Step by step finance process
The decision to buy a new car and how you fund it is not a one size fits all process. There’s a lot to consider and if you’re going to use finance to fund your purchase, one of the main things to consider is your monthly budget.
It’s worth spending time looking at your income and your monthly outgoings. You’ll then be able to work out a realistic budget that is not going to leave you over-stretched if there are any future changes in your circumstances.
If you’re trading in a vehicle as a part exchange which you have outstanding finance on, you should request a settlement figure from your lender. You’ll then know if you have any equity in your car that can go towards your deposit for your new vehicle. If you owe more than your car is worth, you’ll have to pay the difference as a deposit before we can consider you for any further lending.
Once you know your budget there are two ways we can help. The first is to have a look around and find a car you like, then get in touch with us with the vehicle details. We’ll then be able to work out some figures for you, basing it on your budget and how long you like to keep your car for.
Alternatively, we can offer a decision in principle, where we can consider your application based on your monthly budget and let you know how much we’ll be able to lend you. This will allow you to shop around for your new car knowing your finance is already pre-approved.
Once you know which way is best for you, in order for us to assess your finance application, we’ll need to take some details and run an up-to-date credit search. We’ll also check the dealer is registered with the Financial Conduct Authority and complete a check on the vehicle to ensure it hasn’t been stolen or involved in any accidents.
Our underwriters will take this information and assess your application manually, using their years of experience to arrive at a decision. Sometimes we may ask for more information to support your application, however one of our team will always keep you informed with our progress and explain everything to you. An example would be if it were your first finance agreement, we may ask for someone to go as a joint hirer alongside you on the agreement.
Once everything is accepted and you’re happy with the car you’ve picked, we’ll get in touch with the dealer to obtain an invoice as we’ll need this to create your finance agreement documents. You can either visit our office in Carlisle to sign the documents, or we can email them over and complete them with you at a convenient time. Either way, one of our team will take the time to fully explain the documents to you, answering any questions you may have before you sign them.
The next step is for us to transfer the money to the dealer in time for you to take delivery of your new car.
We don’t just stop there, our friendly team are always on hand to answer any questions you have during the lifetime of your agreement. If you want to change your car and need a settlement figure, change your payment date or have any questions at all, you can call us without having to go through a call center.
You don’t have to take our word for it though, we’re proud to have won a Feefo Platinum Trusted Service Award for three years in a row for delivering excellent customer service. If you’d like to read some of the reviews left by our customers or try our finance calculator, head over to our website today.
Alternatively, if you’d like to speak to a member of our sales team, call our office today on 01228 595939.