Eligibility Checker for Car Finance
Checking your eligibility for car finance at Stoneacre is a straightforward process that allows you to get a head start on being accepted for credit.
Not only is our eligibility form quick and easy to complete, but you’ll get a decision in moments.
There’s no need to worry about whether your credit rating will be affected, either, as our eligibility form performs what is known as a ‘soft search’ credit check.
So if you’re looking to finance your next car, feel free to check your eligibility for credit ahead of time here at Stoneacre.
Representative Example (PCP):
Borrowing £19,121.23 over 48 months with a representative APR of 11.36%, the annual interest rate of 6.46% (Fixed) and a deposit of £1,266.23, the amount to finance would be £17,855.70, paying £323.72 per month, with a total cost of credit of £6,194.43, an optional final payment of £8,511.57 and a total amount payable of £25,715.36 (incl. £399 option to purchase fee).
This represents an average of the deals that our customers receive on other vehicles. We are a credit broker and a lender. We can introduce you to a limited number of lenders and their finance products. We will provide details of products available, but no advice or recommendation will be made. You must decide whether the finance product is right for you. We do not charge you a fee for our services. Lenders will pay commission to us (either a fixed fee or a fixed percentage of the amount you borrow) for introducing you to them, this may be calculated in reference to a variable factor such as (but not limited to) the vehicle age, your credit score and the amount you are borrowing. Different lenders may pay different commissions for such introductions. Offers available to everyone over the age of 18, subject to credit approval.
Why Should I Check My Car Finance Eligibility?
How Does Our Car Finance Eligibility Checker Work?
All done completely online, our car finance eligibility checker is available at all times in order to offer a facility that you can use at your own leisure.
The step-by-step form is separated into easily digestible sections, each one a key factor in helping us understand whether you could be eligible for car finance or not.
Important details required for our eligibility checker will include information on your job history and salary, as well as your address history - you will need at least three years’ worth of history for both.
We also ask for an estimate of how much you’d like to borrow, but this is only used as a guide, so don’t worry if this doesn’t end up being the amount you need.
What Happens Next?
When the form is complete and the details have been submitted, our system will conduct what is called a ‘soft search’, something that will not affect your credit rating or ability to apply for credit down the line.
Once the search has been completed, you will receive an initial indication of your eligibility for car finance.
Following this, our in-house finance team will be in touch. If you are deemed eligible for car finance, we will guide you through the rest of the application, which will include a ‘hard search’.
The car finance calculator does not constitute an offer, it is an indication of cost. Your chosen Stoneacre dealership will clarify final deal details. Total Repayment and Total Cost of Credit include a £399.00 Option Fee, depending on the lender.
What Is a ‘Soft Search’ Car Finance Check?
Checking your eligibility for car finance can seem like a daunting process, as you may fear your credit rating will be harmed if you receive a negative decision.
However, through our soft search car finance check, you’ll be able to get a decision without affecting your credit profile.
This is because a soft search credit check isn’t a full application for finance and won’t be visible to lenders, regardless of the outcome.
If you’re deemed eligible for car finance, we can then perform a full, hard credit check, which will be the final step in being accepted for finance.
Takes place ahead of your application being passed onto our panel of lenders
Assesses information such as monthly income, expenditure, and employment
Doesn’t affect your credit rating
Only performed if you’re deemed eligible for finance
A formal credit check carried out by lenders, required by the Financial Conduct Authority
Evaluates the feasibility of you repaying the finance on time
Which Factors Affect Eligibility for Car Finance?
Possibly the most important element to your overall application for car finance is your employment status and income.
Our lenders aren’t just interested in any sort of credit rating - while it’s important up to a point, overall affordability and evidence that you’ll be able to cover the costs of car finance are also vital to your eligibility for credit.
To further help improve your chances of being eligible, you can:
- Register on the electoral roll
- Don’t get too close to credit limits
- Ensure no payments are missed
- Don’t apply for finance too many times in close succession
- Have a consistent address and employment
Can I Get Car Finance?
Being accepted for car finance is something that cannot be guaranteed, but our eligibility checker helps kick-start a possible journey to acceptance without your credit rating being affected.
We also work with a flexible panel of lenders who can help people obtain credit who may have even been affected by the likes of bad credit, negative equity, defaults, or CCJs.
Additionally, our lenders are able to organise car finance for people in a whole array of positions, such as:
- Full- and part-time employed
- Self-employed
- Agency workers
- Those on benefits
- Retired
