Car finance can be very daunting as you are entering into and agreement in which you make monthly payments to end up with the ownership of the car. However if you are unemployed this can make it even more difficult yet not impossible. Being unemployed usually means lenders can see you as unreliable to lend to but this isn’t always true and with the right documents there is a possibility that you will be able to get you finance. Lenders want to lend responsibly and ensure that the people they are lending to can make the repayments comfortably, these people usually have good credit scores. We can help a big range of people including people with the circumstances of benefits, ccjs. Defaults, arrears, self-employment and employment. Whatever your situation is we will try our best with the knowledge of our finance specialists have we may be able to help get you into your new car.
The repayment plans are usually worked out around the affordability of the client. Even if you have been previously declined for having bad credit, this is an area in which we may be able to help you with. Having bad credit isn’t always a issue, it is an area we can help with. If you would like to check if you are eligible you can do so on our online application.
Car finance if I’m unemployed?
If you are unemployed it usually means you have an income that comes from benefits. We can offer car finance if you are on benefits including those who are on disability allowance and personal independent payment. We try to make this process as simple and stress free as possible to ensure that you get a car that is in your price range and has affordable repayments for your current income.
How do I do it?
We have an online application that is accessible from both your phone and your desktop, or alternatively you can give us a call and talk to one of our finance specialist who will walk you through the process of the finance application and give you all the details you need to know. If your finance application is approved and you know how much you are able to lend you can then pick the car that you are interested in and then you can proceed with the process. If you speak to one of our finance specialists you will be able to specify your budget for monthly payments.
How does it work?
Once you are accepted and you have explained your budget, you can begin to look for cars that fit into this. Here at The Car Finance Companies we have a large range of cars that are available that are all different in spec, price and year. If you give us a call we can give you a breakdown of the overall cost of the vehicle including the monthly repayments, the tax etc…
What can affect my eligibility?
There are different situations that can effect you ability to apply for car finance with us if you are unemployed and on benefits including:
- IVA: If you have an IVA which is an individual voluntary agreement then the chances are that you will need written permission from your insolvency practitioner before you can apply for finance. If it is that you have had an IVA in the past then this isn’t something to worry about as it wont affect you as it has been settled.
- CCJ’s: Do you have an outstanding CCJ (country court judgement)? This won’t stop you from getting finance it will just mean that your application will be reviewed.
- Unemployment: If you are on benefits then this won’t prevent you from applying for car finance but you will have to be able afford the repayments which will be checked with an affordability check. We do however do not guarantee that you will be accepted for car finance, but we will try our best to help you the best we can.
- Bankruptcy: this will mean that you will not be approved for car finance however if you were in bankruptcy previously but it is now discharged then you will be able to apply.
- Late repayments: if you had a repayment schedule from another different credit agreement and you fell behind with you repayments then this could possibly affect your application and its successfulness of it. If you can, it maybe worth getting the payments back on track and not missing anymore payments.
So why choose The Car Finance Companies?
We want the best for our customers and here is some reasons to why we may be the best to help you.
We are very supportive when applying for your finance and we will keep you up to date with your application and where it is up to. We want your experience with us to be stress free and easy to ensure you get the best rate for you. We also have great reviews from previous applicants that have brought their cars off us before. These can be found on our Facebook and google pages. We are a professional and experienced within getting finance with people with bad credit. We will try our best to ensure you are given the premium service when you are looking at getting finance whilst you are unemployed.
Here at the Car Finance Companies your journey is important to us. We will try our best to ensure we get you the best rate for your situation. We have a large range of cars available so why not give u a call and we’ll see what we can do for you.
The Car Finance Companies provide you with a massive selection of used cars and vans. We are based in Liverpool, Merseyside but can deliver UK wide. Check out our stock range and give us a call on 0151 523 4000 to get started on getting that dream car today!