What documents do I need for a quick quote or decision in principle for vehicle finance?

Quick summary: To get a fast quote or Decision in Principle (DIP) for business vehicle finance (from roughly £10,000 upwards) you’ll normally need basic ID and address proof for the company directors, company registration details, recent business bank statements, filed or management accounts, VAT registration if applicable, and accurate vehicle/supplier details (quote or invoice, VIN/registration, mileage). For fleets or specialist vehicles lenders usually request extra information such as driver lists, usage profiles and maintenance plans. Complete our short enquiry form for a Free Eligibility Check and we’ll match you to the lenders or brokers best suited to your business. Get Quote Now

Quick checklist for a fast quote / DIP

Provide these as scanned PDFs or clear photos to get the quickest response:

• Photo ID for each director who will sign (passport or full UK driving licence)
• Proof of address for each director (utility bill, council tax or bank statement dated within 3 months)
• Company registration number and Companies House extract (for limited companies / LLPs)
• Recent business bank statements (typically 3–6 months)
• Most recent filed accounts or management accounts (1–3 years where available)
• VAT registration certificate (if VAT-registered)
• Supplier quotation or invoice for the vehicle(s) — detailed price including options and VAT
• Vehicle details: make, model, year, expected annual mileage, VIN or registration number
• Driver list and intended drivers (for funded vehicles)
• Insurance cover note or evidence of intended insurance (often requested before funding)

Why lenders ask for these documents (and what a Decision in Principle means)

Lenders and brokers need enough information to:

• Verify identity and prevent fraud (KYC rules)
• Assess affordability and cashflow (bank statements, accounts)
• Confirm legal status and authority to enter contracts (Companies House info, board resolution where needed)
• Value the vehicle and check suitability for intended business use (mileage, condition, type)

A Decision in Principle (DIP) is an indicative response showing whether you’re likely to be approved and an idea of terms. It’s typically based on a soft credit check or internal underwriting and is not a formal offer — final approval follows full documentation and, sometimes, a hard credit search.

Documents by business type

Limited companies and LLPs

• Companies House number and certificate of incorporation
• Proof of identity & address for directors and major shareholders (photos/scan)
• Company bank statements (3–6 months)
• Filed accounts (last 1–3 years) or up-to-date management accounts if trading less than 3 years
• VAT certificate (if applicable)
• Authority to sign (e.g., board minute or confirmation of signatories for larger fleet deals)

New businesses & start-ups (trading under 12–24 months)

• Director ID & proof of address
• Business plan, cashflow forecasts and a 12‑month projection
• Supplier quotes or invoices showing the vehicle purchase need
• Personal bank statements and possibly personal guarantees depending on the lender

Documents by finance type & vehicle

Hire Purchase (HP) & Conditional Sale

HP is asset-backed finance. Lenders usually want:

• Supplier invoice/quotation
• Accounting evidence that the business can afford monthly repayments
• Vehicle VIN/registration and condition details for used assets

Finance lease / Operating lease (contract hire)

Leasing providers focus on business usage and return condition:

• Anticipated annual mileage and driver profile
• Service and maintenance expectations
• Company accounts and bank statements

Fleet finance & multi‑vehicle deals

For 3+ vehicles or specialist fleet deals lenders expect:

• Company accounts and consistent bank statements showing operating cashflow
• Driver lists, licence checks and mileage profiles
• Signed fleet requirements and vehicle specification sheet
• May require board approval or executive sign-off for larger commitments

New vs used vehicles

New vehicles: supplier quote, expected delivery date, manufacturer warranty details. Used vehicles: V5 registration, full service history, recent inspection report and mileage verification.

Typical vehicle information lenders will ask for

• Make, model, engine size, trim and year of manufacture
• Registration number and/or VIN
• Current mileage and expected annual mileage
• Purchase price, deposit amount and desired term
• Intended use (delivery, sales, hire, mixed)
• Supplier details and whether a trade-in is involved
• Any requested maintenance or warranty packages

How to speed up your quick quote / DIP

Make getting a DIP as fast as possible by preparing and sharing the documents listed above. Practical tips:

• Have ID and proof of address saved as PDFs or clear photos
• Export bank statements in PDF or CSV (many lenders accept accounting software links)
• Provide concise management accounts or a simple forecast for new businesses
• Include an accurate supplier quote with VAT and delivery costs broken out
• Be clear on intended mileage and vehicle use — lenders price risk around these figures

Complete our short enquiry for a Free Eligibility Check and we’ll forward your details to the most suitable lenders/brokers: Free Eligibility Check

What a Decision in Principle (DIP) does — and what it doesn’t

A DIP:

• Gives an early indication of likely acceptance and indicative terms
• Is useful for negotiating with suppliers or comparing lenders
• Usually involves a soft credit check

A DIP is not a final offer. Final approval requires full documentation, identity checks and sometimes a hard credit search.

Common reasons quotes are delayed or declined

• Incomplete or inconsistent documentation (mismatched names/addresses)
• Insufficient trading history or weak cashflow for new businesses
• High mileage or unsuitable vehicle type for some funders
• Adverse credit history or undisclosed County Court Judgements (CCJs)
• Incorrect declared business use vs. insurance/VAT position

Next steps — get a free, no‑obligation quote via UK Business Loans

UK Business Loans does not lend directly. We introduce your enquiry to lenders and brokers who specialise in business vehicle finance (from around £10,000 upwards). Submit a short enquiry and we will:

1. Match your business and vehicle requirements to the most suitable lenders and brokers
2. Arrange a rapid DIP or free eligibility check — many returns within hours for straightforward cases
3. Help you compare offers and decide the next step with no obligation

Get Quote Now — it takes under 2 minutes and won’t affect your credit score at enquiry stage.

Frequently asked questions

Will a DIP affect my credit score?

Most DIPs use a soft credit search which does not appear on credit files. If a lender needs to do a hard search it will normally be after you agree to proceed — confirm this with the broker who contacts you.

Do I need vehicle insurance before finance is approved?

Not for a DIP. Lenders typically want proof of insurance before final funding or delivery, and commercial use usually requires a business motor policy.

Can VAT be included in the finance?

Often yes. Many lenders can include VAT in the financed amount if necessary — check the details with the broker you’re matched to.

Legal & transparency notes

UK Business Loans is an introducer — we do not provide credit or regulated financial advice. We pass your enquiry to lenders and brokers who can discuss formal offers. Submitting an enquiry is not an application and typically does not affect your credit score. Full checks may be performed by a lender or broker at the point of formal application.

If you’d like specialised guidance for vans, HGVs, refrigerated vehicles or multi-vehicle fleet finance, tell us the vehicle type when you submit the form and we’ll include the exact checklist lenders in your sector usually require. For more detailed information on vehicle funding options see our vehicle finance information page: vehicle finance.

Ready to proceed? Complete our short enquiry and receive a Free Eligibility Check and fast quotes from lenders/brokers who specialise in commercial vehicle finance. Get Quote Now