Step 3: Apply for finance pre-approval
Finance pre-approval confirms you can afford the lease and locks in your interest rate before you commit to a vehicle purchase.
Documents you'll need
Most providers offer digital applications. Have these ready:
- Recent payslips (2–3) or employment income statement
- Employment contract or employer confirmation letter
- Driver's licence (front and back)
- Proof of address (utility bill or bank statement)
- Details of existing debts (mortgage, loans, credit cards)
The approval process
The provider submits your application to their financier (often a major bank). Credit checks, income verification, and debt-to-income ratio assessment typically complete within hours for straightforward applications.
Pre-approval is usually valid for 30–60 days. This gives you time to finalise vehicle choice and negotiate price with the dealer before the formal lease is drawn up.
If approval is declined or conditional
Common reasons include high debt-to-income ratio, recent credit defaults, or casual employment without sufficient history. You may be offered a higher interest rate, shorter term, or required to choose a cheaper vehicle. A second provider may approve where another declined.
Key takeaways
- Pre-approval valid 30–60 days typically
- Have payslips and ID ready for fast processing
- Try another provider if declined — criteria vary