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When it comes time to apply for the finance on your new car, you are going to be facing some paperwork. Before you set foot into a dealership there are a number of things that you can do to speed up the process.
Related: Getting car finance - how to maximize your chances
There are however a few things that could prevent you from getting your finance approved. We take a look at the top three factors that will stall your application.
Credit Score
When you apply for vehicle finance the first thing that will be done is a credit score profile. If your score is too low your finance application will be denied. The best score to have is anything over 615. You can check your credit score here for free.
Deposit
If you don't have a deposit, it is going to be very difficult to get your finance approved. This isn't a deal-breaker though as you can still get finance if your credit score is very high or the dealer offers deposit-free deals.
Trade-in
If you don't have a deposit or a trade-in, the finance may also be declined. Have at least a little something to show the dealer and finance house that you are serious about the purchase.
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The best practice here is to buy in a price range you can comfortably afford, ensure your credit score is sufficient and get your paperwork in order. This will ensure that your finance application goes through and you can drive off with your new car.
