What documents are needed for a car loan?

Hi there, i am sitting my test in mid January. I am 21 years old but my credit rating is fair, not too good but not awfully bad. Anyway, i am hoping to apply for finance the day i pass but was wondering how long the whole process will take? I live in Scotland and have already found the car i want - a 2010 Mini Cooper (costs around £11,000 from the Mini / BMW garage in my area). If i got accepted could i get that car or would it need to be small dealerships i would need to choose from? I will have a deposit of £1-2000 for the car and am employed. Thanks
Asked by Kat
December 1, 2013
Hi Kat, thank you for your question. As you have fair credit and a large deposit i'm confident we can get you approved for finance. We may struggle to get you £10,000 but £7000 - £8000 would be possible depending upon how much income you have. You can get your Mini from any dealer in the UK and we do help people who live in Scotland get car finance. Please apply when you get a moment and we do provide a no obligation quote. 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 9.9%, an annual interest rate of 9.9% (Fixed) and a deposit of £0.00, the amount payable would be £136.44 per month, with a total cost of credit of £1,686.40 and a total amount payable of £8,186.40. 

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.


Documentation related questions

What does being ‘provisionally approved’ for car finance mean?


December 1, 2013

Congratulations - you’ve been provisionally approved for car finance!

But now you’re probably wondering what that means.

A provisional approval – or approval in principle - doesn’t mean it’s guaranteed that we’ll be able to help but it’s a good start.

It means that, based on your application and a soft credit check (that won’t impact your credit score), one of the lenders on our panel has indicated that they may be able to offer you car finance.

Once you’ve been approved in principle, there are a few different factors that can affect whether you’ll be eligible to secure finance or not. The lender will have their own criteria and will look at your individual circumstances, the vehicle you choose, and further documentation.

Don’t worry; your dedicated account manager will guide you through the process and let you know if any restrictions apply.

Will I be approved for car finance?

If you’ve found it tough to find car finance in the past, it’s understandable that you might be anxious about being approved.

But there’s no need to be nervous; once you’ve completed our online application form, we’ll look to find you the best deal from our panel of lenders and get you a decision in minutes! That way, you can get your finance sorted first and choose a car with confidence from any reputable dealership.

Getting a quote won’t have any impact on your credit score and there’s no obligation to proceed, even if you’re approved in principle.

And if you’re looking for bad credit car finance, we could help! Here at CarFinance 247, we work with a panel of lenders so we can look to find finance approvals for people with a wide variety of different credit circumstances.

Not been approved this time? Find out more about being refused car finance here

Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 17 People

I have lived in the UK for just over 2.5 years. I have permanent residency and I have been in my current job for 2 years and one month. I did not have a job in the UK previous to my current job. I have had my bank account for 2.5 years. I am an American c


December 1, 2013

No, unfortunately we are only able to help you find car finance if you are a UK resident with at least three years’ address history.

Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 3 People

Hi, I would like to apply with you. But it requires i put three years worth of address history into the application. I have only lived in the UK for 18 months. I do have a fair credit history and do have a credit profile and one or two other things in my


December 1, 2013

Unfortunately, the lenders we work with do ask that you have at least 3 years’ address history in the UK.

Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 15 People

ive recently applied for finance for around 3,000 but got turned down, my credit expert account says my credit score is excellent but as ive moved 3 times in the last two years and not been on the electoral roll i feel this is going against me, is there w

Asked by Nik
December 1, 2013

Hi Nik, You don't necessarily need to be registered on the electoral roll in order to gain finance. However it can go a long way in helping obtain an approval as it shows the lenders you are traceable. It will also help if you re register any active credit to your current address. There may be something we can do to help you. With regards to your credit profile we will run a shallow credit search (to see which woulod be the best lender for you) which should show as an enquiry on your credit profile but this is the only way to see if we could gain you an approval. Kind regards,Rachel

Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 10 People

I have a credit score of 718 on experian. I have 1 negative factor of (no successfully settled non-mail order accounts) but that's probably because I've only had my bank account and my mobile contract for just over a month now. My name will be added to th

Asked by Spencer
December 1, 2013

Hi Spencer, as you have such a large deposit we should be able to get you approved. Being on the electoral roll isn't mandatory but can help improve our options. You also seem to have a fair credit score which will help our chances. 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 5 People

I'm not a hundred percent sure on what my credit rating is, however I'm pretty sure it's not the best. With a history of payday loans & a few small debts that are all paid off behind me. Is it worth me applying for finance or will I be refused straight a

Asked by Katrina Cole
December 1, 2013

Hi Katrina, thank you for your question. We don't require our customers to have perfect credit scores. In fact, we actually work with a number of lenders that specialise in providing finance to those with previous credit issues/poor credit histories, so we may be able to help you. We can't guarantee an approval but we'll certainly try our best. If you have have 3 years address history, proof of income and a licence, then we'd be hopeful of finding a great finance deal for you. Kind Regards, Rachel
Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 6 People

I'm not registered on the electoral roll and have been declined car finance recently, although I have 2 contract phones and 2 credit cards of which I have never missed a payment on in the past 6 months. I can't seem to think where any bad credit has come

Asked by Michael
December 1, 2013

Hi Michael, not being on the electoral roll could well be causing you an issue or it could potentially be the amount you're applying for. How much finance do you need? If you have a good credit history (which from what you have said you do) we should be able to get you approved for car finance. I would advise to get yourself on the electoral roll before applying though just to make 100% certain. Finally, is all your active credit (cards and mobile phones) registered to your current address as this strengthens your chances. 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 6 People

My situation- I'm a retired police officer with a pension of over £15,000 per year. I have lived in France for 10 years. I have had a Santander current account in the UK for over 20 years, but do not have a UK address. In the next six months I will be re

Asked by Nigel Wake
December 1, 2013

Hi Nigel, thank you for your question. Unfortunately, since you do not have a UK address, we can't help you in obtaining a car finance deal, as all of our lenders only help customers who live in the UK. Apologies that we cannot help. Kind Regards, Rachel.
Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 6 People

Hi, i'm 22 and have worked full-time for a year now and earn about £15000 per annum. Does my age go against me when applying for car finance and the fact that i only have a years worth of employment? I'm not on the electrol roll but i also have a contract

Asked by Ashley
December 1, 2013

Hi Ashley, lenders do indeed take into account an applicants age when assessing how much to lend or whether to approve a person. They are looking for a good, clean & active credit record so they have some history to base their decision on. This isn't however to say that they can't help you as you're 22. You have a better chance of being approved than someone who's 18 with not credit history whatsoever. The great news is that you have a good income and you have a contract mobile phone. Do you have any other forms of credit in your name? The fact that you also have a large deposit also helps massively so i'm confident we can do something for you. I would however advise for you to get on the electoral roll at your current address before applying. Kind Regards, Rachel
Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 8 People

Hi, I'm 26 years old. I have a credit rating of 950 (good) with Experian but I am not on the electoral. My take home after tax is £1850. I have a mobile contract and an overdraft which I rarely use. What finance amounts in your experience do you feel I wo

Asked by Bob
December 1, 2013

Hi Bob, as you have a good credit score we'll be able to get you approved even though you're not on the electoral roll. The amount you can borrow will depend on your income and deposit amount. Can you let me know what this is? Kind Regards, Rachel
Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 6 People

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CarFinance 247 is a trading name of CarFinance 247 Limited. Registered office: Universal Square, Devonshire Street North, Manchester, M12 6JH. Registered in England. (Registration Number 06035525).

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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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