How Are Decisions Made on Car Finance? Everything You Need to Know About Car Loan Decisions

Keen to get an instant decision on your car finance? We understand! But before you start applying, check out this video to learn exactly how car finance decisions are made. The more you know, the better you can prepare, and try to get the best deal. We’ll cover what lenders look at when making a decision, and how long it takes to get a decision, and of course, all the different decision factors

Hey everyone! welcome to the carmoola channel.   my name is kathryn, and on this episode we’re  discussing how decisions are made on car finance.   often car finance decisions can seem like magic,  where decisions happen behind closed doors,   if we understand how car finance decisions are  made that might help us get the best

Deal. what   are the main decision factors on car finance? your  credit history, your affordability, your identity   and the car you want to buy. all these checks  your credit history. there are three main  credit reference agencies in the uk, equifax,   agencies will hold certain information about   who you are,

Where you borrow money from, how much  it was, where you live. basically they know all   about you. this will help them verify who you are,  what you do for a living and how you spend your   money. it’s also to make sure that you don’t have  things like you’ve committed any serious crime,   when you apply for finance on your

Car they   how much money you still owe. they’ll review your  credit file, and this will help them understand   affordability. a lot of these companies would   repayments they’re gonna set up for you,   borrowed – the finance you’ve taken out for   account, they’re gonna see what you’ve been   spending your

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Money on for the last 12 months, and  your identity. this one’s nice and easy. they  need to make sure that you are who you say   you are. imagine someone committing fraud and  taking a huge loan out under your name and you   not being able to pay it back! for a lot of these  finance companies they want you to show some id  

Your car finance company want to  overcharged for the car that you’re buying  and they also have a way of protecting you   so how long does it take to get a decision on car  finance? did you know with carmoola, it’s instant.   instant yeah instant! it happens on the app. it’s  as simple as that. as soon as you’ve completed  

Be able to go and buy your car. how cool   is that! really the only thing you need to get  started is your driving licence (because we need   for other providers this process can take   a lot longer. ain’t nobody got time for that! it’s  going to take anything up to a couple of weeks.   that’s after you get an appointment

On the phone,  if you want some more information on  this please do go and check out our other   finance. don’t forget to like and subscribe.   this one on carmoola.com see you soon!

Transcribed from video
How Are Decisions Made on Car Finance? Everything You Need to Know About Car Loan Decisions By Carmoola