What is Non-Status Car Leasing?

Credit: Pixabay.com

What to do if you think you are non-status?

First thing you need to do is obtain your credit score and credit report from one of the credit reference agencies (CRA), the main ones are Experian, Equifax and Call Credit. Different finance companies use different CRA’s so its always best to get your report from all of them.

Make sure you are on the Electoral Roll…

One of the many mistakes that people make is to exclude themselves off the electoral roll. It is a legal requirement to register to vote if you meet the conditions for registering. Usually this is if you are over 16 years old and you areBritish or a national of a Commonwealth country or the EU.

What to do if you already know your credit score is low…

If you already know the reason why your credit score is low, then your only option is a non-status car lease whilst you set yourself a plan to build your credit. Make sure that you don’t get into the same mess twice and take a vehicle that you can afford.

Where can I get a non-status car lease from?

There are quite a few companies offering non-status car leases in the UK, just make sure you look out for the small print. The company I run charges a higher documentation fee. This is to cover the additional external underwriting thats carried out and even telematics.

Do non-status car firms carry out credit checks?

Most reputable firms would carry out at least a soft credit search to determine who you are and where you live, if they didn’t I’d be seriously worried.

What if you are an Expat/Overseas Worker?

Use a company such as Cocoon Vehicles, they will take a look at your situation and their underwriters are experienced to put terms in place. May be you are an Expat who only comes to the UK 6 months of the year, you could be a worker coming to work in the UK on secondment. It’s worth a try and much cheaper than daily rental.

About me and my business

I have been running Cocoon Group since 2007 and set it up to be different to a dealer. We accidentally fell into doing short term car leases and now have in excess of 300 vehicles on the road from little Fiat 500’s right up to BMW X5’s.

What do you think of Non-Status Car Leasing?

Have you taken a non-status car lease? Did it work for you? Is there anything you would suggest that non-status firms offered that would help?

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Rhys Adams

Rhys Adams

I live in a beautiful town called Belper on the edge of the Peak District with my wife Rebecca. I enjoy writing, photography and gadgets.