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Car Finance Expert Q&A

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Edwin Miles. Underwriting Manager

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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 :)

Posted by Carly on

Answer.

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, Edwin

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Question.

Hi Edwin, I only have one wage slip. Do i need to get more?

Posted by Rachel on

Answer.

Hi Rachel, apologies for the delayed response. To be honest it all depends upon who you get approved with.

If you have a good credit history and you get approved with one of our prime lenders you may not have to prove your income however, if you have a fair/poor credit history and you get approved we'll need 3 months payslips or 3 months bank statements showing your income. Kind Regards, Edwin

Posted by on

Question.

Hi, I'm 18 wanting a car on finance. I have a £2500 deposit and work full time, what's the chances of getting finance and how could I increase my chances? Many thanks.

Posted by Jacques knight on

Answer.

Hi Jacques, thank you for your question.

You have a deposit, and regular income which will help us to find you an approval. Are you on the electoral roll? Do you have any active credit in you own name such as a mobile phone contract? These factors would help.

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, Edwin

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