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Car finance application process
Hi everyone
I'm *considering* taking out car finance on a new car but am trying to do as much homework as I can before I go ahead with anything. One thing that made me wonder is what exactly is the process for applying for car finance?
Do they run your details through (just personal, income etc) and do a credit check on you, come back with an "upper-threshold" or something to say the max they can lend you on a car + the APR% etc.
or do you have to specify exactly what you want. e.g "I have 1k deposit and I want that 7k car over x months, and then they come back with a yes/no answer?
Hope everyone understands my question and any guidance on this will be greatly appreciated. Thanks
I'm *considering* taking out car finance on a new car but am trying to do as much homework as I can before I go ahead with anything. One thing that made me wonder is what exactly is the process for applying for car finance?
Do they run your details through (just personal, income etc) and do a credit check on you, come back with an "upper-threshold" or something to say the max they can lend you on a car + the APR% etc.
or do you have to specify exactly what you want. e.g "I have 1k deposit and I want that 7k car over x months, and then they come back with a yes/no answer?
Hope everyone understands my question and any guidance on this will be greatly appreciated. Thanks
0
Comments
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My first point of call would be my bank - ask them how much you can borrow and at what rate - then go and see the dealer and ask them how much you can borrow at what rate.
YOU then are in control - you decide what is best for you.
Leave it up to the dealer and they will decide what is best for them.0
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