What to Know Before Leasing a Car for Business

Purchasing or leasing a car for business can be a significant decision. You need to ensure that you’re making a decision that benefits your company and will support its growth into the future. The best way to make this decision is to consult with a finance specialist. They can help you understand the pros and cons of both options to ensure you’re making a sound financial decision.

Image credit

What to know before leasing a car for business

One big advantage of leasing a vehicle is that you can often get a new model with fixed monthly payments. You can even lease multiple models if your company needs more than one vehicle.  It’s also important to remember that if you lease a vehicle, your lender will hold it as security for the loan should you be unable to meet your monthly repayments. For assistance with Car Leasing Bristol, try visiting a site like autolyne.co.uk/car-leasing-near-me/bristol

Image credit

Getting approved for a business lease depends on your personal credit history and that of the company. If you are the director of a small business and have poor personal credit but your company has strong cash flow, then you should still be able to get approved for a lease. You’ll need to provide evidence of your company’s positive cashflow, audited accounts, proof of ID and address for the main director, as well as a credit check which must be clear of CCJs (County Court Judgements). You may also need to guarantee the lease with your own personal credit.

Niru Eilish