Income for car finance

Income advice for car finance from Socialmotors

Income advice for car finance

Your income is obviously what is taken into account when applying for car finance, the finance company you apply with will want to know; what type of income you get, how much that income is, and how often you receive it.

Eligibility for car finance does not necessarily depend on how much income you receive, as finance lenders look at a wide range of factors when deciding to borrow an individual money.

Not all lenders use the same factors, for example: some ask to see bank statements, some ask to see wage slips, some ask to see both – Then some do not ask for either.

Whether you are applying for a loan agreement on a car, van, motorbike or even caravan, you will be required to declare how much income you receive on a monthly basis


The income you declare can be from multiple sources, it does not necessarily need to be from full time employed income. You can be in receipt of self employed income, part time employment, pension payments, a mixture of employed income and benefits even 100% benefits. – Employment criteria

 

Our large panel of lenders look at car loan applications even if you get benefits like universal credit, tax credits, disability living allowance, personal independence payments and child benefit.

We have access to the lowest car finance packages available for your personal circumstances, all financial situations and credit histories are considered.

Application process

Make an application online

Apply now or call us, one of our experienced advisors will take some basic details for our lenders to review. If approved you will be offered a credit limit for your new car.

Choose your car

Once you have your credit limit, one of our advisors will assist you in choosing your new car from our showroom – we have over 1000 vehicles available in group stock, at this stage you will be able to discuss your needs and establish the car you want.

Documents and Delivery

We will now prepare your new car for delivery and get it to you usually within 48 hours, giving you a free 12 month comprehensive warranty & 12 months MOT. Once your car arrives, if your happy you sign your finance documents.

Application Criteria

Do you meet the hire purchase car finance application criteria?

To be eligable for car finance all you need is to…

  • Be aged 18 or over
  • Hold a full UK/EU driving licence
  • Be UK resident for 3 years
  • Have a Full time, part time job, be self-employed
  • Not bankrupt

Please note: if your income is 100% benefits you must be in receipt of a high rate benefit like DLA or PIP to apply for bad credit car finance.

What our customers think…

Scott Royle
Scott Royle
20:54 22 Feb 19
Really happy with my car and great service car delivered by a really nice bloke and everything felt very personal
Gayle Eaton
Gayle Eaton
12:33 01 Aug 17
Very good service very happy
kim summers
kim summers
13:30 13 Jun 19
Received my new car yesterday..... delivered all the way to Hull..... the gentleman who delivered it was very polite.....A big shout to David for all the hard work and patience finding me a nice car...... I am absolutely thrilled with it........ I would thoroughly recommend this company to anyone, David was very friendly and was helpful through the whole process from beginning to end and would hesitate to recommend this company to my family and friends, thank you 😊
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