Cars are a crucial tool for many businesses. They are a valuable customer and employee benefit, offer flexibility for employees travelling between sites or meetings, and can also provide a tax deduction. However, cars can be expensive and it can be hard to balance the need for a car with the cost of buying one. In some cases, it may be more beneficial to lease a vehicle rather than buy one. But what documents are needed to lease a car for business?
You will need a photographic driving licence or passport to verify your identity. Leasing companies will also need proof of address to ensure that you are at your current address. This can be a utility bill or bank statement, but most institutions require a statement that is dated within the last three months.
In addition, the leasing company will want to check the trading history of your business. Ideally they will want to see that you have been trading for at least two years in order to prove that the business is stable and able to afford the monthly payments. It is also a good idea to have the bank statements and individual credit reports for all directors of the business ready as well.
If you are unsure about what documentation you will need to take out a business car lease or you need further information, please do not hesitate to get in touch with us. We are happy to help and will walk you through the process step by step.