Car Finance

Eastcoastryan

Hey,

I am just enquiring about the process of applying for car finance. I went into a car dealership yesterday and filled out a proposal form for a car I liked the of. The sales person says they usually hear back from the bank within 24 hours. They left a message to say that the bank have agreed to look at the proposal if I provided 3 months bank statements, is this normal procedure?

Does this mean that the process of credit scoring etc hasn't happened yet and when I provide the bank statements the application process will start or would the ICB etc happen prior to requesting payslip, bank statements etc.

Just wanted to guage an idea how long it would take, I thought I would have a decision within the 24 hours.

Thanks in advance.

Stheno

Normal for them to look for three months bank statements, doesn't mean a yay or nay in relation to approval.

It'll take more than 24 hours, there is something they are looking to verify based on the statements.

kerrymaid11

Hey eastcoastryan

I came across this thread as I'm in the same position as you were. I put in my application for car financing with a car dealership and they too are looking for 3 months bank statements.

Just wondering how you got on and were you successful in obtaining the loan.

Thanks a mill

SJT1

They need bank statements for a number of reasons.

1) They can normally confirm your income from it
2) To see if you have any unpaids on the account, for example the bank refused to pay a mobile bill because you didn't have enough money in the account.
3) The account isn't always overdrawn etc, so they know you will be able to make repayments.

The credit check is done for different reasons. Mainly to see that you have been make payments on previous loans in the past and have no bad debts, also its a good way of them checking to see how many loans you currently have etc.

kerrymaid11

Thanks for that SJT1 some good information there