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Can I get motor finance if I’ve been in work for less than three months?

Can I get motor finance if I’ve been in work for less than three months?

by Matthew
16 April 2021

Yes! Of course you can get motor finance if you’ve been in your job for less than three months. What better way to celebrate your new job by buying some brand new wheels? Or what if the company that you’re working at requires you to get from A to B? If anything, it’s a very usual time to want a new car, and there are plenty of ways to go about this.

However, in some situations you may struggle to get the exact deal that you want. This is because some lenders can see this as more of a lending risk. There are various reasons, mainly to do with job security that will decide on the quality of your application. This ultimately decides on the interest rate that the lender will offer.

What will lenders take into account?

  • Job probation periods tend to last for 3 months. This means that you are not under a full contract until this period is up.
  • In the current climate of high redundancy rates, the newer staff members are usually the first to be let go.
  • Your line of work also affects the lenders decision, as certain roles tend to come with more job security.
  • Your agreed salary can also play a part in the lenders decision.

Lenders are wary that if you do not remain in your current employment, then you may not be able to pay for your loan. This can affect your credit score and trust from lenders in future. It’s important to keep the lenders as confident as possible that you are going to pay your loan, in full and on time.

Quick Tip – Keep onto any payslips from your new job. This will prove that you’re regularly earning money and support your application.

How can I prove that I’m trustworthy?

There are factors outside of your employment status that can result in a better interest rate, regardless of how long you’ve been working. Factors include:

  • Whether you have a good track record of holding down work in the past
  • If you have a good credit rating from your purchase history. Check your credit rating here
  • You have a guarantor (someone who agrees to pay your loan if you are unable to)
  • If you make a deposit to the lender (an up front fee ahead of the loan).
  • If you’ve made all of your past payments in full and on time

What can I do to improve my motor finance interest rate?

While we will do all of the legwork for you in your motor finance application, it helps to have certain things in place to make sure that your application is as suitable as possible. Documents that you may need include:

  • Proof of address
  • Driving Licence
  • Income history
  • Bank Statements

What if I have got a new job and my credit score could be better?

Don’t worry – there are still plenty of options for you. Here at Bright Motor Finance, our wide panel of lenders can cater for all types of deals, for all types of situations. Some lenders offer motor finance deals on just 1 months contract. As a broker, we can compare and finetune your deal, meaning that you will get the best possible motor on finance depending on your personal position.

What if I have got a new job but haven’t started yet?

So you have agreed on terms of employment, shaken hands, and everything’s in motion. Now you need a car. But what if your start date isn’t for another month? What would a lender say about that?

To be clear, you can still obtain motor finance without being in contracted employment. There are a lot of circumstances that qualify you for a motor on finance, and of course, the more that you qualify, the better the deal.

So how can I get the best deal for me?

With us, the process is simple:

  • Filling in our form is quick and easy. You’ll then get an instant decision, no matter what time of the day. It also won’t impact your credit rating.
  • Find a car that you like the look of and then leave it to us to handle the payment for you.
  • Drive away in your new car just in time for your new job!

Before you commit to anything, just pop your details into our car finance calculator to find out your monthly repayments on the car of your choice.

At Bright Motor Finance UK, we’ll do everything we can to get you the best deal on your car loan, even if you’ve been refused elsewhere. We are well aware how much hassle car finance can be, especially when you’ve got a new job to focus on! This is why we will do all the hard work for you.

Start a quote today and make your motor finance much more simple (Rates from 6.9%. Representative APR 22.9%.)


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