If you are looking to buy your first car you may be uncertain of the procedure for getting finance. You may be just starting your first job but have reasonable prospects and believe that you can afford the costs involved in running a car. As long as you have reached the age of 18 and are looking to borrow a minimum of £2,000 then you are likely to find someone willing to advance the money as long as you can show your ability to pay the monthly installments.
Good clients wanted
You may not even have passed your driving test yet, but that is not a reason why you would be turned down. While there is no guarantee of approval you will certainly not be turned down on the basis of having no real credit history. The first priority of lenders will be to satisfy themselves that you will be a good client.
You can apply online or talk to an adviser if you wish. You will need to provide identity details and a financial case showing your regular income and monthly expenditure. You will need to take into account the monthly installment cost, insurance, service and fuel costs.
No hidden fees
There will be no administration fees if you find a good company nor any need for a deposit as your financial case will be intended to show that you can pay the total purchase price of the car. The transaction will be completely confidential and no third party will have any details of the transaction.
You should be able to get advice on insurance if you wish and you can compare the quotations with any other quotes you get from elsewhere. There will certainly no preconditions about accepting other services as a condition of the approval of a loan.
Purely your choice
Knowing that you are approved before you even begin to look for a car means that there should be no restriction as to the dealerships you can talk to before choosing your car. They will all be happy to talk because the market is only just beginning to pick up. You are effectively a cash buyer and as such you should be able to negotiate a good deal. It may be your first experience of buying cars on finance but you should be able to get some discount on a listed car price as a cash buyer.
Once you have chosen within the limits that you have been set then you simply need to give your lender details of the car and the dealership involved. It will pay the dealer directly by bank transfer then you simply need to call in and collect your keys. You will now be the proud owner of your first car subject of course to your being able to pay the monthly installments for the term of the loan.
Obtaining car financing online is a fairly straightforward process. Find a website which is easy to understand and navigate, take a look through the pages and see the services on offer and if you are interested – get in touch and discuss things further.
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