The basic premise for obtaining finance will be the same regardless of the lender. However, there are likely to be slight differences between lenders. This can make the ultimate difference to their ability to offer a product which suitsthat your requirements. This is why it is a good idea to compare options.
There are, however, requirements to which all lenders must adhere when considering an application for car finance. These include:
- Applicants for loans in the UK must be at least 18 years old
- When applying for a loan, most lenders will require that the applicant has been resident in the UK for a minimum of 3 years
- Loan applicants must not be currently registered as bankrupt
Other points which can improve the options available include holding a full UK driving license, having an improving credit score or an existing good credit score, and being able to evidence that you will be able to afford repayments.
Obtaining finance can be more difficult in some circumstances. However, whilst options may be reduced, there are still likely to be lenders that will be able to offer possibilities.