Guide to Car Loans
home insurance cover
Applying through a car lender or car finance company
So once you have decided on which car finance company or lender option is right for you, it is now down to the actual application!
You'll need to get some documents together before you start, in most cases lenders and car finance companies will require you to provide:
You must have a bank account suitable for direct debits.
As part of the application process lenders may also check your credit score, this is a score that is given to you based on your past credit history. If you want to find out what your credit score is for yourself, you can do this (for a small fee of around £2) at www.experian.co.uk.
In addition to the general application requirements above, the table below outlines what to expect when applying through a bank or finance company or a car dealership:
Make sure you have read and understood the car finance and/or car loan agreements before you sign them because once you sign you have entered into a binding contract. Keep the car loans and finance agreements in a safe place for future reference along with related insurance documents.
Contact the lender or car finance company immediately if you can't make a repayment or get into financial difficulties to discuss your options and potentially avoid your car being re-possessed.
What are car loans?
|2014 Ask Financially|