Can I Get Car Finance?

So you're considering getting car finance for your next car, but are you even eligible? Is it worth going through the application process, only to be humiliated at the end? Well, we've tackled the most popular questions around eligibility for car finance and loans, and you can find all the answers here.

How are decisions made on car finance?

It may feel a bit like a secret science, but there are actually just a few factors that contribute to how companies make decisions on car finance. Essentially, they'll be looking at your credit profile and financial history – they'll calculate your affordability, and they'll need to be comfortable that you've proved you are who you say you are (usually via photo ID). If you're worried about your credit history, there are lots of tools online that help you to see your current credit score, and often suggest ways you can improve it.  Can I Get Car Finance?

Who can get car finance?

Car finance is generally available to anyone over the age of 18 as long as you meet the lender's requirements. Factors to consider include where you're based (usually, you need a UK address), your age, the car you want to buy, current credit score and available income. These are the primary factors lenders take into account when making decisions on whether or not to offer car finance. You'll need to show proof of identity, address and income. The lender will also perform a credit check by accessing your credit report.

Am I eligible for car finance?

Knowing if you're eligible for car finance can help you make the right decisions about your next vehicle purchase. There are several factors that go into determining eligibility, such as your credit score, requirements from the lender and your own personal details. When filling out an application, make sure you're honest and completely transparent. There's no one-size-fits-all approach to car finance, and it ultimately comes down to whether you meet the lender's eligibility criteria.

Can I apply for car finance direct?

Today's technology lets you apply for car finance direct with the lender online. In most cases, you'll get an instant response, unless they need more information about the application. This improved way of getting car finance offers a stark contrast from how it used to work, when it was only available from banks or the car dealership. Today, anyone applying has more control over their application and can spend longer looking for the right finance deal before committing. 

What is the meaning for getting car finance?

Car financing involves borrowing the required fund to purchase a car. You then pay the amount borrowed back over the agreed time period with the lender. Car finance is popular as it allows drivers to have payment flexibility, enjoy a greater selection of cars and boost their credit score by making regular monthly payments. More info