Once you have established how much you can afford to spend, and you are happy with the costs of the credit facility, exactly how long does it take to buy a car on finance?
A Question of Company Policy
Underwriting policies and procedures can differ significantly from one lender to the next, therefore car finance processing and completion times may vary. Depending on who you work with, car finance can take as little as a few days to several weeks.
Here are just a few tips and guidelines for speeding up the process of getting approved for car finance and getting your hands on your dream car:
1. Calculate Your Budget
Your lender will carefully consider whether or not you can afford car finance you are applying for. Using a car finance calculator to calculate repayments is extremely helpful as this provides a basic overview of your overall costs. Attempting to borrow more than you can afford guarantees delays and complications.
2. Consider Your Credit Rating
If you do not have a particularly strong credit rating, you will need to target car finance companies that welcome poor credit applicants. Wasting your time on mainstream banks and lenders will only put your credit report at risk of further damage, as you are more likely to be declined.
3. Prepare Your Documents in Advance
Even if you apply for car finance online, it is still necessary to provide supporting documentation; proof of employment, proof of income, bank statements, driving license and proof of address. It is worth ensuring you have the paperwork you need in advance in order to avoid any delays.
4. Work with a Reliable Broker
The best way of speeding things up is to apply for car finance with the help of a reliable broker; along with handling most of the complexities on your behalf, they will know exactly which lenders to target to suit your requirements. This means less time wasted on formalities and a much lower risk of rejection.
For more information or to discuss your requirements in more detail, contact a member of the team at UK Car Finance for an obligation-free consultation.