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Car Finance Expert Q&A

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Edwin Miles. Underwriting Manager

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Paid in cash - can i get a car loan?

Hi, I'm a full time student but I also work for my Dad part time. I can easily afford the repayments as I currently do on the finance deal I'm on now, but he pays me in cash. Is there a way of making that work for a new finance deal? I'm wanting to part exchange my car for something else. Thanks, Adam

Posted by Adam McDonald on


Hi Adam, this all depends upon your credit rating. If you have immaculate credit we'll be able to get you passed for finance and the lenders won't ask for proof of income so it doesn't matter that you're paid in cash. If you have bad credit it will be an issue as most lenders that we deal with need to see proof of income before they pay out the deal. Proof of income can be shown with payslips or bank statements. If we do get you passed with a prime/high street lender we can take your part exchange off you as full deposit. Just one question for you though - how much is your car worth and how much finance is outstanding? Finally, when making the application don't put down that you're a student as it will be declined instantly. Place on the application, under the employment details section, the job you do for your Dad. Thank you.

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