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Helpful tips to get your finance application approved

Credit criteria

Existing lessee

If the applicant is a current or past customer of National Leasing and has a good payment history, there is a high degree of probability we'll approve another lease, providing circumstances haven't changed substantially since the last review and the client shows capacity. Many of our customers have pre-approved credit lines to allow them to purchase equipment without submitting to a second credit review.

Type of business

There are some businesses that have a higher success rate than others and therefore are naturally preferred and weighted more generously. We score each applicant individually and do not automatically reject any one specific business type. However, an applicant in an unfavourable business would have to qualify high in other areas of the review.

Type of equipment

Ultimately, National Leasing finances and owns equipment and therefore needs to understand the type of asset under consideration. We are constantly reviewing our equipment portfolio and conducting research into new and different equipment types.

Financial statements

We endeavour to review credit applications without financial statements, however there are transactions based on amount of exposure or size of transaction, industry type or equipment type where we require a company's financial statements to ensure we make a fair decision. 

Personal credit history

In some instances, a personal credit history is required and we look for a favourable record from credit bureaus, payment history and available credit.

We guarantee a credit decision for transactions under $50,000 within four business hours of receiving all necessary supporting documentation. In fact, many of our credit decisions are made within minutes by our credit scoring software, FastCredit™. If we are unable to provide an applicant with a favourable response, we may suggest a different leasing plan or request additional information to help us find a way to provide funding for the equipment. 

Time in business

We prefer that the business be in operation for a minimum of three years to qualify for one of our standard lease plans.

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