When it comes to car finance there are a lot of Misconceptions regarding who would qualify, for example, a lot of people think that if they have been turned down by one lender no one will touch them, or if their partner has poor credit it will affect them. So I thought for my first blog I would cover some of the questions I am asked frequently regarding this:
Q: “Can I apply if I have been turned down by other lenders?”
A: Yes, there are many different lenders out there who all have different criteria so don’t be put off if you are rejected by one.
Q: “Can I still get finance if I have a bad/poor credit rating?”
A: As above there are many different types of lenders out there we use lenders who concentrate more on your current affordability rather than a poor credit past.
Q:” I have recently been discharged from bankruptcy/trustee does this mean I cannot get car finance?”
A: No, you can still apply for car finance as long as your trust deed is finished or you have been discharged from bankruptcy. Although your credit score may be low at this point there are companies out there who specialise in starter finance to rebuild your credit rating.
Q:” I am self-employed do I qualify?”
A: Yes, most companies will accept people who are self-employed as long as they can provide proof of their income.
Q: “I only work part-time would I get car finance?”
A: As long as you work 16 hours or more even if you are in receipt of tax credits etc. you can still qualify.
Q “At what age can you apply for finance?”
A: Most finance companies require you to be 21 or over.
Q: ” Can I get finance if I only have a provisional license”
A: It is still possible but most companies require you or your partner to hold a full license when you apply for car finance if you have been declined and can't understand why it could be down to this.
Q: ” I have had CCJS/ county court judgements does this rule me out?”
A: No, again this may mean you have a poor credit rating but there are still companies who will lend.