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Car Finance Expert Q&A

Hi, I'm Edwin and I'm here to help you!
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Edwin Miles. Underwriting Manager

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A few questions before applying for car finance

Hi Edwin, I am thinking about applying for car finance but have a couple of questions I would like to get help with first. Number 1: I am not in full time employment as I work for an employment agency, so my work is not guaranteed. For example, this year my earnings have been: March 2012 = £821 net pay Feb 2012 = £490. Net pay for Jan 2012 = £216. Net pay for Dec 2011 = £555. Net pay for Nov 2012 = £584. I have recently recieved a large pay increase so these figures will improve. Would it be possible to get finance on my income history? My income does not need to take into account any household bills, as these are covered by my partners wages. Number 2: I do not have my own bank account and my wages are paid into my partners account. Would i need my own bank account setup and if so, for how long before i can apply? Number 3: We neither rent, nor own our own home. Our house was purchased by my parents and we live here free of charge (an early inheritance which will come to us, mortgage free). Would this effect an application? Number 4: My partner is in full time employment but has a bad credit score (just some defaults and bad council tax payments). Would it be easier for her to apply, even if she does not have a driving licence, or can we do a joint application? Number 5: are there any advance charges for your services? I never deal with any finance company who charge an up-front fee before any finance is in place. I look forward to your reply. Kind Regards, Ian

Posted by Ian on

Answer.

Hi Ian, thank you for your detailed question. Number 1: if you have a good credit record you won't even be asked to provide proof of income so this won't be an issue but if we get you approved with a lender that needs to see proof of income we'll be ok as you're now earning more and you earned £821 in March. Number 2: we can use your partners bank account for the payments to come out of so don't worry too much about getting an account set-up. Number 3: The fact that you live in a house with no mortgage will make no difference to your application - all i can say on this front is that it is very important that you are on the electoral roll. Number 4: As your partner has no licence we wouldn't be able to get her approved for a car loan so that avenue is a no go. Number 5: There are no up front costs to using our service. I hope that answers all your questions sufficiently and i look forward to receiving your application. Kind Regards, Edwin

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