Help & Advice

Income

Income


As your income is going to be used to repay any car finance you are approved for, the lender will always want to know what kind and amount of income you will be relying on to do just that.

There is no absolute minimum amount of income making you eligible for car finance, since different lenders take into account a whole range of factors when deciding whether or not to advance you a loan. Some of our lenders will need to see bank statements or payslips, while others will not.

A declaration of income, supported by documentary evidence of its regularity and amount, is typically required by any lender advancing the finance for you to buy a car – or van or motorcycle for that matter.

That income does not have to come from full-time employment alone, and could be from your own business if you are self-employed, from your pension if you are retired or even from your benefits.

With a large panel of lenders on board, we can even consider car finance applications if you are in receipt of benefits such as tax credits, child benefits, jobseekers allowance, disability living allowance (DLA) etc, if you do not have a bank account or if you have a student overdraft.

Regardless of whether your income is high or low, we have finance options available to suit all financial and credit circumstances – and, in most cases, we don’t require a deposit.

If you have good credit, you may be eligible for some of our lowest rates. We have great finance options for those with less than perfect credit histories too, including for those with CCJs, defaults or ex-bankrupts.

At CarFinance 247, you can choose a vehicle from any reputable dealership in the UK. This doesn’t have to be a car either, as we can offer finance deals on vans, motorbikes, motorhomes and taxis too!

Answer correct as of November 2016

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Best available rate
Total repayment
Total cost of credit

Best available rate

Total repayment

Total cost of credit

We compare products from 18 of the UK's top lenders to get you the best deal.

Hitatchi

Representative example. Excellent Credit

Borrowing £7,500 over 48 months with a representative APR of 16.8%, an annual interest rate of 16.8% and a deposit of £0.00, the amount payable would be: £211.25 a month, with a total cost of credit of £2,640 and a total amount payable of £10,140.

CarFinance 247 is a broker and not a lender

Best available rate
Total repayment
Total cost of credit

Best available rate

Total repayment

Total cost of credit

We compare products from 18 of the UK's top lenders to get you the best deal.

Hitatchi

Representative example. Excellent Credit

Borrowing £7,500 over 48 months with a representative APR of 16.8%, an annual interest rate of 16.8% and a deposit of £0.00, the amount payable would be: £211.25 a month, with a total cost of credit of £2,640 and a total amount payable of £10,140.

CarFinance 247 is a broker and not a lender