Do we carry out credit checks?
Yes, if you are in the market for a short-term car lease or car subscription then we will carry out a credit check with Transunion and/or Experian. We do not offer “No Credit Check Car Leases.”
But I don't want a credit check
There may be a few reasons why you don’t want a credit check carried out. This may be because you are applying for a mortgage, you may have missed payments in the past, you could have CCJ’s or be a discharged bankrupt or you may have failed businesses.
But a credit check forms an essential part of verifying a consumer or a business customer and helps us comply with FCA (Where applicable) and Anit-money Laundering (AML) laws.
We do carry out credit checks!
We like to be open and honest with all customers from day one and it’s important to tell you that we do carry out credit checks om all customers who want a vehicle, especially our car subscription and short-term car leases.
But...
Whilst we do offer non-status car leasing, these are for speclialist areas including:
- New Start-up Business
- Overseas Parent Company
- Negative Shareholder Funds
- Previous Director Failures
- Foreign Directors of UK Companies
- UK Business with Oversess Shareholders
- Overseas Business with UK Workers/Entity
- Expat or Overseas Visitor
- Returning to the UK after working/living abroad
- No UK Credit History
- Director of a Foreign Company
- Director of a New Start-up Business
- Only just turn 18 with no credit history
If you have had payment issues such as County Court Judgements (CCJ’s), Missed Payments, IVA’s, etc. Whilst you are welcome to apply, acceptance isn’t guaranteed and the decline rate is much higher.
ACCEPTANCE IS NOT GUARANTEED
Be Honest
Make sure everything in your application is true and accurate, our underwriters don’t take favourably to incorrect or fraudulent information, this may be reported if it is considered serious.
Important aspects include:
- Homeowner Status: Don't put that you are a homeowner if you are in rented accommodation
- Income: Don't over exaggerate your salary, proof will be required
- Undeclared Addresses: Make sure you put accurate dates for previous addresses and don't miss any out
- Be Upfront: About County Court Judgements (CCJ), Missed/Late Payments or IVA's
Any incorrect information will be picked up by our underwriters and may result in an instant decline or even worse, being reported to the relevant authorities or leasing bodies.
Cocoon is not for me...
If you feel that you cannot provide the above information or you don’t worry, it is not an issue. We have provided a button below to take you through to our affiliate partner No Credit Check Car Lease.
Types of Credit Checks
For more information on the types of credit checks we carry out, for example; Hard or Soft Checks. Please see our credit search information page.