Applying for finance can be quite daunting for anyone – making sure you have all the correct and relevant paperwork that you may have put away for safe keeping can be overwhelming..
Here at Prestige Car Finance, we try to make the process of financing your next car as straight forward as possible. We are here to assist you, every step of the way. Here is our simple guide to all the paperwork you may require when applying for finance with us.
Before the paperwork
We like to start the car financing process on the right foot, which is why we have a simple online application form to begin your car finance journey. It usually takes less than three minutes and asks for basic information such as your full name, date of birth, marital status, and address history for the last three years.
After you’ve completed the application and received your submission confirmation. One of our dedicated account managers will contact you to guide you through the whole process.
To be able to help you with this, your dedicated account manager may require some initial paperwork from you.
Driving Licence
Regardless of any other circumstances, you will need your driving license. We need a clear picture or scanned copy of your driving licence.
Additionally, your driving license proves that you will be the owner and registered keeper of your new vehicle.
A Selfie
To verify your identity, we may ask you to complete a video call to provide a selfie of yourself holding your own license.
As technology advances, we have chosen this as a convenient way for you to prove your identity and a good way for us to protect all parties involved from fraud.
Proof of employment and earnings
In order to treat you fairly, as a person and as a customer, we need information about your employment and earnings. In order to approve the agreement you are looking to take out, we need to check your ability to manage your finances. This is called an ‘affordability check’. Our main goal is to ensure that you are protected against future financial difficulties.
To begin your affordability check, we will need you to provide the names and addresses of all of your employers for at least the last three years (sometimes longer if you have frequently changed jobs, or have gaps in your employment history).
You may also be required to prove your earnings, which will require you to send us copies of your payslips or your most recent tax return. This is a safety precaution to make sure that your wages are being paid to you and confirmation of your salary amount. We might ask you to provide bank statements dating back for a certain period to show your income
Alternatively, for your convenience, we may ask you take a clear photograph/clear scanned copy and email them to us. However, the copies must be clear enough for us to be able to read all of the details on them.
Bank account details
We will also need the bank account details for the account you will be using for your monthly payments. You will need to provide us with the sort code, as well as your account number. The account will need to be in your personal name unless your finance application is under your company name.
There is a number of circumstances that may require the submission of additional information and this should not be looked at as a negative sign for your car finance application. We only ask for the additional information to make sure we obtain the best possible finance deal, and to improve your chances of being accepted.
We want you to be in your new car as soon as possible. Get in touch with any questions or why not start your car buying journey now and click here to apply with Prestige Car Finance?