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More InformationYes - Once you arrange car finance, you have the freedom to choose a car from any car dealership in the country. No matter where you are located in the United Kingdom, and whatever type of car you wish to drive, car finance puts you in the driving seat with options.
There are dealerships in the country who offer finance packages of their own, or through specially selected partners. However, choosing a finance package in this way limits your options, and you may not be sure you find the best deal for your requirements. When you use NowCompare, you can be confident you improve your options in finding suitable car finance options.
When you use NowCompare, you’ll find the process of obtaining car finance is simple.
You can check a wide range of finance options, with suitable options for people of all backgrounds, needs and requirements. Your circumstances impact on the finance deals you can choose from, so be sure to have your details at the ready.
When you make your application, if it is approved, a customer service specialist will contact you to confirm the approval and provide further information.
Once the details have been confirmed, and you state you wish to proceed, you will provide the lender with valid documentation, and then the fun part of the process begins. This is when you can search for a car, safe in the knowledge you have funding in place to help you get behind the wheel.
If you have already selected a car and need finance to finalise the purchase, you are well placed to conclude the transaction.
Once you choose a car, you should contact the lender with relevant details, and then the process is complete.
You may think the term car finance is a clearly defined one, but you can use car finance for other vehicles too. If you are keen to buy a van, a motorbike, a motorhome, a caravan or even a horsebox, you can obtain car finance when doing so.
If you have been refused credit in the past or you know you have poor finance, it is natural you will have concerns about applying for finance. However, there is good news because many lenders can help drivers arrange car finance, even if they have been refused finance in the past.
There is no such thing as guaranteed car finance. Every application is assessed on its merits, and your circumstances will influence the outcomes. Your age, your income, your employment status and the amount of money you require in the loan will all factor the lender’s decision. The condition of your credit file will also impact the decision.
However, there is a range of car finance options to choose from, and many lenders provide loans which are suitable for drivers who have poor credit. Even motorists who have a CCJ on their file or who have been declared bankrupt can obtain finance.
Your current financial and employment status is hugely significant. Your credit rating often considers your past more than your present state or future, so don’t be too concerned about mistakes in the past coming back to haunt you.
If you can show that you have regular employment and basic income, you will have a good chance of arranging car finance.
There are no deposit car finance options; there are deposit options; there are part-exchange solutions and even guarantor car finance options. There are also some lenders who specialise in bad credit finance solutions. With a variety of options to consider, you should find you can obtain car finance to suit you, and NowCompare is here to help you find your ideal solution.
While a deposit isn’t required for many car finance options, some lenders do take a deposit, and some lenders accept a part-exchange. Part-exchanging your current car helps to reduce the amount of money you need to borrow, which is of interest to many applicants.
Car finance companies understand many people are looking to arrange the most affordable car finance solution. Therefore, offering a part-exchange arrangement helps the borrower to find a more affordable solution, allowing them to pay a smaller amount of money each month.
This is of benefit to the borrower, but the lender can also benefit, because more borrowers will be willing to apply for lending, and the borrower will be more likely to pay the money back. Offering a vehicle in part-exchange also indicates the user is invested in the transaction, another factor which increases the likelihood of the lender maintaining payments.
No matter your credit score, lowering the amount of money you need to borrow is of benefit, so if you can part-exchange a vehicle, doing so may help you obtain a more suitable finance agreement.
There is a lower age limit for car finance, with applicants required to be at least 18 years old. As for older drivers, there is no set age-limit, with each lender firm having their criteria. You’ll find personal circumstances often dictate who an individual lender is happy to provide funds to, so whatever your age, you should accurately present your applicant.
The car finance industry contains a lot of firms, including specialist companies. If your main focus is on finding affordable car finance in your later years, you will find lenders who tailor packages to your needs.
If you are young, you may find some lenders have a specific lower age-limit, or that some lenders want to see established credit history. Some applicants may find this challenging, but there are smart ways you can develop a credit history, including:
• Opening a bank account
• Arranging an affordable type of credit, such as a mobile phone contract
• Make sure you are on the electoral roll with your correct name and address
If you don’t have any credit history of note, you may wish to consider a guarantor loan. This style of finance agreement sees someone who knows you very well vouching for your ability to pay.
If you are unable to pay the loan, the guarantor becomes responsible for the payments. Therefore, acting as a guarantor is a significant responsibility. Before someone agrees to act as a guarantor for you, they should be aware of the duties involved with the role. An ideal guarantor is someone with a good credit history and who would be confident of arranging suitable car finance for themselves.
So, you have made the decision to buy a new car, for the majority of us, the only way to purchase a car is with the help of a car...
To apply for a car loan you’ll need to complete our short application form. We need to know how much you would like to borrow and for how long, your full name, contact details, employment details confirming your income and also any monthly expenditures.
To give yourself the best chance of being successful when you apply for a car loan, you should bear in mind the following:
You will have to be over 18 years of age to apply for a loan on NowCompare.co.uk, each of the car finance lenders we partner with have different APR rates depending on past credit history. We can help with bad credit car Loans, we will only apply to a lender who is likely to accept you.