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Tips for getting accepted for car finance

Hello, I would like to apply but before I do I was wondering what is the application criteria for a car loan?

I have a very poor credit score even though I've never had a bank loan, an overdraft or anything but thanks to bank charges on my bank account 6 years ago it's left me with poor credit score. I would love to know some tips to do before applying and how many wage slips do you need as proof of income. Thanks a lot :)

Asked by Carly

Hi Carly, a great question that i'd be glad to answer.

Firstly, we'd need 3 months wage slips to get you accepted for a car loan. Moving on - some tips to improve your credit score and give you a better chance of obtaining car finance are as follows.

1) Make sure you're on the electoral roll at your current address and that your current credit is registered in this address.

2) apply for a small limit credit card with your bank and setup a direct debit to cover the minimum monthly payments.

3) Get a contract mobile phone and don't miss any payments - again direct debit is the best way to go.

4) Have a small deposit ready as this can strengthen your application chances.

5) Make sure you have a full UK licence if you haven't already.

6) Don't apply to multiple companies for a loan as the more searches you have against your name the lower your score will go.

I hope this helps and i look forward to receiving your application. Please apply when you're ready to do so and once approved we provide a no obligation quote and you can buy a car from any dealer in the UK. Kind Regards, Rachel

Tim Carpenter
Answered by Tim Carpenter Car Finance Expert Edited on

Liked by 25 People

4 Years
Best available rate XX% APR
Total cost of credit £ XXX.XX
Total repayment £ XX,XX.XX
48 monthly
payments of
£ 245 98

Representative example: borrowing £7,500 over 4 years with a representative APR of 25.4%, an annual interest rate of 25.4% (Fixed) and a deposit of £0.00, the amount payable would be £239.77 per month, with a total cost of credit of £4,008.96 and a total amount payable of £11,508.96

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