When the time comes to buy a car and you’ve decided that car finance is the right way to go, what do you need to do to be accepted for finance? To make life easier we will use our own Hire Purchase process as an example.
Driver’s License
What you will need?
When applying for Hire Purchase with Cargiant, you will need your driver’s license that displays your current address.
What do you do if this isn’t possible?
If you are unable to provide a driver’s license with your current address, then you will need to bring two forms of proof of address, from within the last 90 days of application. Examples of types of documents include a named mortgage, gas or electricity bill etc.
Other Information
You must make sure that the addresses across all documents are the same, including all forms of bills or bank statements.
Whilst it’s vital to note that if you are found to have a driver’s license with an incorrect address, you can be fined up to £1,000! If you’ve realised this applies to you, then it is free to amend your driver’s license address. You can change your driver's license address either online or visit your local post office to pick up a form to send off via post.
A Bank Statement
What will you need?
Your own bank statement is necessary when applying for Hire Purchase.
What to do?
Being in the digital age and caring about the environment, we don’t all receive our bank statements monthly in the post anymore. Therefore before you visit a dealership to apply for finance you need to ensure that you bring in an official copy of your bank statement.
If you don’t receive a copy in the post then there are 2 different ways you can get hold of a bank statement; online or directly from your bank. However you may acquire the document, bear in mind it has to feature your correct address on it.
Other Information
If you chose to get your bank statement through your online banking account then this must be an official PDF version of your statement. Copy and pasting your online statement is not permitted. If you request it directly from your bank be aware that you may be charged a small fee for them to send it to you via post and this could take a few days to arrive. So ensure you plan ahead!
What documents do we accept at Cargiant?
The following is a list of documents we will accept as proof of residential address at Cargiant:
Finally, you must provide proof of address for the past 3 years. The documents we accept are:
- Mortgage statement
- Gas or electricity bill
- Phone bill - Landline
- Water bill
- Council tax bill
Build your credit rating
Before you set off to get car finance on a used car; bear in mind that you have to be over 18 to get any finance. And should you choose to come to Cargiant to get Hire Purchase for a used car, then it is worth knowing that we pride ourselves on being a “1 stop shop.” That means that you can find your perfect car and drive away in it, the very same day.