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Answering five key questions surrounding vehicle finance

You’d normally not have to wait more than 48 hours to get approved for vehicle finance, but keep in mind that credit assistance providers have to run checks on the following before approving:

 

1. That the loan product they offer meets your objectives and requirements

2. That there isn’t significant risk of the loan putting you in any immediate financial hardship.

3. That there isn’t significant risk of the loan putting you in any financial hardship at any point during your loan term.

 

What do you need for vehicle finance?

 

Your driver’s licence, insurance card, two most recent pay slips, proof of residency (e.g. a utility bill which has your name printed on it, a list of references not living in your household (each of these individuals should be referred to with their name, address and contact number) and any trade documents you have to hand in (with a title and registration featured).

 

How do I transfer vehicle finance?

 

Swapping your finance over from one vehicle to another isn’t easy, but it is in an option that is available if you meet certain extenuating criteria.

 

• Settle the finance yourself if you have the money to pay off the agreement early

• Make an enquiry with the dealer to see if they perhaps can’t settle the finance and transfer the value across the new finance agreement.

• Call in your Halves and Thirds Rule protection (if you have it), which would give you the opportunity to voluntarily terminate your initial agreement if you’ve paid at least half of the total amount (including the deposit and payments).

Originally posted 2017-03-08 13:29:44. Republished by Blog Post Promoter