At CarFinance Plan, 85% of customers who apply for finance are accepted by the finance company. If you’re over 18 and know that you can afford monthly repayments, there is a great chance that your application will be accepted.
All lenders have different criteria, but in most cases, if you are between the ages of 18 and 75, you can apply for a car loan. Getting a quote right here and checking your eligibility will reduce the chances of your application being refused – and that is something that makes sense in terms of keeping such refusals off of your credit history records.
You need a full UK licence if you intend to drive the car on your own, however you do not need one to apply for a car loan.
You may be successful in applying for car finance if you are a student, self-employed, in salaried employment, in a regular part-time occupation or if you are retired. In all such cases, you will need to provide some evidence of reliable regular income through earnings or pensions etc. It can be more difficult to find finance in situations where you are unemployed or have highly unpredictable income.
Customers of any nationality can apply for a car loan or car finance if they have a credit history in the UK.
Normally you will be required to prove that you are who you say you are. That may involve the forms of identification such as a passport, driving licence or similar form of irrefutable evidence.
Potential lenders will expect you to give them enough information so that they can check your financial behaviours over recent years. Contrary to some myths, you will not require a perfect credit score to secure a loan under normal circumstances.
Of course, if you have a very problematic credit history including things such as loan defaults and CCJs, it can be more difficult to find financing and any lender will reserve the right to decline your application if your history is particularly poor.
We, however, do work with a number of specialist lenders who may be able to provide bad credit car finance.
You will need to check your finances and other household expenses to make sure you can afford the monthly payments for your new car. The finance company will also check how much they believe you can afford to pay monthly when deciding on how much to lend. Once you have figured out what repayments you can afford, you can search for cars within your budget. If you’re stuck for working out what you can and can’t afford monthly, take a look at our handy finance calculator.
Free, no obligation quote. Any credit score. No deposit. Buy from any reputable dealer. Rates from 5.9% APR. Same day payout.Apply now