If part of your income is supplied by benefits, you may have difficulty getting car finance from some lenders as they may perceive you to be ‘higher risk.’ Your choice of car finance lenders may be more limited, however if you have a good credit rating you have a better choice of getting car finance on benefits.
How to Apply for Car Finance on Benefits
Lenders will assess your chosen finance amount and repayments against your total income, so make sure you can easily afford your monthly repayments with the minimum amount you’ll receive each month.
If you have a bad credit rating, try and improve it before you apply for car finance on benefits. A good credit rating will help to reassure lenders that you can make repayments on time. If you can’t rectify a bad credit rating straight away or need to apply for car finance quickly, having a guarantor with a good credit rating that will make payments for you if you can’t pay may help lenders consider you for car finance.
If you’re refused for car finance, don’t reapply with another lender straight away as each check on your credit file leaves a note, which other lenders can check to see how much you’ve applied for and whether you were successful. If you need to be behind the wheel as soon as possible, check out GCFH’s best car lease deals currently in stock.
Get Car Finance on Benefits Here
At GetCarFinanceHere we work with over 300 different car finance products and lenders to provide the best possibility of obtaining affordable car finance. Although we can’t guarantee that you will be accepted for car finance on benefits, we have a high acceptance rate for all applications. Find out if we can guarantee you car finance within your set budget.
Use our car finance calculator to work out the monthly payments you can afford and apply online today – you could be driving away in your dream car before you know it!