If you think about it, debt and credit scores share the same analogy as the chicken and the egg! One is necessary for the other.
You build credit history only if you have a running loan, or some balance on your credit card. This “debt” enables the credit rating agencies to work out a credit score for you. So what happens if you have no debt…do you have no credit score? Well actually yes. If you have no history of paying off debt it’s difficult to give you a score.
There are many ways in which you can improve your credit score – the Money Advice Service gives some great advice.
Leasing a van is another option to consider if you want to improve your credit score.
Of course the most important thing to be sure of is that you can afford the rentals on any finance you are applying for – we can’t stress this enough.
If you’ve set up a business and need a van leasing offers numerous benefits – read more here. Some of the best are no concerns about ongoing maintenance costs and being able to budget as you know exactly what your leasing costs will be.
With current deals starting at around £129 a month for repayments, a new van isn’t a luxury but a very affordable part of your business model.
To find out more about applying for finance to lease a van from Vans4Lease please visit our FAQs