We set out below the typical lending criteria operated by car finance lenders.
Carfinance.ie lending criteria
- Minimum Finance Level €10,000.Carfinance.ie only refer leads where the minimum finance amount is€10,000
- Mininum deposit or trade in. To qualify you must have at least a 20%deposit or trade in allownace. Eg Car costs €15,000 max finance available is €12,000
- Good credit history-If you have a history of arrears or unpaid direct debits, an application will not be successful
- Minimum Income 30k-This level of income is the minimum required to service our minimum loans
- No private sales-Cars must be purchased through a recognoised dealer
- Car reg 2005 and onwards-To qualify, the car must bave a reg dated 2005 or after.
- Affordability-We need to clearly establish that you can comfortably afford the car repayments .
Note
Since the credit crunch lenders are paying significantly more attention to a clients ability to afford repayments.The last thing you want is to take out a loan that you cannot afford .Our mortgage site has a useful budget calculator which can be accessed through the following link.budget_calculator