Instant car finance
Instant car finance refers to the process of finding out whether you’ve been pre-approved to apply for car finance. Its usually carried out in less than a minute.
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What is instant car finance?
Essentially, instant car finance is a fast way to find out whether you are eligible to apply for car finance. Once you’ve made the exciting decision to go for it and buy a new or pre-loved car, it’s understandable that you just want to get on with it and for the finance bit to happen quickly.
The good news is that these days, most lenders can decide within minutes whether or not to pre-approve you for a car loan. This decision is based on a few of your personal details, your earnings, employment status, and what’s known as a soft search, which is a high-level overview of your credit history. It is this pre-approval process that lenders mean when they talk about an instant car finance decision. Once you’ve been given the green light, you can then immediately get on with a full application.
Once you have decided to buy a car with finance, the process is quite straightforward. With any lender that offers instant decision car finance, you can find out if you’ll be approved for finance (i.e.
approved in principle) by filling out an online form via their website. Different providers may ask for different information, but as standard, you’ll need to provide the following:
Name, date of birth, address and contact details
Monthly earnings and employment status
A full UK driving licence
The amount you’d like to borrow, if you know
The lender will then run a soft search on you, and together with the information you’ve provided above will decide within minutes if they’ll approve you to make a full application. A soft credit check won’t affect your credit score.
Instant car finance offers a quick and flexible way to check if you’re pre-approved for a car loan, or your eligibility for car financing. If you are eligible, you can move on to the full application process.
This is a smart choice for individuals in need of a car quickly or those with less-than-perfect credit, as it helps you figure out whether you should work on improving your credit score before applying for a loan.