FAQs

Buyers who have always paid cash for significant goods and have not previously required financing can get approved for their first car loan as a no credit history applicant. This type of financing is available through specialist lenders and brokers.

A guarantor or co-signer is not essential for a history vehicle finance applicant. But it may contribute to better rates and termier approval.

First-time borrowers with no history or score may use assets additional to the vehicle as extra collateral, may pay a higher deposit to reduce the amount required, or use a guarantor to achieve lower interest rates. Using a specialist motor vehicle broker may assist first-time borrowers in achieving lower rates through specialist lenders.

No. Bad credit applicants are those who have built up a history of not meeting loan and other financial commitments. No credit applicants are those who have not taken out credit and, as such, have not built up any payment history.

New borrowers over the age of 18 with proof of ID, income and other details can get approved for vehicle financing on a no-credit basis. This is available through some lenders, and a broker may assist in sourcing approval.

Vehicle financing applicants with no history or score may get approved for funding based on strong income or other assets and by using a co-signer or guarantor. Using a broker may assist in identifying lenders that are best placed to approve these applications.