What is the Approval Process for Car Finance?

What do I need to think about before applying?

Your current and future financial situation

Since a car finance contract can last a number of years, it’s crucial for you to consider the likelihood of your financial situation changing in the future. Failure to keep up with payments due to a change in your financial situation can result in debt and repossession of your vehicle. 

Your credit score and credit history

When it comes to your credit score, a lender may reject your finance application if they deem it too low. You can use websites like Experian to check your credit score and what actions you can take to help improve it. 

Once you’re ready to make your car finance application, you’ll want to choose a lender or dealership that will most likely approve your application. At Autozone/Car Credit Now we specialise in poor credit car finance and our team will do what they can to improve your chances of getting your car finance application approved. 

What do I need to start a car finance application?

The documents

For a car finance application you’ll need the following documents:

A form of ID like a full UK driver’s licence or a passport
Proof of address typically from the last three years
Proof of income to show how you will pay back the loan
Personal details like your name, date of birth, marital and employment status

How long does the car finance approval take?

The time it takes to receive a decision on your car finance application can vary from lender to lender. But at Autozone/Car Credit Now, you can use our simple to-complete finance form, and we will be able to provide you with a decision the very same day!

What happens after I receive the decision from the lender?

If your finance application was rejected, then you can ask the lender to explain why it was rejected if it’s not automatically provided to you. You can also take the necessary steps to improve your credit score before attempting to make another application. 

However, if your finance application is approved then you’ll be expected to choose one of the cars from the dealership if you made a general car finance application.