When you are applying for a car loan or any form of loan for that matter it is always advisable to seek some kind of loan advice before committing to any one company. You can seek independent loan advice from a specialist company who deals with this or you can seek advice from a finance company. The best finance companies should be able to offer you some form of guidance, therefore take advantage of any expert advice offered before making your final decision.
What should you look for when applying for a loan?
When you are applying for a loan you should consider the following:
– How much you can afford to spend on repayments
– How long do you want to borrow the money for?
– Interest rates
– Are you in a stable job?
– Your credit rating
– Do you have the funds for a deposit?
– Do you have all the required documents?
– Have you factored insurance in to the cost?
You should make sure you have thought about and prepared for everything in the above list before applying for a loan. Therefore if you have not considered everything on the list above, your car dealer should be able to help you and guide you through the process.
What do you need to apply for a car loan?
If you are planning on applying for a car loan, then you are going to need to tick everything off the following list.
– Good Credit
– No CCJ’s
– Full time stable employment
– Full UK driver’s license
– Proof of address (last three to six months)
– Bank statements (last three to six months)
– Three to six months’ payslips
– Registered on Electoral roll
– Address information for past five years
If you don’t …