Amara walker December 6, 2023

When looking for car finance, you may be eager to know whether you can get one. It allows you to begin quickly with the process and put down the deposit. The quicker you provide the required documents, the quicker you get the car finance quotes.

Here, an instant decision about car finance helps you know whether you can afford the same. It is a swift car finance that prioritises pre-qualification. Given the present income and circumstances, it helps the lender know whether you can afford the repayments.

Apart from income, car finance approval depends on other factors like credit score, location, budget, and deposit. Here, an instant decision car purchase prevents you from sabotaging your credit score. However, this does not mean you will never qualify or get the desired vehicle. It only implies that you have limited options.

Why do you need instant/ emergency car finance?

You may need an instant decision on a car finance quote for the following reasons:

a)     You find the right car and the price

It takes time to finalise the car according to the desired specifications. Whether you need a used or new car in finance, research. Thus, if you have spotted the right car, you may seek instant car finance.

  • You meet the eligibility conditions

If you find the right quote and can afford it comfortably within your existing means, you can apply for instant car finance. However, check the additional hidden costs that may help you get the right quote. This is because additional costs may hamper the overall costs.

  • You have got the right insurance

Check insurance covers after finalising the car and having a tab over car finance quotes. If you have found the right insurance that aligns with your car finance requirements, apply.

  • You have all the needed documents

Whether you want a new or used car, lenders require some documents. He may generally ask for the following:

  • Proof of address
  • PInfo of identity
  • Income proof (payslips/tax return/ job seeker allowance/ part-time income
  • Driving license (DVLA-approved)

If you have these ready, you may get instant car finance quotes.

e)     Your existing car is ready to sell

Sometimes, individuals find it hard to save for a deposit. Thus, they resort to selling their existing car and financing the next car purchase. You can prepare your old car for sale by re-checking its parts. If you must replace or repair some, do so.

It will help fetch a better price. However, if your finances do not allow, check emergency loans in Ireland’s marketplace. You can use it to finance the repairs and replacements instantly. Moreover, you can put the car on sale and leverage the best-selling opportunity.

How long does it take to get a car on finance?

It takes 24 hours to 48 hours to get the car finance approval. You may get the car on the doors within this span. However, some aspects, such as credit score delinquencies, difficult credit profiles, or insufficient paperwork, may impact the loan approval timeline.

Can you get Emergency car finance with no credit check facility?

You may benefit from quick car finance quotes if you meet the above conditions.

However, no legal direct lender can provide car finance without detailed credit checks. A soft credit check helps you and the lender identify the chances of approval.

It usually undertakes income, existing financial management and debts in the profile to determine the affordability.

 In circumstances like self-employed car finance, car finance for the unemployed, and car finance for low-income individuals, the decision might take a long time. It is because such situations require detailed considerations of other potential factors that may help get approval.

Thus, responsible direct lenders never approve a car finance application in haste. Instead, they evaluate the finances, affordability, purpose and car choice before approval.

How to improve chances for emergency car finance for a bad credit score?

Well, it’s a fact that- most people seek instant car finance as a solution to their poor credit history. They fear losing their credit score by applying for detailed car finance credit checks. It is the reason instant car finance helps in this case. It allows one to know the affordability without denting the credit profile. Your credit score remains the same after the check.  

However, despite that, lenders conduct hard credit checks further. It is when you can comfortably afford the payments.  Here, a bad credit history may impact the lender’s decision.  Thus, to improve your chances for car finance for a bad credit score, take the steps below:

1)     Provide a high deposit amount

Car finance requires you to provide some money upfront. This is where it differs from a car loan.  In a car loan, you usually pay the complete loan amount in instalments rather than paying any upfront amount.

Alternatively, paying a high amount as a deposit on a car finance agreement helps you get low-interest rates and reduces your liability towards the loan. It shortens the time to pay the loan amount comfortably.

2)     Inquire about the possibilities of a guarantor

Self-employed, unemployed, tenants and individuals with inconsistent income may require additional security to get the loan. Here, a car finance provider may mandate a guarantor. He must hold incredible credit and income to support you with approval.

Moreover, he is responsible for paying the dues if you cannot. If you have such a person, you can get him as a guarantee on the loan. It improves approval chances.

3)     Choose a used car for finance

If you are a learner or a student seeking car finance, used car finance may be apt. It is more affordable and shares fewer complications to approval. However, you must have the required documents and analyse the car well before financing it. Do not choose a car over 4 years. It may not function as expected. This is especially true with an old car model.

Used car finance is a cheaper alternative to new car finance. It implies- interest rates, repayments, and overall costs. However, make sure that the car does not require much maintenance. Otherwise, it may not be an ideal choice.

Bottom line:

Thus, prepare a credit profile if you need emergency or instant car finance. Explore the best cars, specifications, current loan quotes and flexibility you may get with the payments. Moreover, prepare the documentation required to confirm the agreement and quickly get the car to your door. It will help you make instant car finance decisions – successful.