The financial environment has been filled with uncertainty since the Collateralised Debt Obligation problems in the USA a few years ago reverberated around the world. Recovery has been slow and patchy but at least in the UK confidence has been returning far quicker than on the Continent. The recovery of the car market is one sign. The good news is that there are lenders who will guarantee finance if an applicant can satisfy some basic conditions.
Guaranteed car finance from Car Loan 4U makes buying this possible
Identity
It may seem obvious but anyone wanting to borrow online finance needs to establish their identity. You need to be 18 years or older and applications will be welcome up to the age of 75. You obviously need a permanent address that can be verified. You do not need to own the place but proof of a lease might be useful if you don’t.
Bank Account
While banks are fairly reluctant to lend money against anything but the strongest applications, you will need to have a bank account in order to apply for a car loan. This will be the account from which the monthly repayments will be taken over the term of the loan. The assumption will be that your monthly salary will be going into that account.
Employment
The main basis upon which an application will be approved is permanent employment. Ideally the job is one with a regular salary and not primarily commission based. You will have a strong case if you have been regularly employed for a while.
Income and expenditure
Previous credit history is not an important factor in your getting approved for a loan. The decision will be based upon affordability. You may have a number of points to make about this but your bank statements are the prime evidence showing how you have been managing your finances recently. Your regular monthly expenditure will be there on your bank statements, any regular payments for your utilities, perhaps your mortgage or other loans.
The statements need to demonstrate that you can afford to repay any loan that is approved. It is important to remember that there are additional expenses in running a car that must be borne; insurance, maintenance and fuel spring to mind immediately.
It is fairly simple to provide this information and a decision will be made in no time once everything has been lodged with the lender.
Guaranteed car finance from Car Loan 4U comes with the security offered by the Financial Conduct Authority which regulates the financial sector in the UK for the protection of the consumer. It is important to ensure the integrity of any company you are considering using when it comes to finance. It is taken as read that you do not approach anyone who is not licensed in the industry.
Buying a car is a major purchase, second perhaps only behind the purchase of your home. It is not as difficult as you might think thanks to a new breed of lender that concentrates on the important factor of affordability. You can make contact today and you will receive a friendly welcome.
