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A guide to underwriting

As identity theft is on the increase we will ask to see copies of items that prove your address or identity. Examples of documents that we accept include utility bills, bank statements, driving licences or passports. We pass this information onto our lenders to confirm that you are who you say you are, and protect your identity. Below is a list of bullet points that our lenders would like to see with our proposals.


For Business based finance applications:

 

Audited/certified accounts
Or Up to date management accounts
Or Business Bank Statements
Financial budgets and projections
Directors details (home address, date of birth, length of time at your address)
Bank credit facility letters

 

For Personal contract finance applications, the following information can be used to support your application:

 

Confirmation of your home address, date of birth and length of time at the address
Proof of your address, sometimes two separate pieces of evidence are required.
Copy of your driving licence
Bank statements

 

In addition to the above, it may also be worthwhile to sign up to the free trial offered by both Experian and Equifax, the credit reference agencies used by most finance companies. By utilising the trial, you can ensure your financial history is as you would expect and swiftly challenge any discrepancies.

There are other factors that can influence underwriting decisions, such as...

 

Exposure on current commitment*
Directors Personal Guarantee*
Cross company guarantee*
Buybacks*
Repayment term and profile (how many advanced rentals?)

 

(*) Denotes preferred required information for Business contracts ONLY

The more information you can provide to assist in proving who you are, and you have the ability to repay the credit you are applying for, the greater likelihood the finance decision will be a positive one.