Am I Eligible for Car Finance
Am I Eligible for Car Finance?
If you’re considering applying for finance to buy your next car, you’re certainly not in the minority. In fact, the latest figures suggest that 80% of new cars and up to 50% of used cars are bought in Britain using finance.
Vehicle finance enables you to spread the cost of your car to maximise affordability. Monthly payments tailored to your budget help your money go as far as possible. But how can you determine if you are eligible for car finance?
Here at PoorCreditCarFinance.co.uk, we consider a variety of criteria which may include the following:
All applicants must be at least 18 years of age and under the age of 75 at the time the agreement is signed.
Our vehicle finance services are open exclusively to UK residents, who are able to prove they’ve lived in the UK for at least three years. Applications are not accepted from temporary residents, though we may be able to secure funding for UK residents with EU driving licenses.
With PoorCreditCarFinance.co.uk, a poor credit score needn’t count you out of the running. Nevertheless, a strong credit score could mean lower overall borrowing costs and no deposit payable.
Whatever type of vehicle you intend to buy, it must be no more than eight years old when the contract is signed and no more than 12 years old when the contract ends. Some lenders instigate a maximum mileage limit of 100,000 miles on vehicles available for finance, though this varies from one financer to the next.
Your employment status must be checked to establish your ability to repay the loan as required. Proof can be provided in the form of three recent payslips or a copy of a bank statement.
If you started your current job less than three months ago, proof of income from your previous job may be used to demonstrate your eligibility. You may find it more difficult to qualify if there are significant gaps in your employment history, or if you are self-employed.
Many of the lenders we work with demonstrate enhanced flexibility when considering applications from customers receiving benefits. You may still qualify for affordable vehicle finance if the majority of your income is derived from your State Retirement Pension, Pension Credit, Incapacity Benefit, Tax Credits, Disability Living Allowance, Local Council Tax Support for Carer’s Allowance.
Applications are welcomed from retirees on the condition that the applicant is under the age is 75 at the time the agreement is signed. Your retired status may in fact contribute positively to your credit report, which could result in more agreeable terms and lower borrowing costs.
For more information on eligibility or to begin the application process today, contact a member of the team at PoorCreditCarFinance.co.uk!