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Am I Eligible for Car Finance?
In terms of eligibility, there are four main criteria when it comes to applying for vehicle finance. You will need to:
- Be aged 21 or above
- Have a full or provisional driving licence
- Live in the UK
- Have a regular income
As long as you meet the above criteria, you should be considered for loan approval. Many applicants have other concerns about eligibility though, such as a low credit score.
- Bad Credit Car Finance: Having a poor credit rating can often make taking out any form of credit harder. But car finance deals may be available for people with low credit scores.
- CCJ Car Finance: Just like bad credit, a CCJ is reported on your credit file, and can make acquiring a loan more difficult, but not necessarily impossible
- IVA Car Finance: Whether a lender will consider your application if you’ve been made bankrupt or insolvent will typically depend on how recent these things were
- Negative Equity Car Finance: If the amount you’re paying for your car exceeds its worth, this is known as negative equity. Trading in your car can be challenging with negative equity, but many lenders will still consider your application
- No Deposit Car Finance: A deposit isn’t always necessary for car finance, especially if you’re applying for a Personal Contract Purchase