Car Finance Eligibility Checker
Our comprehensive guide covers all the factors lenders like Marsh look at when it comes to deciding if you’re eligible for car finance. This includes your credit history, income, employment status and proof of address, plus plenty of other indicators that we’ll outline in this guide. Once you feel confident in applying, we provide an instant decision with no obligations or credit score impact.
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Car Finance Eligibility Criteria
To be eligible for car finance with Marsh Finance, you must be 20 years old, have 3 years of address history and proof of identity. We also look at your credit score, income and employment status, plus a few other factors 👇.
Eligibility – The Full Picture
✅ At least 20 years of age
✅ Full UK or EU driving licence
✅ Proof of UK address
✅ Employment status (if self-employed, we’ll need your last submitted tax return)
How Much Car Finance Am I Eligible For?
How much car finance you’re eligible for depends on your credit score, affordability and the loan term you’re looking for.
If you have a strong credit score and good disposable income, you’ll be eligible for higher car loans. At the other end, lower credit scores and monthly income may limit the amount of car finance you can be eligible for.
Every person is different, which is why it’s important to use our calculator to see what car finance could look like for you.
How Your Finance May Look
Representative example: borrowing £10,000 over 60 Months with a representative of 19.9% APR, an annual interest rate of 19.9% (fixed) and a deposit of £0.00, the amount payable would be 59 repayments of £255.42 per month, with one final repayment of £265.42 (which includes the option to purchase fee of £10.00), with a total cost of credit of £5,335.20 and a total amount payable of £15,335.20. Marsh Finance Limited are a lender, not a broker.
This is an illustrative example and not an offer of finance.
How Do I Check My Eligibility For A Car Loan?
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Check Car Finance Eligibility Without Impacting My Credit Score
With over 50 years of experience, we’ve developed specialist products for customers of varying credit scores. Rated excellent on Trustpilot, our hands-on service, combined with automated decisioning, helps you move through the finance process quickly, whilst also feeling hands-on support whenever needed.
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FAQs
Marsh Finance provide a quick pre-qualification check via our easy-to-use form. This has no impact on your credit score and delivers a decision in under a minute.
Yes, Marsh Finance provides finance for self-employed people. If you are self-employed and looking for finance, you’ll need to provide additional proof of income, which you can do via Open Banking with Marsh Finance.
Take a look at how we support self-employed customers.
Your credit score has a big impact on vehicle finance options, affecting your chances of approval and the type of finance you can access. Credit score is one of the main things lenders look at when assessing your affordability, and see higher credit scores as a sign of a more financially responsible customer, and vice versa.
Take a look at our credit score support centre for more on credit and its role in car finance.
Credit score doesn’t represent the full picture, something we at Marsh Finance firmly believe in. We look past just credit scores and analyse the full customer picture. This helps customers who may be rejected elsewhere have a chance of finance. If this sounds like you, visit our bad credit support page.
When applying for car finance, you need:
- Proof of identity, coming in the form of a driving licence.
- Proof of address. A recent utility bill, bank statement, or council tax bill that displays your name clearly will do the job.
- Proof of income. A letter from your employer confirming employment and income are good options. If you’re self-employed, we’ll run an automated income check. If this fails, you’ll need to complete open banking.
Additional documents may be required based on your specific situation.
Take a look at our guide on the documents you need for car finance to learn more.
Yes, you can get car finance with poor credit history, but you will likely face a higher APR and longer loan term than someone with a stronger credit score.
Few lenders support customers with poor credit history, but Marsh Finance may be able to help. Visit our bad credit support page to learn more about how we can support you.
Employment is an important factor in car finance eligibility, but there are other factors like address history, age and credit score that also play a part.
Stable secure employment is preferred by lenders, but self-employed customers can still access car finance with the right lender. As for unemployed customers, car finance eligibility is more difficult, and proof of financial security is your main chance of being accepted.
Self-employed? We can help. Take a look at self-employed car finance for more information.
You can finance with a 500 credit score, provided you find a specialist lender that supports bad credit customers. Marsh Finance currently supports customers with a TransUnion score of 560 and above, meaning that bad credit support at Marsh is possible, depending on the credit agency you’ve received a score from.
Things like missing paperwork, spelling errors and mistypes, on top of things like past financial difficulties, could stop you from getting finance on a car. Here’s a breakdown of the main reasons a car finance application can be declined.
- Credit score.
- Affordability issues.
- Failing to meet eligibility requirements.
- Incorrect details – paperwork issues and mistypes
- Employment status.
- Being missing from the electoral roll.
Related Reading/Guides
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