Whether it might be a gap in employment history, time out to look after children, supporting a partner’s career, joint accounts with bad credit or simply your own personal income, there are lots of ways you can increase your chances of getting approved car finance that you probably didn’t even know…
Less outgoings, the better!
Having millions in your bank account wouldn’t mean anything if your outgoings totalled up to billions. Keeping your outgoings low shows credit checkers that you’re good with your money and is a great way to easily increase your score.
Not working? No problem!
No employment income can make it tricky to get accepted for credit but did you know you can make an application whilst also receiving benefits? Many different types of benefits are accepted by car finance lenders.
Is someone else bringing you down?
Having a joint application can be great for your application but make sure your partner, friend, family or spouse doesn’t have bad credit themselves before you go ahead! They might be affecting your credit score if you’ve took credit out in the past and their score has changed since! It may be more beneficial to have your own application but in other cases joint applications can strengthen your application.
Calculate your loan BEFORE you apply
With the car loan calculator from UK Car Finance, you can check your chances of approval before you apply! The calculator gives you a good idea of the finance deal that you would be offered without harming your credit score. Unlike many other finance companies, UK Car Finance provide a ‘soft search’ which doesn’t impact your credit score and only you can see it!
Affordability and income
You would be surprised how many applications are denied because the applicants expectations are too high. If you can comfortably afford a car loan of £5,000, don’t try for a loan that is £6,000. Chances are you would probably get refused and your credit score would take a hit. Make sure you’re being realistic about how much you can afford and take your monthly income into account before you apply.
Don’t let bad credit hold you back
If you already have bad credit, it can be nearly impossible to get accepted with a lender. Each time you get refused for car finance, it decreases your credit score. You should go to who you think you will accepted with first. That’s why you should use a bad car credit specialist that is committed to approving car finance applications other companies would decline!
If you’re looking to improve your chances of being accepted for car finance, consider using the above to help you secure your application!