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If you have a question about car finance then we may already have the answer in our Q&A section below.  You can refine your search by category or by searching using a keyword.  But if you can't find what you are looking for then please feel free to ask by clicking on the 'submit a question' button below and we will aim to get back to you within 2-3 working days.

 

Visit the ‘Your finance options’ tool above and answer a few simple questions to help you work out what might be the best product for your needs. As ever, the key to finding the best deal is to shop around. Use our ‘dealer directory’ to find your nearest SAF Approved showrooms who should be able to help you find a lease deal.

Whether the use of a guarantor is right for you is not necessarily just linked to your age. Your credit history, or credit rating, is an important factor, as well as how much deposit you have to put towards a potential agreement. Your local dealership will inform you of how best to proceed with an application for finance, based on your specific circumstances.

Under a standard lease agreement, you are effectively ‘renting’ the car from the leasing company. However, there are many different types of lease. Some agreements give you the option of buying the car outright at the end of the lease, while others require you to hand the car back. Be sure to carefully check the terms and conditions of your lease agreement and ask the lender (lessor), dealership or broker for help if you don't understand your options.

A motor dealer will usually ask to see your current photocard driving licence or a passport and may ask to take photocopies or photos of your ID and you. Your ID will be used to verify your identity as well as your entitlement to drive the car that you are interested in financing. As part of the application process, credit background checks will then normally be performed by finance companies to help determine your credit rating and whether they are ultimately able to provide you with car finance. You may also be asked to answer questions only you know the answer to. The process can vary depending on the systems used by the lender that is providing you with finance.

You are generally prohibited from entering into any new finance agreements as a condition of an IVA, but this will depend on the specifics of your particular IVA.

Yes. Both the car and the outstanding debt become part of the estate of the deceased. If the estate decides to carry on repaying the agreement, because your partner wants to continue driving the car, then the finance company will transfer the agreement into their name. In many cases, the estate decides to terminate the loan and hand the car back, subject to the specific terms of the agreement. The finance company will help explain the options that are available.

An individual is generally unable to take out new/additional credit while in a Trust Deed. You should seek out legal advice based on your individual circumstances.

The person who applies for finance should be the person who drives the car. The terms of the finance agreement will usually state that the applicant must be in charge of the car at all times. The dealer will complete the V5 form (log-book) and return it to the DVLA using the details of the person on the finance agreement. However, it is possible to submit a joint finance application and, if approved, you can ask the dealer to put your name on the log-book.

Yes, given you are applying to buy/rent a car on finance then finance companies are likely to want to check your entitlement to drive that car. A motor dealer will typically validate your driving licence in the showroom as part of the finance application process.

Most finance companies require an applicant to be 18 before applying for finance. One reason for this is that a finance company will need to review information on you, such as your credit background, before making a lending decision. For example, at 18 you will appear on the Electoral Register which helps verify your postal address. However, you may be able to apply for finance with a guarantor (for example, a parent) and other factors such as how much deposit you are able to put down play a part. Your local dealership will inform you of how best to proceed with an application for finance, based on your specific circumstances.

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