Car finance for people on Universal Credit
Can I get car finance while on Universal Credit?
Being on Universal Credit should not preclude you from receiving car finance – yes, even if you have a less-than-stellar credit history.
Here at Car Finance Genie, we aim to cater to applicants from a wide range of financial backgrounds and circumstances. While we can’t guarantee that you will be able to get approved for car finance, we have a track record of assisting many people who have been turned down for car finance by other brokers and lenders.
You might initially presume that if you are on Universal Credit, lenders will not look upon you favourably and you will have no chance of being granted car finance. However, this is not necessarily the case.
How we work.
Car finance made easy with 4 simple steps
Being on Universal Credit shouldn’t bar you from a great car finance deal
If you’re on Universal Credit or another form of benefits, and you need a car for any reason, why not give us a call on 01277 583 046, or apply for a free no-obligation car finance quote online today?
With tens of millions of people in the UK claiming benefits, you will be far from alone as an applicant for car finance who is also on Universal Credit.
One of the most important things to know about Car Finance Genie, is that we are a broker rather than a lender. This means we have a network of lenders to call upon when you apply through us for car finance, which enables us to source the best possible deal for you from a range of reputable companies.
Some of the lenders that we work with specialise in helping applicants who might have been turned down for car finance elsewhere – for example, people on Universal Credit or who have a poor credit history.
So, even if you think you have little chance of being accepted for car finance, it could still be well worth applying for car finance through us. And when you do, our network of dealers will provide a strong choice of high-quality used vehicles, which will help ensure you find the car that best suits your desires and requirements.
Which sort of benefits do we accept as viable income?
If you are on any of the below benefits, it could still be possible for you to get accepted for car finance when you apply through Car Finance Genie:
- Housing benefits
- Disability benefits
- Carer’s Allowance
- Universal Credit
- Working Tax Credits
- Income Support
- Disability Living Allowance (DLA)
Types of car finance
Just like with all of our other customers, there are several suitable avenues available to those seeking car finance while on benefits.
The following are some of the popular car finance options presently available, including to many people who are on Universal Credit:
Hire purchase (HP) – extremely popular with customers due to the simple nature of its process, hire purchasing is a common and reliable way to go about your car’s finances. Clients are expected to pay a deposit, followed by monthly instalments which then pay off the value. Once you have completed the repayments, the car will be legally yours.
Personal contract purchase (PCP) – a PCP deal has much in common with a HP one, although there are a few differences to bear in mind. PCP deals come with a mileage allowance, and if you exceed this agreed mileage allowance, you can expect to have to pay more. In addition, once you have completed the main repayments on the loan, if you then wish to own the car, you will need to pay a final ‘balloon’ payment in order to acquire it; otherwise, you also have the option of exchanging or returning the vehicle.
What the car finance application process looks like
Here at Car Finance Genie, we’re willing to look into a diverse pool of applicants who are on benefits, from those who receive Disability Allowance, to those who seek Carer’s Allowance, and everything in between!
Purchasing a new car should be a fun and exciting time for everyone, which is why we aim to assist our applicants by ultimately providing the most stress-free experience possible.
This is partially why we have chosen to prioritise high levels of accessibility as a company, as this is a quality that we really value in ourselves and our employees.
Although the way we handle each inquiry is specialised to suit the client in question, it is now easier than ever to fill in an application at Car Finance Genie. You only need to offer a few basic personal details in order to initiate the process.
We will usually ask you what type of benefits you are receiving, so that we can take them into consideration when providing you with quotes for car finance.
Per our typical policy, after we get back to you with our decision, we’ll inquire about your vehicle of choice before closing in on completion of the deal. Although we offer multiple forms of car financing for various financial backgrounds, it is entirely your choice whether you want to accept our final proposal.
We believe in making the process of applying for – and obtaining – car finance as easy as possible, whatever your requirements and circumstances might be.
What will affect your eligibility to apply?
Here at Car Finance Genie, we strive to help applicants of a wide range of circumstances. We do not, for example, believe that being on benefits or having a poor credit history should necessarily prevent you from being able to access a great car finance deal.
