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
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
