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Would I Get Accepted For Car Finance?
23 September 2021

Would I Get Accepted For Car Finance?

A new car is a big purchase, and the right car finance deal can make it much easier to manage by splitting the large payment into more affordable instalments.

Before approving you for a finance agreement, lenders will take a number of factors into consideration. Car Credit Now specialises in arranging used car finance in Barnsley and we make it our mission to help our customers get approved, so we have a good understanding of what finance providers look for. 

Eligibility Criteria

To be accepted for car finance, you must meet some basic criteria:

  • Age - typically, credit lenders will only accept applicants aged 18 to 75
  • Residency - most companies will only accept applicants who have been living in the UK for a minimum of 3 years
  • Employment - finance providers will ask for proof of earnings to ensure that you are in stable employment and have a source of income to pay back what you borrow
  • Retirement - if you are retired, you may still be in a strong position financially so this won’t necessarily prevent you from being accepted as long as you can prove your income from pension, investments or any other source
  • Credit score - one of the biggest factors which can affect whether or not you get accepted is your credit history, and the better your rating, the better your chances of being approved 

Can I Still Get Accepted for Car Finance with a Bad Credit Rating?

The short answer to this question is ‘Yes, you can’! It is easier to get approved for finance if you have a good credit rating, but acceptance is absolutely possible if you have bad credit, you just need to choose the right providers.

At Car Credit Now, we work with numerous credit lenders with different specialities so that we can compare rates for our customers and offer them the best chance of approval for used car finance in South Yorkshire without them submitting multiple applications and gaining several credit checks on their record.


Tips to Help You Get Accepted for Car Finance

There are plenty of things that can harm your credit rating, such as being in debt, CCJs, arrears, missed or late payments. Even if you have never taken out a loan of any kind, your credit score will be poor because there is no record of your reliability with repayments so lenders won’t be able to determine whether or not you are a trustworthy borrower.

Whatever the reasons behind your credit circumstances are, there are ways to make yourself a more appealing candidate for car finance:

  • Check your credit file and make sure all of the information is correct
  • Get on top of your payments
  • Put down as much of a deposit as you can afford to reduce the amount you are asking to borrow
  • Register on the electoral roll so that lenders can easily identify you and confirm your address history
  • Consider a guarantor or a joint application if you know someone with a strong credit score who would be willing to support your application

If you are looking for quality used cars in South Yorkshire, Autozone and Car Credit Now can help you get a great deal! Explore our range of used cars in Barnsley on our website now!