Indeed, some of the lenders we work with are highly experienced in assisting people in more challenging financial situations.
However, there are also certain things that you should avoid as a customer if you wish to give your car finance application the best possible chance of success. Those include, but are not necessarily limited to:
- Getting behind on repayments – if you have struggled to keep up with your repayments on any other forms of credit you may have, this could greatly damage your chances of a successful car finance application. Making the effort to work toward paying your instalments in a timely manner is definitely recommended.
- Bankruptcy – if you are in bankruptcy, we will unfortunately not be able to go through with your application. If you have dealt with bankruptcy in the past and have managed to overcome it, we welcome your inquiry.
- Having a county court judgment – if you have a CCJ (county court judgment), this will not necessarily disqualify your application from being processed.
What we offer
You might be wondering, what makes Car Finance Genie stand out as a source of car finance for those on Universal Credit? The below are just some of our strengths as a car finance broker:
Years of experience – our cohesive team of highly skilled professionals is able to offer absolute first-class service, due to their lengthy previous experience working hard within the field. We’ve been doing what we do, and loving what we do for years – and it shows in the quality of service we provide.
Fully regulated – here at Car Finance Genie, we take our policy and procedure extremely seriously, because we truly care about the security of both our staff and our clientele. We are fully regulated by the Financial Conduct Authority (FCA), meaning we conduct our services under their strict guidance to ensure the financial safety of all involved with our business proceedings.
Outstanding reviews – you don’t have to simply take our word for it! We have received hundreds of glowing independent reviews from past customers who kindly chose to share their experience applying for car finance through us. Acquiring feedback from our clientele is extremely important to us, and we always appreciate hearing what they have to say. Take a look at our company testimonials to learn more.
Responsible – as both a company and a brand, our ethics and morals are at the centre of everything we do. Not only is this apparent in the way we rigorously adhere to our set regulation standard, but it is also clear in how we choose to approach our customers with the genuine desire to support and guide them through the car financing process. We are an accomplished team that knows how to operate successfully in this regard, meaning you can expect premium quality service whether you’re self-employed or on benefits or in another situation entirely – we’re here to help!
Simple, straightforward, and supportive – all in all, we aim to provide personable service of excellent quality to every individual applicant. We understand that the world of car finance can seem intimidating, and that you may fear being turned down for finance. So, we strive to make the whole process of applying for car finance as easy and stress-free as possible, in addition to trying to bring you the most competitive possible car finance deal for your needs.
Are you ready to discover just how great a deal on car finance you could get from one of our lenders? If so, give Car Finance Genie a call now, on 01277 583 046, or complete and submit our straightforward application form for a free, no-obligation quote for car finance.
Why choose Car Finance Genie?
Our incredible service
With over 100 independent 5-star reviews, don’t take our word for it. Find out what our customers have to say!
Trusted dealer network
We’d never send you to the wrong place! Our fantastic network of carefully picked, trusted dealers mean you can get the car you want with complete piece of mind.
SAF Approved provides recognition for companies like Car Finance Genie where all of our staff involved in your finance application have passed the SAF Expert test.
CFG Quality Assured
Our rigorous checks and trusted dealers mean you can drive away without having any worries on your new vehicle’s quality.
No deposit finance available
We offer various flexible options within our finance options including bad credit finance and car finance without a deposit. Whatever your situation, we’ll try our best to help!
Years of experience
There’s no question our car finance specialists won’t try and answer. Put it to the test and get in touch today!
Rates from 10.9% APR. Representative APR 21.9%
The exact rate you will be offered will be based on your circumstances, subject to status.
Representative example: borrowing £8000 over 5 years with a representative APR of 21.9%, a fixed annual interest rate of 21.9%APR and a deposit of £0.00, the amount payable would be £220.67 per month, with a total cost of credit of £5420.20 and a total amount payable of £13,240.20
We look the find the best rate from our panel of lenders and will offer you the best deal you’re eligible for. We don’t charge for our service but we will receive a commission. This does not influence the interest rate you’re offered in any way but can vary by lender.
We act as a broker, not a lender. Further info on request.