Can Disabled Drivers Get Car Finance?
Car finance can be a complex topic and for disabled drivers it brings a whole new set of additional challenges.
Owning a vehicle can greatly improve mobility and independence, and thankfully, disabled drivers do have options to secure finance that caters to their specific needs.
Here, we'll explore the disability car finance options available to help you make the best decision to fit your requirements 👍
Got a specific question? Why not jump to:
- How can disabled drivers secure car finance?
- Can you receive financial aid as a driver with a disability?
- Car finance options for disabled drivers in the UK
- How does disability affect car finance approvals?
- What cars are ideal for disabled drivers?
How can disabled drivers secure car finance?
The process of securing disability car finance is similar to any other applicant. A good credit score, for example, will play a pivotal role in obtaining favourable terms.
However, when looking specifically for a car for disabled drivers, there are a few things to keep in mind.
There are specialised cars for disabled drivers that come with modifications or features to enhance accessibility and comfort. It’s worth researching the options available and spending time considering your specific needs and selecting a vehicle that best meets them. Individual lenders will have specific criteria about the vehicle being financed that will need to be met in order for applications to be successful. It’s worth checking with your lender directly to ensure that your vehicle matches these before proceeding.
Many lenders and car dealers recognise disability benefits as a form of income. So, being on benefits won’t necessarily impact your application. However, you should compare your options to find the best deal.
Check with lenders to see if they have specific schemes or terms for car finance for disabled drivers.
You can use a budget calculator to determine how much you could borrow.
Can you receive financial aid as a driver with a disability?
The UK government offers a range of financial assistance for disabled drivers.
Help available includes the Blue Badge Scheme, Motability Scheme, full or partial road tax exemptions, VAT exemptions on the cost of vehicle adjustments, and leases.
Learn more about financial assistance from the government and see whether you're eligible to apply.
Car finance options for disabled drivers in the UK
For those relying on disability benefits, it's crucial to pick the right finance option from the get-go. There are different types of finance options to consider.
Personal loans are one option. They are typically provided by banks, and they gauge your eligibility based on factors like your credit history, monthly earnings, and regular expenses.
However, personal loans can be difficult to get accepted for, especially if you’re on disabled benefits. A hire purchase agreement (HP) may therefore be a better option.
With an HP deal, the car itself serves as security for the loan. This means if you face difficulties managing the payments, the finance company can reclaim the car, reducing their risk.
As they do provide additional security, lenders are often more open to granting HP agreements to those on disability benefits.
How does disability affect car finance approvals?
One of the main things lenders typically look at is your ability to meet monthly payments.
To get accepted, you’ll need to be on a stable disability benefit that covers your monthly outgoings and leaves room for car finance payments.
There are a range of factors in addition to your income that lenders use to understand your ability to repay any loan amount, including an assessment of your credit history and any regular expenditure that you might have.
A good credit score, regardless of your disability status, can increase the likelihood of getting approved. A poor credit score on the other hand, can make it more difficult to get accepted.
So, while being disabled does present specific challenges in obtaining car finance, the primary factors remain the same as any other driver.
With the right preparation and transparency, securing car finance as a disabled driver is achievable.
Here at Carmoola we offer an easy application process that you can complete online with no paperwork to fill out, and no pesky sales calls. You only need our app, and a full driving licence to get started 😀
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What cars are ideal for disabled drivers?
Finding the perfect car is crucial when you have disabilities. The ideal car needs to be functional, comfortable, safe, and cater to your specific needs.
Here's some of the common things to consider when searching for the best vehicle:
Easy access
Pay attention to the height of the vehicle. Low cars may be challenging to get in and out of, while very tall vehicles can also pose challenges.
Look for cars with wide door openings and a height that's just right.
Automatic transmission
For many disabled drivers, automatic cars are easier to drive as they don’t require frequent gear changes.
This is especially beneficial if you have limited mobility in your legs or hands.
Adjustable seats and steering
Features like height-adjustable seats and tilt-and-telescoping steering wheels, can make driving more comfortable.
Advanced safety features
Look for cars equipped with features like rear-view cameras, lane assist, and adaptive cruise control.
These not only enhance safety, but can be useful features if you have restricted mobility.
Boot space
If you have a wheelchair or other mobility equipment, you’ll need a car with plenty of boot space.
Ensure the boot is easy to access and the height is appropriate for lifting equipment in and out.
FAQs About Disabled Driver Car Finance:
Can I get car finance on disability benefits?
Yes, you can get car finance while on disability benefits. Each lender has its criteria, but many consider disability benefits as a form of income.
How does car finance work for disabled drivers?
Car finance for disabled drivers works similarly to regular car finance. The main difference might be the type of income considered for approval. Disability benefits can be factored in when assessing affordability.
What are the requirements for car finance?
Requirements typically include proof of income, a good credit history, UK residency, and being over 18. Some lenders may have additional criteria.
Are there financial assistance programs for disabled drivers?
Yes, in the UK, there's the Motability Scheme, which offers financial assistance for disabled drivers to get a car suitable for their needs.
What criteria do I need to meet for car finance approval?
Having a stable income, a good credit score, being a UK resident, and being of legal age are the primary criteria. Meeting these improves chances of approval.
