How long does it take to reach a decision on my car loan application?

How long does it take to reach a decision on my car loan application?
Asked by Sam
April 30, 2008
Hi Sam, We can normally establish a decision in principal within the same working day if you apply before 12pm. We generally provide credit limits subject to income. Have you applied for car finance yet? Kind Regards, Rachel
Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 7 People

5 years
Total cost of credit £ 2000
Total repayment £ 2000
48 monthly
payments of
£ 245 98

Rates from 7.9%: the exact rate you will be offered will be based on your circumstances, subject to status.

Representative example: borrowing £6,500 over 5 years with a representative APR of 20.7%, an annual interest rate of 20.7% (Fixed) and a deposit of £0.00, the amount payable would be £168.48 per month, with a total cost of credit of £3,608.67 and a total amount payable of £10,108.67. 

We look to find the best rate from our panel of lenders and will offer you the best deal that you’re eligible for. We don’t charge a fee for our service, but we do earn a commission. This does not influence the interest rate you’re offered in any way.


Hire Purchase (HP) related questions

Hi, I'm wanting to get a car on Hire purchase but don't want to go ahead with it if there's a possibility I could get declined. My credit score is 898 and I don't have any late payments or any ccj's. I recently applied for a personal loan of £2000 and got

Asked by Leanne Skolosdra
April 30, 2008

Hi Leanne, from what you have said we'd may be able to get you approved for hire purchase as you have a good credit score, no missed payments and some current active credit accounts. I'm assuming that you have a UK licence and can prove your income if requested . Please make an application when you're ready and if approved you can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Rachel

Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 7 People

Hello, I've just asked an insurance company if I purchase a car on finance and I'm the registered keeper can my son be named driver. This was the reply. Dear Mrs Cart, If you are the owner and registered keeper of the vehicle we will not cover this vehic


April 30, 2008

If you have taken out car finance to buy a car and are its registered keeper, then your insurance must be in your name and someone else can’t insure the car on your behalf. However, if you would like someone else to be able to drive your car then you may be able to add them as a named driver on your policy. Bear in mind that this could affect your insurance premiums.

Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 8 People

Hi Rachel, I'm after a car loan very quickly. Can you give me an instant decision if i apply for car finance today? Please hurry back, Y!

Asked by Yukko
April 30, 2008

Hi Yukko, thank you for using the Q&A.

When we receive applications, we'll take a look at them in detail to ensure we are finding the best deal for individual circumstances, with our aim being to get a decision back to our customers within 1 hour.

Please make an application when you're ready, and if approved, you can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Rachel

Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 9 People

My son wants to buy a new car, but he only works for an agency and cannot get finance. The garage have told him to get me, his father, to take out the agreement in my name, but with his bank details on it. I understand that I will be liable if things go w


April 30, 2008

No, unfortunately you can't apply for finance on someone else’s behalf. There are lenders on our panel that ask that the person signing the agreement must be the registered owner/keeper and main driver of the car too.

If your son has bad credit or no credit history, you may be able to make a joint application. However, if your son would like to take out a finance agreement in his own name but would like your support during the car finance process, he can give you authorisation to act on his behalf, he just needs to let his account manager know. 

Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 18 People

Hi, I wonder if you can help me. I recently just tried to take finance out on a car and my application got declined because they wanted a guarantor. So, I have now given the dealership the guarantor details. Do you have any approximate idea of how long it


April 30, 2008

The time it takes to get approved for a car loan depends on a few different things. After you apply and we conduct a soft credit check, we’ll look to find a lender on our panel that can approve you in principle, which could happen in minutes. This doesn’t guarantee that we’ll be able to help though as your approval depends on your individual circumstances, further documentation, the vehicle you’re looking to buy, and the lender’s criteria. Your account manager will give you a call as soon as they can to discuss your options. Get a quote to find out more. Rates from 6.9% Representative APR 24.9%.

Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 24 People

Hello Rachel, Is there a limitation on how many cars one person can have on finance at any one time?

