Just bought a Car? Find Out How Much Time You Have to Secure Financing
Congratulations! You’ve bought a car! Purchasing a car is always a big move, and it’s important to have everything you need in place to get car finance arranged as quickly as possible.
It’s likely the question ‘when do I need to secure car finance?’ has popped into your head more than once. Whatever the case, speak to one of our experts at Positive Lending Solutions today to find out the right time for you and to get all the help you require.
In the meantime, have a read of our useful tips below to find out what you should do to help your car financing start off as smoothly as possible.
How much time do you need to secure car financing?
Once you’ve purchased a car, the answer is as soon as possible.
In fact, you should be prepared with the car finance options before you even get close to buying your car. Budgeting and preparation for car finance should be done alongside the purchasing process – it should not be an afterthought.
Don’t worry if you haven’t been organised though; we can help you to secure car financing as soon as possible after purchasing your car. Just get in touch, and we’ll do everything we can for you.
How quickly will your car financing be secured?
How quickly your car finance is processed will depend on your individual circumstances. Some of the factors that could affect your car financing include:
- Credit history
- Proof of regular income
- Proof of residency
- Vehicle down payment
Don’t panic if you have a bad credit history or you have issues with showing a regular income. Speak to us and let us know everything about the situation you are in and we’ll do our best to help you.
We can help guide you through the best car finance options for you and ensure you have the best chance to get the car finance option that’s right for you.
What will you need to secure your car loan application?
To secure your car loan application, you need to get things organised. Having your documents in order and ready to show really helps to speed up the process and make things flow more smoothly.
There are a number of documents that you may need to secure your car loan application, so it’s best to have the original copy available for each one just in case. The documents required include:
- Proof of income: this is usually through showing regular payslips (aim to have at least 3 months worth) or bank statements.
- Proof of identity: this could be something like a passport, ID card or driving licence.
- Proof of residency: this is also required by most car loan lenders to secure a car loan application.
- Proof of insurance: your vehicle needs to be insured for you to get approved for a car loan.
- Trade in documentation: this is only applicable if you are trading in a vehicle – but if so, you’ll need all the necessary registration papers as well as essential documents which prove ownership – these will help the lender to value the vehicle.
Get expert help
It can be daunting to face applying for a car loan by yourself. That’s why we always encourage you to contact us as soon as possible.
As well as having decades of experience in the car finance industry, we also have access to a wide range of lenders. This allows us to search for the best deals for you and to find deals quickly and efficiently—potentially saving you significant time and money.
So if you’re trying to figure out how much time you have to secure car finance, the answer is you should act as soon as possible. Now is the time and the sooner you get things sorted, the sooner you’ll be on the road.