Fair credit - You may have 2 or more Missed Payments or arrears recorded on your credit file in the last 6 Years & on the Voters Roll, however to be considered Fair credit and not Poor you must not have any CCJ's or Defaults recorded against you & A-Paid or Settled Accounts. The good news is because Hire Purchase Car Finance is secured against the vehicle the risk to the lender is minimised. We have a large panel of lenders that will look to offer a credit option even it you have a Fair credit rating.
We can also help in these cases:
Once a finance lender has given you an AIP (Approval In Principle) they will require some documentation in order to confirm some of the details on your application once you've chosen your car. The amount of documentation depends on your Credit rating, Employment status and Electoral roll Status . However with todays technology it is possible to check most information Electronically without documentation
To obtain car finance you must meet the following criteria.
| Age Limit | The applicant should be min 18 years & max. 70 years. |
| Income | Minimum £1000 Wage or Benefits |
| Driving Licence | Main or Joint hirer must have a Full Driving Licence |
| Joint-applicants | Must be living at the same address |
| Bank Account | Must be able to accept Direct Debts |
| Income & Expenses | Credit Limits maybe set by affordability |
| Address History | Lived in the UK for 3 years |
As the title suggests, you hire the car from the finance company, taking responsibility for it and making monthly payments until you have paid the total amount owed. You are the registered keeper of the vehicle throughout the payment plan and then at the end of the repayment period, you have the option to take ownership of the car.
As you've paid off the cost of the car by this point, all you pay is a small admin fee. This could be anything from £1 - £299+.
HP is good if: