Car Finance Eligibility
If you’re looking to take out car finance, you can use our free eligibility calculator below! Simply apply for a quote, and we’ll let you know whether you’re eligible and how much you should be able to borrow.
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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. But with Wheelie Good Finance, we do our best to offer the following:
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
We’ll try to find a car finance provider for you, regardless of your circumstances. So if you’re concerned about things like negative equity, no deposit, or a poor credit history, be assured that there are specialist lenders who may be able to help.
How Applying With Wheelie Good Finance Works
Here at Wheelie Good Finance, we like to keep things simple. When you make an application with us, there are just three easy steps:
1. You Apply Online
Our online application shouldn’t take more than a few minutes to complete. Each application is assessed on an individual basis, taking into account things like your disposable income and credit history. We only use soft searches at this stage too, which means your credit score won’t be impacted.
If you’d like to know more about the application process, or have any other questions, we’re here to help! Just get in touch with our friendly team, and we’ll do our best to answer any car finance queries you may have.
2. We Search the Market
Once you've completed the application, we’ll compare the lenders in our network, to find a suitable car finance option for you. We’ll take into consideration things like the amount you're looking to borrow, whether you’re able to put down a deposit, and how much you can afford to pay each month.
You can rest assured that our panel is solely made up of responsible lenders, each of which is fully authorised by the Financial Conduct Authority (FCA). This means that the car finance process will be completely transparent, and you’ll be treated fairly by the lender.
3. You Find Your Car
After approval, you’ll know how much you’re eligible to borrow, and you can pick out your new set of wheels! You can do this from any reputable dealer in the UK. Not sure what type of vehicle to opt for? Check out our vehicle guidance section for more information.
Once you’ve found your dream car, we’ll cover the cost to the dealer, and you can drive away happy! You’ll then make monthly instalments to your lender, to cover the cost of the vehicle or the depreciation of the car.
Soft Credit Checks
When it comes to checks on your credit file, it’s important to understand the difference between a soft search and a hard search. When you make an application with Wheelie Good Finance, we only conduct soft credit checks. These checks won’t impact your credit score, and won’t be reported on your credit file.
A hard credit check will generally be conducted after a soft check, by the lender. This type of search will appear on your credit report, and too many hard checks in a short period of time may impact your credit score. That’s why we undertake a soft search first, and then make sure you’re happy to proceed.