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Can I Get Car Finance 24/7 in Manchester?

Hi there! 👋 So you're on the road to getting your next car and want to know how you can get finance for your purchase quickly and easily -  great you're seeking some help! Getting the best car finance in Manchester means you need to do some research and shop around.

While you may get an offer from a car dealership, it would be good idea if you look around for other offers or cheap car finance deals Manchester as well. Make sure that the deal you're offered fits your financial situation. That’s absolutely important. Now, if you’re wondering, “can I get car finance 24/7 in Manchester?” the good news is yes! 👍 And in this article, we’ll share with you how to do it.

Manchester Car Finance: How It Works

Let’s begin by understanding car finance. Car financing is when you apply for a secured loan that is designed specifically for people who want to buy a car. Whether you want to purchase a new or used car, it’s up to you. There are options in Manchester 24/7 for car finance for either of those. 

Normally, the agreement means your car finance is secured against the car that you buy. That means you are not the owner of the vehicle until such time that you’ve paid it off in full,  and your agreement with the car finance company ends. 

When you apply for car finance deals Manchester, the lending institution will run a credit check. The lender can then assess your capacity to repay the loaned amount based on your credit record. Before submitting your application for car finance 24/7 in Manchester, England, it's a good idea to check your credit rating first. 

Most often, you will be offered car finance from car dealerships. However, these deals are not always the best ones to go for. Make sure that you shop around first, so you can get quotes from several lenders in Manchester before you agree to a contract. Once you have secured car financing, you can choose any vehicle you want that’s within your budget. Now you're on your way!

Requirements for Car Finance 24/7

Excited to get a new car? You may be thinking now, “how quickly can you get a car on finance?” To ensure that your application process goes smoothly, prepare the documents and other requirements ahead of time. Here are the usual requirements that car finance companies in Manchester may ask from you. 

Proof of Identity

Car finance applications need proof of identity. You may use any government-issued ID such as your passport or driver’s licence.

Proof of Income

Look out your payslips for the last three months. You may also request a bank statement from your bank to show the lender that you have enough funds to pay the monthly payments. If you apply to Carmoola, most of this information will be verified in an automated way using the open banking system, which speeds up the whole process of getting your decision. If you are self-employed, together with your bank statements you may need to obtain an SA302 from HMRC to show your profit/taxable income.

Proof of Address

Another document that car finance companies may request is your proof of address. You may submit a utility bill like your electricity bill or council tax bill showing your address. Also, the lender may request your address history covering the last three years. 

Prepare Your Budget

Before signing any car finance agreement, it's wise to check the amount you have available to repay every month. Examine your finances and check if you can really afford to pay that fixed amount monthly. It needs to be an amount you can easily sustain over the term of the loan. And don't forget the running costs of the car too! 

Loan Type

Manchester car finance 24/7 has several options for you to choose from. Examine your choices carefully so you can select the deal that’s best for your financial situation. Be realistic in assessing the amount you’ll borrow and the amount you can afford to repay. 

Credit Score

Your credit score is one of the factors that will determine whether a lender will approve your car finance application or not, and may affect the interest rate of the deals offered to you. Check your credit score so you can manage your expectations. But don’t worry too much because even if you don’t have an excellent rating, there are still lenders that may offer car financing. 

Car Finance Costs in Manchester

The cost of car finance depends on what type of finance you decide to take. The main costs include the deposit, interest, and other fees. 

  • Deposit - the amount you pay upfront so you can get the vehicle. Whilst there are zero deposit deals, choosing to pay a deposit will of course reduce the amount you have to pay for the monthly payments. 
  • Interest - this is the cost of loaning money for a certain term. Most car finance agreements will charge interest, however, there are sometime some car dealership offers that provide 0% interest deals on certain models. 
  • Other Fees - be ready to pay for additional fees, especially if you damage the vehicle, miss payments, or exceed the pre-agreed mileage limit applied to some finance. There may also be a purchase fee that you have to prepare for, so check with the lender first. 

There are other things you also need to consider before making a car purchase with car finance. When you use the car, there are other costs to think of. Don't forget you'll need petrol, and also factor in car insurance, road taxes, and breakdown cover. 

If you include all these costs in preparing your budget, you will have a more realistic estimate of how much money you need to set aside. If you think that it’s too much, it may be a better idea to look for a car that costs less. For example, you can opt to buy a used vehicle since it will be around 30% more affordable compared to a new one. If you want to see how much monthly repayments and the cost of the finance might be, checkout our online calculator.

Paying for Car Finance

Often, you’ll be paying the loaned amount by direct debit monthly until such time that your contract with the lender ends. If you miss any payment, expect to pay a fee for that. Check the car finance agreement to know how much the fee will be. 

Be careful with missing several payments because there’s a possibility that the lender will repossess the vehicle. It will also affect your credit record negatively which means it may be more difficult for you to get a loan in the future if you need one. 

Carmoola Car Finance 24/7 in Manchester 

Looking for  24/7 used car finance Manchester? Check out Carmoola! We offer a convenient way to apply for car finance at any time. You only need to download Carmoola, enter your information, verify your identity, and in a few minutes, you’ll know if you can get car finance with us. 

Got any questions? Feel free to ask us! We’re here to make car financing simple and efficient and will be delighted to help you on your way to getting your next car! 🚘

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