Frequently Asked Questions
How does financing a car work?
Financing a car means you borrow money to buy a vehicle instead of paying for it upfront with cash. Here’s the breakdown:
- Loan provider: You borrow the money for your vehicle though a loan provider speedy car finance match you with the best rates available.
- Loan amount: This covers the car’s purchase price minus any down payment you make.
- Repayment: You pay back the loan amount, plus interest, in monthly installments over a set term, typically 24 to 72 months.
- Collateral/ down payment: The car itself usually serves as collateral for the loan. This means the lender can repossess the car if you don’t make your payments.
Why Consider Car Financing?
Accessibility: Spreading the cost over time makes purchasing a new or pre-owned car more attainable.
Budget Management: Fixed monthly payments allow for easier budgeting compared to a large upfront cost.
Potential Tax Advantages: Depending on your location, car loan interest may offer tax deductions (consult a tax advisor for specifics).
Ready to Explore Your Options?
Obtaining a Car Finance Quote from Speedy Car Finance is a great first step. We connect you with a network of lenders to find the most competitive rates, simplifying your journey towards car ownership. Remember, car financing involves crucial considerations like interest rates and loan terms. Researching options and potentially consulting a financial advisor can ensure the financing plan aligns perfectly with your financial goals.
Rates From 6.9%
all Credit Scores Considered
Representative Example: Borrowing £7,500 at a representative APR of 11.4%, annual interest rate (fixed) 11.4%, 47 monthly payments of £195.30, total cost of credit is £1,874.47, total amount payable is £9,374.47. Rates may differ as they are dependent on individual circumstances. Subject to status. the exact rate you will be offered will be based on your circumstances
How long does car finance approval take?
The wait for car finance approval can feel like an eternity, but fear not! Here’s a breakdown of the factors influencing the timeframe:
- Application Completeness: Ensure all necessary documents are submitted accurately. Missing information can cause delays.
- Creditworthiness: Your credit history plays a significant role. Strong credit scores typically lead to faster approvals.
- Lender’s Process: Each lender has its own internal procedures. Some offer near-instant decisions, while others take a few days.
Speedy Approvals, Smooth Sailing:
At Speedy Car Finance, we strive to streamline the process. We work with a network of lenders known for their efficient approval times. In many cases, you can receive a car finance decision within minutes.
How hard is it to get car finance?
Car finance seems daunting, but it can be surprisingly attainable! Here’s a simplified breakdown of the approval process:
The Factors at Play:
- Credit History: A strong credit score is a major plus, but don’t despair if yours isn’t perfect. Some lenders specialize in situations with less-than-ideal credit.
- Employment Stability: Demonstrating consistent income helps convince lenders of your ability to repay the loan.
- Debt-to-Income Ratio: This ratio measures your existing debt obligations against your income. A lower ratio indicates better affordability for car finance.
- Down Payment: A larger down payment reduces the loan amount, making you a more attractive borrower and potentially securing a better interest rate.
Remember: Planning and preparation are key. By understanding the influencing factors and taking steps to strengthen your application, you can increase your chances of car finance approval. Let Speedy Car Finance guide you towards a smooth and successful journey to car ownership
Can you get car finance with bad credit?
Bad credit can feel like a roadblock to your dream car. But fear not! Car finance options exist for those with less-than-stellar credit scores. Here’s what you need to know:
- It’s Possible: While a perfect credit score is ideal, lenders understand that situations vary. Speedy Car Finance works with a network of lenders who cater to a wide range of credit profiles.
- Strengthen Your Application: A larger down payment and a co-signer with good credit can significantly improve your chances of approval and potentially secure a lower interest rate.
- Consider Alternatives: If traditional car finance feels out of reach, options like secured loans or leasing with a larger down payment might be worth exploring.
Take Control of the Wheel:
Getting a Car Finance Quote with Speedy Car Finance is a free and fast way to explore your options. It won’t impact your credit score and takes just minutes.