Asked by Stacey
April 30, 2008

Hi Stacey, this would all depend upon your credit score and whether the finance company thinks you'd be over committed if they gave you a new car loan. It isn't uncommon for people to have 2 or even 3 credit agreements in their name. How many finance agreements do you need? Rachel

Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 19 People

Hi, I've been approved with Concept and Getmecarfinance, I've seen a car I want at another dealer but I've been told I can only get finance for their own vehicles which I've done some research and doesn't sound to good for me to get into,is there anything

Asked by Elaine
April 30, 2008

Hi Elaine, thank you for your question. If approved with us, you are welcome to get your vehicle from any reputable car dealership in the UK, so we may be able to help you! Please make an application when you're ready and if approved you can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Rachel
Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 9 People

Hi, I just wondered if you used concept car credit? I have heard some very bad things about them and have just been today found a car and paid £100 deposit and got home and have gone though my paper work (I'm going back to get the car on Saturday) and the

Asked by Anna Mangan
April 30, 2008

Hi Anna, Concept Car Credit are slightly different to us even though we do specialise in offering car finance to people across the UK. The benefit of our service is that you can choose any car from any local dealer when approved with us. As Concept have you approved i'm certain we can get you approved too (due to having a similar lending panel) and you may be able to get a cheaper car from a local dealer perhaps. We'd love to help and you can back out if you want to (it's not too late). Please make an application 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
Tim Carpenter Car Finance Expert

Liked by 6 People

Please can you explain how hire purchase works for me? I'm struggling to understand the difference between hire purchase, leasing & contract hire. An explanation would help me decide which route to take. I think it's HP i need but not 100%.

Asked by Russell Armitage
April 30, 2008

Hi Russell, a great question and thanks for using the Q&A. Hire Purchase or "HP" as it's known within the trade is simply a legal contract/agreement where an individual agrees to pay for their goods (in this case a car) over an agreed period of time. Hire purchase was founded in the UK and is now found in many countries worldwide. Hire Purchase is a great option for people with (or without) a deposit but not the full amount for the goods in question. In effect "HP" allows people to hire a car for a period of 12 to 60 months and when all agreed monthly payments have been made you then own the car legally as the contract has been terminated/settled. To clarify, the finance company is the legal owner of the car until all payments have been made. When the hire purchase agreement is signed initially an interest rate will be set in place for the term of the agreement and an installment plan/payment put in place. It is imperative that you keep up to date with your monthly payments otherwise it may affect your credit record and in the worst cases the finance company can repossess the vehicle. Contract Hire & Car Leasing on the other hand is mainly used by businesses but can be used by individuals. Leasing is incredibly simple - you can lease a brand new car (without any initial cash outlay) for a period of 2, 3 or 4 years and at the end of the agreement you just hand your car back to the leasing company for them to dispose of the vehicle. With new cars leasing can be a better option to keep the monthly repayments down but HP has a great deal of benefits too. I hope this helps clear your question up a little and if you're interested please make an application and once approved you can choose a car from any dealer and we also provide a no obligation quote. Kind Regards, Rachel
Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 32 People

Hi there, I still owe £3300 on my car and i am going down on Saturday, as l spoke to a sales person, from Concept Car Credit. My question is - Is it worth the journey as with a budget of £200 maximum a month i'd like a Vauxhall Zafira. Is it worth coming

Asked by Kevin Oliver
April 30, 2008

Hi Kevin, i am aware of Concept Car Credit as they have been in business for many years. If they said you have been approved then i don't think they would waste your time and theirs in getting you to drive down then only to be told that they can't help. Have you explained assertively over the phone that your maximum budget is £200 per month? If so you should be ok. However, if the service and / or the cars aren't up to your expectations please come back to us as we'd be able to help and get you a car of your choice. You say you owe £3300 on your part exchange - what is it worth approximately? If required please make an application with ourselves 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
Tim Carpenter Car Finance Expert

Liked by 41 People

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Finance is subject to status and is only available to UK residents aged 18 and over. Written quotations are available on request.

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