracts the lowest payments . It’s gets the largest discounts from manufacturers same as contract hire. However you can fit accessories many of which you cant n contract hire
  5. Operational Lease – Is just like finance lease however you can hand back the vehicle at the end. Some of our Mercedes vans are like this
  6. Asset Finance – We can finance many products not just vans
  7. Credit Limit – Pre approve your van purchases 90 days in advance. Useful  for example if you have a contract tender.

GAP Insurance

If you write a vehicle off in say year one the insurance company may well pay you less than the settlement value. Thus through no fault of your own you may need to buy a older cheaper van to reach the same monthly payment. Click Here to buy a GAP Policy