Car Finance on Benefits?
Can You Get Car Finance on Benefits?
- Competitive PCP & Hire Purchase quotes from an extensive panel of lenders
- Get the best available rates on cars from £15,000 – £250,000
- Use a Trustpilot 5-Star rated team with expert knowledge
- Rates start from 8.9% APR with a representative APR of 8.9%*
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Car Finance On Benefits
If you’re on benefits, you can still get cheap car finance quotes from a wide range of UK leading providers
Getting car finance on benefits can be a challenge, but by using our service you can compare a range of providers in one place to find a good deal. Whether you’re on Jobseeker’s Allowance, Employment and Support Allowance, or Disability Living Allowance, we can help you compare a variety of great car finance deals fast. Read on to find out more about getting cheap car finance on benefits.
Can you get car finance on benefits?
Many people think car finance is non-existent for those receiving government benefits, but that’s not quite true. You CAN get car finance even if you’re on benefits. A car is vital for many people, and some lenders are willing to work with those on benefits to provide the finance they need.
Can I get a car on finance if unemployed?
It’s possible to obtain a pay monthly car loan without a history of employment, but you might need to pay a large deposit or get guarantor car finance on benefits. Anyone wanting to borrow money for a vehicle needs to show they can keep up with the payments, so having work – or a job history – helps.
Can you get car finance while on Universal Credit?
The majority of lenders will not offer car finance to people on Universal Credit, as it’s seen as too big a risk. However, there are specialist lenders who may be willing to offer finance to people in this situation. You may need a larger deposit than someone who is employed, or opt for guarantor car finance on benefits.
How can I compare car finance on benefits?
The best way to compare car finance on benefits is to use our service. We work with a wide range of UK lenders to help you find the right deal for your needs. Simply enter your details into our online form and we’ll provide a list of great deals.
How can I improve my chances of getting car finance on benefits?
There are a few things you can do to improve your chances of getting car finance on benefits.
- Make sure you have a good credit history. This will show lenders that you’re a responsible borrower and more likely to repay the loan.
- Try to save a larger deposit. This will reduce the amount you need to borrow and make you a more attractive proposition to lenders.
- Consider using a guarantor. This is someone who agrees to cover your payments if you can’t, and can help you get finance even with a poor credit history.
What is the best car to get on benefits?
There is no definitive answer to this question, as it depends on your individual needs. It’s generally recommended to look for a car that’s cheap to run and insure, as this will help you save money. Smaller cars are often cheaper to run and use less fuel.
*Representative Example – Personal Contract Purchase: Cash Price £15,000.00, Deposit £500.00, borrowing £14,500.00 over 4 years at 8.9% Representative APR (fixed). 47 monthly payments of £228.99 followed by a final payment of £7,560.00. Total cost of credit of £3,832.53 and total amount payable of £18,832.53. Based on 8,000 miles per annum, excess mileage charges will apply if this is exceeded. Finance subject to status 18+ only. We are a credit broker and not a lender. Magnitude Finance is a trading style of DSG Financial Services Ltd. DSG Financial Services Ltd is a company registered in England & Wales with a company number 02313903. Our VAT registration number is 511678843. DSG Financial Services Ltd is authorised and regulated by the Financial Conduct Authority under firm reference number 649675