The process of applying for car finance is one that can often be incorrectly deemed as being overly long and confusing by some motorists, hence them not previously wishing to go down the finance route when purchasing their first or next vehicle. However, as we will explain, the process is not as arduous as the aforementioned myth would suggest, and here at Accept Car Finance, we play a vital role in streamlining the process and making it much easier for the customer. In this article, we will go into great detail about what the process of car finance involves, and other elements which can impact a potential client’s eligibility to be accepted for a car finance plan.
What To Consider Before Applying
A car purchase is a major financial decision, so it should be given sufficient thought and consideration before progressing with the application process, even if you have bought a car in the past. Determining what your budget is in line with your current and projected income sources will be vital, as this will not only narrow down the choices that you have to a feasible level, but it will also prepare you to work out just how much funding you will need to set aside for the finance plan. It is also worth conducting sufficient research on the various finance plan options; as we will explain in an upcoming article, there are key differences between a Personal Contract Purchase, a Personal Contract Hire, a Hire Purchase, and a Personal Loan, so being mindful of these elements to work out which plan would most suit your preferences is highly recommended in advance. And you should also have some idea as to what type of car you are looking for based on your circumstances, from the number of seats to the age of the vehicle to its fuel source, which will make it easier to find a model that ticks all of the boxes for you.
What Is The Process Of Applying For Car Finance?
Assuming that you have done your homework or that you are at least at a stage where you can start to get some idea of what the quotes are like for a car finance plan, we recommend that you check out our Apply Now option on our website. Here, you can supply your basic contact information, at which point you can start to complete several key fields that will narrow down our full stock in order to pick out cars that would meet your requirements. We recommend using our online Calculator, which will more clearly define what your maximum price and what the most suitable duration for the agreement would be in line with costings. Because this would be an early stage, this is essentially a speculative enquiry, but it comes with the assumption that you are genuinely looking at making a purchase. Once you have submitted your request, you will receive email notification that we have accepted your enquiry, and you will hear from us shortly thereafter about the next steps.
What Questions Can I Expect On The Car Finance Application Form?
The finance form will require all of your personal details being completed with full accuracy, and with a note that any future changes (such as moving house) would have to be reported to the finance company at the appropriate moment. You would need to insert all of the key aspects pertaining to your driving history (including your currently-active driving licence), which includes any past vehicles that you have owned and what payment plans were in place for those cars, as well as, crucially, whether those plans were completed. Some finance companies would ask for more details which we might not seem relevant, especially if they are offering deals that include insurance perks, for example. There will also be questions relating to your insurance and your history on the road (i.e. whether you have had to make any insurance claims or if you have been involved, even as the victim, in a road traffic accident in the past). In addition, there will be questions about your current financial situation and your current source of income, which will prove vital to a plan receiving the green light, as well as your credit score.
What Happens After I Submit My Car Finance Application?
At this point, we will then pick up on your enquiry, getting in touch via telephone and/or email to find out further details about what you want from your new car. At that stage, we will then handle the key tasks that would identify the best vehicles tailored to your situation, and we will also prepare all of the necessary paperwork for you to complete, with you then being asked to make the choice on a particular car and to decide if you are 100% on board about going ahead with buying that vehicle. This will either be handled via phone/email or preferably with you coming to visit us to sign the contract in person. Before an application is accepted, though, we would check that everything is in place to allow you to successfully handle your purchase, primarily ensuring that all of your personal information is accurate, that your licence and insurance are appropriate, and that your financial situation would be feasible when it comes to keeping up with all of your payments, even those that might be a few years away. Simply put, we will make sure that you are in a position to handle such a purchase, and only when this has been absolutely confirmed would we then initiate the finance plan.
Can I Apply For Car Finance If My Credit Is Bad?
Many drivers are concerned that, if they have a poor credit score, they cannot apply for a finance plan. This is not necessarily the case, especially if you can prove with sufficient evidence that it may not be your fault as to why your credit is low; perhaps, for instance, there was a recent redundancy at your old job which severely impacted your credit rating, with you being collateral damage from a larger situation. That being said, we would take into account that if you had a longer-term history of bad credit, it would call into question whether you would be able to make all of the required payments, including any required initial deposit. We should note that this would not rule out the possibility of you being able to apply for a finance plan, but it would limit what would be deemed to be feasible options from a pricing standpoint, so you may have to settle for a cheaper or older vehicle while your credit situation is improved.
How Can I Improve My Credit Score?
Ultimately, your credit score can be changed for the better, and depending on how negative it is, it may not actually take that long to move it into a positive direction. Removing any and all unnecessary debts, such as unwanted subscriptions or selling off any items of value that were bought without completely thinking about whether they were the right decision, would be a good start. Identifying the reasons for your low credit will also help you to manage your spending in the immediate future, and if it happens that you were indeed a secondary victim of a larger financial setback (such as a business going under), this process should become a little easier. The key is to streamline your finances in the short-term to allow you to be in a stronger position to make crucial purchases in the long-term.
Accept Car Finance have a long and storied history of arranging feasible, fair and affordable finance plans for customers who wish to buy a car. We will ultimately handle all of the key tasks involved, and we will do everything that we can to make sure that you are paying as low as possible for the best possible vehicle to meet what you need from your motor. From your end, it is about supplying as much information as you can on what you are looking for, and backing this up with accurate details of who you are and what you do, your finances, your driving history and your insurance. The process can be relatively fast and easy if you come into an application with all of the required details, and we are also able to quickly identify any areas of concern, along with suggestions on what you can do about that, whether it be finding clarification on poor credit causes or advising on alternatives for cars that would be more suitable in line with your bank balance. In any event, Accept Car Finance are the perfect people to come to not only to buy a car on finance, but for the process involved to be made as simple and customer-friendly as it could possibly be.
Want to know more about the process of applying for any of the four major car finance options? Call us on 01925 599079. Over 95% of our stock is available to everyone as we offer cars with no deposit deals at unbeatable low fixed interest rates.
As part of our services, we deliver the car to your premises of choice within the UK. Lately we have delivered cars in most major towns including the Southern cities & midlands: (London, Birmingham, Leicester), Northern cities (Manchester, Liverpool, Sheffield, Leeds, Newcastle), and Scottish cities (Edinburgh, Glasgow).