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Applying for car finance can often be a longwinded process, but it doesn’t have to be. If you’ve prepared for your application and have the correct documents and information to hand when starting a car finance application, you’ll find the process to be a far quicker and more pleasant one.
At Wave Motor Group, we’d like to help you get organised before you start a new car finance application. In order to avoid any delays and for a better chance of approval at a rate that suits your financial circumstance. Here’s a list of what documents are required for car finance…
Do different car finance options require different documents?
Yes, you’ll be required to provide different documents depending on the type of car finance you’re applying for.
The two main types of car finance you can apply for with Wave Motor Group are Personal Contract Purchase (PCP), and Hire Purchase (HP). We also offer Personal Contract Hire(PCH), or more widely known as leasing.
The main documents required for car finance include:
Your personal details
Photo proof of identity (e.g., passport or driver’s licence)
Proof of income (e.g., pay slips or bank statements)
Your address history (typically for the last three years)
The precise documents required will depend on the type of car finance you apply for.
To avoid any delays, it’s a good idea to ensure you have everything you need for car finance approval, before applying for car finance of any kind. Make sure to have the following:
All the original proof documents required
A credit score ranging from good to excellent is beneficial (Wave Motor Group also offers help with bad credit car finance).
A consistent income that allows you to cover the monthly payments
A 10 per cent cash deposit if possible (the higher your deposit, the better your car finance payment plan and APR is likely to be).
Furthermore, it’s worth considering getting pre-approved before applying for car finance.
Documents required for PCP
When it comes to PCP finance, the personal information you’ll be required to submit is pretty much the same as the main documents mentioned above. These documents will include:
Your personal details (marital status, number of dependants, etcetera.)
Photo proof of identity (e.g., passport or driver’s license)
Proof of income (e.g., bank statements or pay slips)
Your address history (typically for the last three years)
Your Bank details (These’ll only be required when it’s time to order the car)
Documents required for HP
The documents needed for HP car finance are very similar to those needed for PCP car finance. You’ll require the following:
Your personal details (marital status, number of dependants, etcetera.)
Photo proof of identity (e.g., passport or driver’s license)
Proof of income (e.g., bank statements or pay slips)
Your address history (typically for the last three years)
Your Bank details (these’ll only be required when it’s time to order the car)
Documents required for PCH
When it comes to PCH or leasing, you’ll be required to produce a little more information than you would for PCP or HP finance.
The main documents you’ll need to submit are as follows:
Your personal details (marital status, number of dependants, etcetera)
Photo proof of identity (e.g., passport or driver’s license)
Proof of income (e.g., bank statements or pay slips)
Your employment history (for the past three years)
Your address history (for the past five years)
Proof of address documents (tenancy agreement, utility bills, credit card bills, bank statements, etcetera)
Your Bank details (details for the account that you wish to be directly debited).
Are copied documents acceptable?
In some cases they may be acceptable if you send a photograph holding up the original document against your face. This is to help lenders verify your identity. Other times, copied documents may not be acceptable when applying for car finance, however, the car finance company will let you know.
All proof documents required for vehicle finance will need to be originals. All car finance companies will only accept the original copies. If you send in scanned or photocopied documents, your application could be rejected and you’ll have to begin the process all over again, this time with the original documentation.
It’s a good idea to send all your original documentation via first class postage. This will go a long way in ensuring their safe delivery, as well as their timely return, as the finance company will send your proof documents back to you, using the same delivery method you used to send them.
What if I’m self employed?
If you’re applying for car finance whilst self-employed, you’ll need the same documentation as you would for PCH. This includes:
Your personal details (marital status, number of dependants, etcetera)
Photo proof of identity (e.g., passport or driver’s license)
Proof of income (e.g., bank statements or pay slips)
Your employment history (for the past three years)
Your address history (for the past five years)
Proof of address documents (tenancy agreement, utility bills, credit card bills, bank statements, etcetera).
Your Bank details (details for the account that you wish to be directly debited).
However, you will additionally also need to include:
Trading accounts as proof of income (usually between one to three years’ worth)
You may also be required to provide further documentation in the form of bank statements, if your business is less than one year old. The car financier may require these as proof of earnings and expenditure.
Apply for car finance with Wave Motor Group
Wave Motor Group is committed to helping you find the most affordable and convenient car finance or leasing option. Use our fast and easy Apply Now to check your eligibility for car finance with zero impact to your credit score - and get a better idea of the vehicles and rates available to you.
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