The Role of Credit Score in Van Finance Approval

The Role of Credit Score in Van Finance Approval

Why Credit Score Doesn't Matter To Us

What if I Have Bad Credit?

What Can I Use My Business Van For?

Summary

Ordinarily, credit score plays a significant role in finance approvals, including van finance. A good credit score indicates that an individual is likely to repay their loan on time and in full, whereas a bad credit score suggests you have defaulted on past payments.

Generally, lenders will require you to have a good credit score, but we have options for you if you have less-than-perfect credit.

Generally, you are more likely to be approved for van finance if you have a good credit score, as it gives the lender more peace of mind. However, due to the wide range of lenders we work with, we have options for you even if your credit is less-than-perfect.

Why Credit Score Doesn't Matter To Us

At Love Finance, we don't rely heavily on a good credit score for van finance. We believe in taking a more holistic approach to loan approval, meaning we look at more than just your credit score when making a decision. Other factors are more important to us, like your average turnover, how long you have been trading and the overall health of your business.

We can look at other aspects of your business besides your credit to determine if we can get you van finance.

Our goal is not only to get you approved for the vehicle you need, but also to make sure that you are in a position where you can afford the loan comfortably.

What if I Have Bad Credit?

Your credit score is just an indicator and may not always reflect your true financial stability. We understand that life throws curveballs, and some people may be stuck with bad credit due to circumstances beyond their control. That's why we work with a variety of lenders to discover the best option for you, even if you've previously been declined. We are committed to finding the right loan solution that fits your needs and budget.

Good credit is desirable when applying for van finance, but having bad credit is not a dealbreaker.

Your van finance payments will include the cost of the van plus interest, and some lenders may also require you to put a percentage of the total cost of the van as a deposit. No deposit options are available, but if your credit is poor, this may be less of a likely possibility for you.

What Can I Use My Business Van For?

A van for your business can be invaluable in many ways, such as, but not limited to:

• Increasing productivity and efficiency

• Wider area to trade

• Transportation of goods and services

• Offering advertising opportunities for your business

Your new van can be used for any purpose within your business.

Summary

At Love Finance, we believe everyone deserves access to reliable transportation, no matter their credit score. If you're looking for a van but are worried about your credit, we will do our best to help. We have rates starting at 3.9%, instant approvals, and flexible financing options such as no deposit required. We have very high approval rates and easy processes, and our dedicated asset team will ensure that your van finance enquiry and application journey is as pain-free as can be.

Using our new van directory, you can filter to find the best vehicle for you based on make, model, price, and more. This helps you find exactly what you need and get an idea of the monthly payments, making it easier to budget and plan. If you already have an idea of what vehicle you want and your monthly budget, let us know, and we can see what we can find for you. 

Our van directory allows you to filter based on what you are looking for.

In conclusion, while credit score is an important factor to consider when applying for van finance, it's not the only factor. If you have less-than-perfect credit, don't let that stop you from exploring your options. Reach out to Love Finance to see how we can help you secure the financing you need to expand your business horizons.