The Complete Car Leasing Eligibility Guide

Want to lease a car? This is the only eligibility guide you'll ever need. 

It’s no big secret that we’re big fans of car leasing.

It’s literally the air we breathe. You might even call it our bread and butter (quite fancy a sourdough now actually).

And we like to think it’s partly our work providing the best car lease deals that’s raising awareness and making it a more mainstream way to get your hands on a brand-new car.

Because the benefits of leasing are endless: access to the newest models on the market, flexibility to change your car every few years to suit your lifestyle, all your monthly payments under one umbrella.

And many more.

But if you’re just dipping your first toe into the wonderful world of leasing, we bet you’ve got a question or two. How does it work? What is it? And how do you know if you’re eligible to lease?

Not to worry. We’re shining a light on all the answers you’ll ever need.

Whether you’re worried about your credit score, your income, or just wondering what documentation you’ll need, this is your tried-and-trusted guide to car leasing eligibility.

Because leasing is for everyone, not just those who get the lingo.

Am I eligible to lease a car? 

Yes – if you meet certain requirements. 

As a starting point, you must be over the age of 18, willing to undergo a credit rating check, and be able to provide any information a funder will ask for to prove affordability.

What information do I need to provide to apply for a car lease? 

Just like applying for a mortgage, you can’t lease a car without submitting a finance application.

And that application is processed by a finance company.

This is because the finance company will own the car you lease, just like a bank will own your house.

They’ll need to decide whether you can afford to pay for their asset. So, they’ll need specific information from you, including:

• Your age
• Your driving licence
• Proof of affordability
• Your credit rating
• Your country of birth
• Two contact numbers for you, like your landline and mobile.
• Your email address
• The three most recent years of your residential history
• Your marital status
• The number of dependents you have (if any)
• Your annual salary
• Your bank details

And if you’re looking at business car leasing, you’ll also need to provide:

• Your job title
• Your company address, website and property status
• The business sector you belong to
• Your filed accounts
• The company registration number
• How many years the business has been established
• The company VAT number
• Bank details for the company account
• Personal details of at least one business owner/director, including last three years of residential history

Can I lease with a bad credit score?

Yes – but your options might be more limited.

We work with a range of funders to provide the best car lease deals, at varying prices. This means if one funder rejects your application, you have the option of applying with another funder and getting a different result.

But it’s worth noting that changing the funder on your lease deal can change the terms and price of your lease, because funders may have different estimates about how quickly the car you’re interested in will depreciate.

This is why some funders offer cheaper deals on the same car, than others.

So, if a funder who approves you is more expensive, you can withdraw your application completely if you want to.

But taking out a lease with an alternative funder can help improve your credit score for the future.

Can I improve my credit score? 

Yes, there are ways to improve your credit score to increase your chances of getting approved.

To start, paying any bills (like your phone, or credit card) on time will always help.

If you can, try and stay at one fixed address for a more prolonged period of time rather than moving regularly.

And if you have a partner, consider setting up a joint account with them to help improve your score.

You can also use a guarantor if someone you trust is willing to step up and help you out.

What's a guarantor? 

If you’ve ever rented property, you’ll be familiar with the concept of a guarantor.

It’s someone who promises to make the payment on your behalf if you don’t keep up with payments.

Usually, it’s for the benefit of a landlord. But having someone in your corner who is able to make payments when you can’t, can help a finance company have more confidence in you as a customer.

Because they know if the worst happens – if your circumstances change – someone will act as a stopgap until you’re back on your feet.

Most of the time, a guarantor will never actually be needed to step in. 

But having one can mean the difference between an accepted finance proposal and a rejected application.

Can I lease a car without a full driving licence? 

Yes. You can apply for a lease on a provisional licence.

But you won’t be able to drive the car until you have passed both your theory and practical tests.

And some funders require you to have your full licence before they’ll authorise delivery. 

So, we recommend you check what your funder requires at the time of your order.

Can I lease a car if I’m unemployed?

Yes, you can lease a car if you are unemployed or retired.

But you may have to do some extra legwork to get approved. Without a fixed income, you’ll need to provide more proof that you can afford the car lease.

But a regular income isn’t the only way to judge affordability.

Savings, pension and retirement funds are all eligible if they can prove affordability.

But if you’re not employed and can’t provide evidence you can afford the payments, then you’re more likely to be rejected.

How do I work out my budget? 

Before you even apply for a car lease, you should think about what you can actually afford to pay each month.

And if that sounds obvious, then you’re probably already better at budgeting than you think.

But if you’re not sure, a good place to start is by looking at your current financial responsibilities.

How high is your mortgage or your rent? Do you pay for your children’s schooling?

Do you already have a finance agreement on a second car that you’re still paying off?

With all these factored in, how much is left for you to pay off a car lease month on month over the next two to four years?

Remember, that in addition to your payments you’ll also have to factor in servicing (and if you have a long-term lease or pre-reg car, an MOT).

In which case, adding a maintenance package to your lease payments is something to consider – including how that fits into your budget.

At the end of the day, working out your budget is a personal thing. While funders make the ultimate decision on whether to grant a lease application, you will have the best sense of what your budget is.

Leasing is a great, hassle-free way to manage the financial burden of a new car, but it must be done responsibly.

You must make sure you’re agreeing to a fixed monthly payment you can afford over a few years – not just right now.

Getting started 

You’ve read our trusty guide and should now feel a lot more confident about your eligibility to lease.

That’s what we’re here for. 

The next order of business? Finding you a cracking car lease deal and putting you in the driving seat.

Frequently asked questions

Who is eligible to lease a car? 

Anyone over the age of 18 who passes a credit rating check, subject to approval by a finance company.

Does a bad credit score mean I’m ineligible?  

No, you can still lease a car with a poor credit score. But your options might be more limited. Fortunately, we work with a range of funders with different requirements.

Do you need a job to get approved for a lease?

No, not necessarily! You just need to prove you can afford the lease payments through other means.