Getting car finance with UK Car Finance is an easy and straightforward process. As a car finance broker, we have access to some of the best and most trusted UK lenders, offering low-rate finance deals! Just like any other broker, we can’t guarantee finance to everyone who applies, and you’ll need to meet our car finance eligibility criteria first.
Being able to provide car finance documents which verify you are who you say you are and your ability to meet car finance payments is an important step in the eligibility process. Prepare your car finance documents in advance to facilitate your application process.
What Documents are Needed for Car Finance?
During your car finance journey, our lenders will need to verify some personal details about you. There are a number of car finance documents we may request from you, which can include bank statements, driving license, proof of living address and a credit check. This helps to prevent fraud, ensure you can afford finance and helps to protect both us and you!
1. Proof of Identity.
Proof of identity is really important when it comes to car finance. Our lenders need to know who you say you are and verify your identity. This can help to prevent fraudulent applications and assist us in finding your credit report. Our lenders may request that you provide your identity by sending a copy of your UK driving license or passport. Most lenders will also require you to have a full UK driving license, so providing a copy of your license can be the preferred method to verify your identity.
2. Proof of Address.
Car finance agreements such as Hire Purchase and PCP are forms of secured loans. This means the ownership of the car lies with the lender during the agreement. It’s important for lenders to know where the car is being kept and by who. Verifying your address can be as easy as supplying a copy of utility bill, council tax bill, or a bank statement.
Most of our lenders also require 3+ years of living address in the UK. Traceability is really important, and lenders tend to prefer applicants who don’t move around so frequently. When using our quick and easy application form, you’ll notice it prompts you to add address until they total 3+ years. If you’ve recently moved to the UK, you may need to contact our team before applying.
3. Proof of Income.
In order to meet our affordability requirements and ensure you can afford to finance a car, we’ll ask for proof of your income and earnings. Through our application form, we’ll ask for things like monthly income, job title, employment status, employer name and how long you’ve been there. To help support the information on your application, we may ask for either/or 3 months’ worth of bank statements and payslips from your employer.
4. Driving License.
As mentioned above, lenders can use a copy of your driving license as proof of personal details such as full name, date of birth, and address. There can be limited options for those with provisional driving licenses, and many of the lenders on our panel require you to have a full UK driving license. By requesting a copy of the license, lenders can verify your license type and that you’re fully qualified to drive in the UK.
5. Credit Report.
When you apply for finance with us, we’ll run a credit check against your credit report. Don’t worry though, this is an initial soft search credit check, which won’t harm your credit score. It gives us and our lenders a peek into your credit history and helps us to assess your creditworthiness.
Car finance with good credit can give you access to the best and lowest rates, as you’re less of a risk to lend to. A bad credit score doesn’t make car finance impossible, but you may not get the best deal. If you’re worried about your credit rating before you apply, follow our top credit-building tips.
Start Your Car Finance Journey Today!
As you complete your paperwork, use our free soft credit check to see if you qualify for finance with our lenders. It’s quick, won’t impact your credit score, and takes just two minutes!