Assuming your credit profile is
|Car finance rate||XX% APR|
|Cost of credit||£ XXX|
|Total repayment||£ XX,XX.XX|
|48 monthly payments of||
£ 245 /mo
Representative example - Borrowing £5,500 over 4 years with a representative APR of 19.8%, and a deposit of £0, the amount payable would be £162 per month, with a total cost of credit of £2,282 and a total amount payable of £7,782.
Carplus will find the best car loan rate from our panel of lenders and will offer you the best possible deal. We don’t charge fees, but we earn a commission. This does not influence the APR you’re offered in any way.
In today's world, a car is an almost indispensable household item. It is needed to go to the store, visit family or friends, find a job, or even do the job itself. But what if you are not yet employed, and a car is a necessity?
Don't worry; Carplus has got your back! Here you can get a car financed for the unemployed without any problems. We reach out to a large number of lenders in the UK to find the best terms for you. Plus, we help you through the entire process - for example, we'll provide additional documents you may need to get approved.
Get a quote now without affecting your credit history, and get car finance with no employment history today!
Of course, you can! The only nuance is that getting a car financed with no job may take longer than a regular car loan. Lenders are just as concerned as you are about making sure you can handle the monthly payments without a steady income. Therefore, you may need more paperwork to prove your income since you don't have a work history.
If you don't have a bad credit history, this process can become even easier for you. Carplus works with many lenders, so we will try to find one willing to help you. By the way, the process of getting a car financed for unemployed people may become more accessible if you have a guarantor. It should be a person with a good credit rating and who has a job. The guarantor will guarantee your payments for the entire term of the loan.
With Carplus, even unemployed people have a chance to get a car loan. The main thing is to be honest, and make your monthly payments on time. Let's take a closer look at what options are available to people without a job.
It's possible to get a car loan for benefits even if you're unemployed. But, like regular car financing without a job, it can also be a little more complicated. Also, it's worth considering that not all lenders will accept this type of loan payment.
And if your benefit turns out to be too small or something is not right with your credit history, you can always enlist the help of a guarantor.
There are cases when a client has applied for a loan and was approved. But right now, this client doesn't have a job. In such cases, we ask an employed partner or guarantor to join the loan - and then the joint loan will be approved.
As we said above, the best option for someone with bad credit history is getting a car financed with a guarantor. A guarantor will provide a chance even for bad credit car finance for the unemployed.
Suppose you miss a payment during the loan term. In that case, the responsibility for repayment falls on your guarantor, so he must be officially employed and have a regular income.
First of all, make sure that the loan's monthly payment and interest rate are within your means. That way, you can plan your budget with the car loan in mind. Use the APR when calculating - it includes the payment itself and all the interest rates.
If the offered rate is too high for you, try taking out a loan for a more extended period - then the payment will be lower. But keep in mind that the period of your loan and the number of payments will also increase.
At Carplus, we strive to ensure that our customers are satisfied and get the best deal possible. Here is a list of reasons why you should choose us: