UK car financing for new drivers is applicable if said driver is at least 21 years of age and lives in the UK.
If you wish to apply for financing for a used or even a brand new car in the UK, you need to provide a number of documents and information as proof of your identity. The car loan officer you visit will also look up more information about you from third parties before finalising a deal. This includes checking on employment references from past employers to ensure that you are eligible for the loan.
The finance company will also ask for some credentials and personal information on the finance application you must complete. This will include the specific details of the car you need along with the exact amount you will deposit for monthly payments. Once the application has been approved, you will need to provide a proof of income to confirm that you can make said payments without reneging.
You will also need to provide some personal information to confirm your identity. This will include your full name and any name you might have had in the past along with your date of birth, residential status i.e. whether you live at home, with your parents etc, along with complete address history for the last 3 years at least.
Once you understand the type of financing you are applying for, take the time to read every quote and offer in the contract you are given. This should be done before you commit to anything and make sure you understand all of the terms, conditions and obligations. All financial quotes should be in writing as well and this is in fact a FCA requirement. The agent you deal with should give you a complete and accurate quote for the vehicle you choose.
A quotation that is FCA compliant should give a detailed breakdown of all of the charges, fees and the total cost you will incur when borrowing. You should also be given Pre-Contract Information along with Adequate Explanations which will give you a snapshot of what exactly you are signing up for and agreeing to.
In other words, before signing on the dotted line for a car loan, make sure your rights are being respected and none of your queries is left unanswered. The car loan officer should have your best interests at heart so that you can acquire a deal and car that can fulfil all of your needs.
Driveway Autos has more than 20 years of experience helping clients like you who have suffered in life and have a bad credit history, ccjs or bankrupt status. A car can do wonders for your self-esteem and will ensure you do not have to rely on others any longer. So, apply for your car finance today and see what you have been missing out on.
Apply for car finance for your new car from us today.
You can also call us on 01733 367727 for a friendly, helpful service.
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