Is it easy to get a car on finance?

SBCUK

Hi there, in the near future, i'm looking to get a car on finance, with Fiat.

I was just wondering if anyone has any insight in getting a car on finance, is it easy to pass through the credit check? Seeing as the car is virtually the security, you don't pay, dealer get's it back.

deposit would be 3-4k.
thanks.

Car i'm looking to get Fiat Punto Evo 12.5k.

BoGoF

As with any other credit much is dependant on your income and other debts.

Tixy

Its easier to get a secured loan rather than an unsecured loan for the same amount.

But whilst they have the security in principle its not always easy for them to recover the debt, even if they repossess the car they don't know what state it will be in and if its a new car it could already have devalued below the outstanding loan balance, even given the level of your deposit - so they'll still consider the risk factor of a debtor defaulting/getting into arrears etc.
Obviously they ideally want very low risk customers.

SBCUK

Tixy wrote: »

Its easier to get a secured loan rather than an unsecured loan for the same amount.

But whilst they have the security in principle its not always easy for them to recover the debt, even if they repossess the car they don't know what state it will be in and if its a new car it could already have devalued below the outstanding loan balance, even given the level of your deposit - so they'll still consider the risk factor of a debtor defaulting/getting into arrears etc.
Obviously they ideally want very low risk customers.

Hmm interesting thanks

chanz4

Fiat direct finance can be strict, so ensure you have a perfect file