Have you ever wondered if you were qualified for vehicle finance, or what vehicle finance actually entails?
Here are some frequently asked questions about vehicle finance, answered just for you.
What Exactly is Vehicle Finance?
Vehicle Finance is a way to allow you to pay for a vehicle over a certain amount of time, rather than all at once.
This often times makes it easier to afford a vehicle.
How Long Does The Process of Vehicle Finance Take?
The process shouldn’t take more than 48 business hours. Keep in mind, though, that there is a lot of work that has to go into this process.
A credit assistance provider will have to help you clarify certain things before you can get vehicle finance.
- The credit assistance provider should make sure that the loan the provide you meets your needs.
- The credit assistance provider should make sure that the loan won’t put you in financial danger right away, or during the course of your loan term.
Once these things are clarified, you’ll get the okay to go ahead on your vehicle finance.
Who Exactly Qualifies for Vehicle Finance?
Because of the various firms, lenders, and various circumstances from person to person, there isn’t a clear answer to this. It all depends on the aforementioned situations.
However, there are many option to choose from when applying for vehicle fiancee, so everyone should be able to find something that works for them.
What Are My Vehicle Finance Options?
- Hire Purchase (or HP) — The option has you put up an upfront deposit. Then you pay off the rest of what you owe in monthly installments.
- Personal Contact Hire (or PCH) — This option is also known as personal leasing. The option allows you to rent a vehicle for a certain amount of time. After that time has ended, you just hand over the vehicle.
- Business Hire — Like the Hire Purchase option, this option has you put down an upfront deposit, and then finish the payment in monthly installments. Afterward, you can choose to keep the vehicle, replace the vehicle, or return the vehicle.
What Do I Need for Vehicle Finance?
- Your driver’s license.
- Your insurance card.
- Your two most recent pay slips.
- A list of references — however, not people who live with you.
- A proof of your residency.
- Any trade documents with a title and registration on the documents.
Can I Transfer Vehicle Finance?
Yes. This is not as simple as taking your finance from one vehicle to the next, but it is doable.
- Pay an agreement early to get a new vehicle.
- See if your dealer will settle the finance.
- Or see if you’re protected through the Halves and Thirds Rule.