When applying to Creditplus our customers want to know that they can choose any car on finance. In this Help section we explain your vehicle options when applying for car finance.
The vast majority of the cars that our customers request are available to them. In fact we should be able to finance the cars that you would find on most dealer forecourts.
We pride ourselves on having superb connections within the motor industry, which allows us to source vehicles for our customers that are of the highest quality. Our customers can also choose cars from any UK dealership, and we can even finance vehicles that are being sold privately - something that is unique to Creditplus.
Occasionally we may be unable to finance the car of your choice, but this is generally only if you're looking for a classic vehicle or if you have a very poor credit rating.
If you have a Poor credit rating the lender might place certain restrictions on the car that you can choose. For instance you might be limited within a certain insurance group, the total value of the vehicle or the type of vehicle (sports cars / convertibles). The reason they do this is because they know that certain types of cars are more likely to have missed payments on, and therefore they won't allow customers that are a higher risk to finance these vehicles.
If you're looking for just any car on finance and don’t really have a preference, then our Customer Advisors will be able to inform you of any limitations, although we must stress that the majority of our customers can choose any car.
Lenders are unwilling to just accept any car on finance and may place restrictions on the age of vehicles. This is because they want to ensure that they're only financing good quality and reliable vehicles. The reason lenders do this is because they know that if a customer purchases a vehicle that has a higher risk of breaking down, and then the vehicle does indeed breakdown, that the customer is far more likely to stop making the finance payments.
For this reason the lender will want to ensure that the vehicle that you choose is coming from a reputable dealership or source, and is less than 12 years old at the end of the finance agreement. With a prime lender this will usually mean that the vehicle needs to be less than 8 years old at the beginning of the agreement. If you have poor credit then the age of the vehicle at the end of the agreement will reduce to 10 years old.
When you finance a car through Creditplus it's likely that there will be a maximum mileage limit on the vehicle that you're looking to purchase. If you're using a traditional car loan (Hire Purchase) this mileage limit is set at the beginning of the finance arrangement and is usually set at around 100,000 miles, although each lender will differ on this level.
It's important to state that you will not be limited to a monthly or yearly mileage unless you choose a leasing product. If you do choose to lease your vehicle then the mileage limit could impact the amount you spend on a monthly basis as it will reduce the residual value of the vehicle.
It's uncommon for our customers to be limited on the type of car they're looking to buy unless the lender is concerned about the repayments being made on the vehicle. For most people we're delighted to be able to tell them that they can choose any car on finance, and the choice of car is not likely to be the defining factor. What every lender will want to ensure is that you're able to afford the monthly payments. We've helped our customers to purchase a huge variety of cars from manufacturers including Ford, Audi and BMW, and even vehicles from more exotic manufacturers such as McLaren and Rolls Royce.
The only time that we may not be able to fund any car on finance is if a specific make and model isn't covered by the industry standard pricing guides from CAP and Glass’s. Nearly all vehicles are included in these comprehensive guides and this will not be an issue for the vast majority of our customers.
If you can’t find the topic you’re looking for here, please take a look at the rest of our Help section on qualifying for car finance, or speak to one of our Customer Advisors today by using our LiveChat service.
If you require further assistance, our team of Customer Advisors are here to help. We're open six days a week - you can view our opening hours here - and we're more than happy to answer your questions.