What happens during the credit check when leasing a car?
When leasing a car, the leasing company will perform a so-called credit check to confirm the applicant's creditworthiness and ability to afford the car in question.
The credit check delves into various aspects of the individual's financial history, having a close look at past loan repayments, the status of outstanding debts, credit card usage, and any instances of defaults or late payments. This examination foremost protects the customer, since it confirms that the new lease would not throw them into debt. According to Swiss consumer and credit laws, it is illegal to grant credit to somebody who is in danger of slipping into over-indebtedness.
Furthermore, the credit check helps the leasing company gauge the financial behaviour and reliability of the applicant, assessing their risk level as a borrower.
gowago.ch conducts its credit checks in conjunction with Migros Bank, ZEK, and CRIF.