How Long Does Car Finance Approval Take in the UK?
If you are considering applying for a credit agreement to spread out the cost of a new vehicle, you may be wondering how long it takes to gain car finance approval. Typically, car finance applications can take up to 2 days to be approved, although some lenders will give you a decision the same day that you apply and others may take longer to respond.
It may seem like a long wait knowing that the decision could impact your chance to get behind the wheel of your dream car, but the decision-making process has been streamlined over the years and it is actually far quicker than it used to be, especially with online applications becoming more widely available.
What happens during the decision-making process?
During the decision-making process for car finance acceptance, your application will undergo a series of checks. First, a soft credit check will be done to analyse whether or not you may be an appropriate borrowing candidate. This will involve an initial look at your credit report and the search won’t appear on your record. If this is successful, the next stage will be a hard search and this will appear on your credit record. This check involves a more thorough inspection of your credit history where lenders may look at things like missed payments, CCJs and arrears, which could lower your credit score and make it more challenging, but not impossible to get accepted for finance.
How long does finance approval take with Motor City Plymouth?
Motor City Plymouth specialises in arranging car finance in the UK and we work with a panel of experienced lenders to help our customers get a fast decision and an unbeatable deal. We aim to give you a decision within 48 hours if not the same day you apply, but as an extra measure, we offer an online car finance checker which allows you to check your eligibility and predict car finance approval or refusal before your application is seen by lenders. The eligibility checker is free to use and will not affect your credit score.
Can I help to speed the process along?
If you are wondering ‘How long does car finance approval take in the UK and can I do anything to make it quicker?’, here are some tips that might help speed things along:
Apply first thing in the morning
Allow plenty of time for your application to be reviewed and increase your chances of getting a same-day decision.
Have your documents ready to submit
Lenders will ask for proof of income and address, and providing these as soon as possible will help to ensure that a decision is swift.
Check if you are eligible
One reason for car finance being refused is that the candidate is not actually eligible to apply in the first place. Different finance providers have different requirements for lending, for example, some cater only to individuals with a good credit score, while others specialise in bad credit, and some will set minimum income requirements. It is always best to read through the conditions before making an application which could leave a mark on your credit record. If you are worried about this, that’s where Motor City Plymouth’s free online eligibility checker comes in handy, as it won’t affect your credit score but it will help you determine whether or not you meet the application requirements.
