Car Finance Checklist – What You Need to Get Car Finance
Cars are expensive, and it's not unusual for your ideal motor to cost more than you have in the bank. Even if you can get the cash together, you might not want to blow all your savings on a new set of wheels. This is where car finance can help: there are a number of options that allow you to spread the cost of the car out into manageable chunks. This checklist will help make sure you've got everything you need to apply for car finance.
When it comes to car finance, there’s lots of choice. All options involve frequent payments to a bank or car dealer for an agreed period of time. In some offers, the car will be yours from the start. Others will allow you to return it at the end of the contract as long as you’ve taken good care of it.
To apply for car finance, you’ll need various details and documents. You may also need evidence of certain information, such as proof of address. Dealers may have specific requirements, but this list covers the most common things needed.
- Personal details – full name (and any previous names), date of birth, marital status
- Residential status – i.e. homeowner/renting/living with family, and address history (usually for the previous three years)
- Proof of address – usually need two kinds, with your name on, dated within the last three months (utility bills and bank statements are common)
- Employment details – name and address of all employers (usually for the last three years), job title and proof of salary
- Proof of income – you may need to provide copies of payslips, tax returns and/or bank statements if you’re self-employed
- Bank details for the account you’ll make the payments from
- Driving licence
Car finance may sound complicated, but there’s an option to suit everyone. With any kind of car finance, make sure you can afford it before you sign up, and always read the contract carefully so you know what your options are. So, why not double-check your budget and start shopping for a new or used car on finance today?