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Is it easy to get car finance? Applying for PCP and HP

Getting a car on finance is a great way to spread the cost of your next car. How easy it is to get accepted will depend on your own circumstances

Car finance

It’s easy to get a car on finance if you fit the requirements – lenders usually look for applications that show a good credit history and stable income, and you should only ever apply for finance on a car that fits into your budget.

As long as you look like a reliable applicant and the car finance company wouldn’t view lending you the funds as a risk, you may get approved for car finance.

If you like the sound of car finance, you can learn more about the process with cinch over on our car finance page.

How easy is it to get car finance? Apply for finance

Applying for car finance is usually a straightforward process.

First, you’ll get a quote on your car finance and decide if it suits your needs using our online finance calculator.

You’ll then apply for car finance online, supplying details like your affordability and address history so the finance company can give you a tailored offer.

Typically, you’ll hear back from the finance company with its decision within 24 hours. It can usually approve your application, approve with conditions, reject, or request more information.

You’ll then have to confirm your offer by doing a digital ID check.

Is it hard to get accepted for car finance?

You’ll usually find it harder to get approved for car finance if you have a poor credit history or have applied for finance on a car that doesn’t fit into your budget.

Car finance companies will review your application and assess your personal details, address history, details of your income, and credit history. All of the details on your car finance application must be accurate to ensure the process runs smoothly.

If your credit history shows that you previously haven’t been great at repaying debts or have missed payments, you might find it harder to get accepted for car finance.

How do I know if I will be accepted for car finance?

The only way to know for sure if you’ll be accepted for car finance is to apply, but you can usually get a good idea by doing a credit check ahead of time.

There are three main credit reference agencies that finance companies use – Experian, Equifax, and TransUnion – and all of these offer an online credit check that will give you an insight into how you look to lenders.

If you find that your credit history isn’t looking great and might be unattractive to lenders, you can spend some time improving your credit rating before trying to finance a car. Things like repaying debts, registering on the electoral roll, and checking for errors in your history can all be helpful.

Can you get car finance with poor credit?

If you have a poor credit history (or no credit history at all) and want to apply for car finance, there’s still a chance you might be accepted.

Some lenders will offer car finance to those with poor credit history but will require you to pay higher levels of interest.

This is because the car finance company will see you as a bigger risk to lend to, and the extra interest is there to give them confidence and peace of mind.

You might end up paying slightly more than you would if you had a brilliant credit score, but it does mean that you aren’t completely unable to get finance at all.

Some finance companies might be happy to lend to you if you can offer a larger deposit. If you're asking for less money on finance and can put down a larger initial payment, the finance company might feel like it has less to lose.

There are also car finance companies who specialise in working with those who have a poor credit history, so it’s worth seeing if that’s an option for you.

It’s always best to check your options with your finance company – it’ll be happy to talk you through and help you out.

Learn more about car finance: