How much do you have to earn to get car finance?

“How much does car finance cost? Am I earning enough to cover the expenses?” If these questions are on your mind, My Car Credit is here to help! In this article, we’ll clarify the factors that may impact the car finance terms you’ll face. Read on to learn more…

So, how much do you have to earn to get car finance?

There’s no one straight answer when it comes to how much income you need to secure car finance. It depends on a number of factors. However, it’s essential to ensure you have a sense of what you can afford to borrow before signing any car finance deal.

The factors that can impact the car finance you may be eligible for include your credit score, borrowing history, the loan type, the amount required, as well as the vehicle itself.

Any car finance provider will ask for proof of income when you apply – but you don’t necessarily have to be in full-time employment to be eligible. It really depends on a mix of the above factors. My Car Credit can also work with individuals with poor credit ratings, too. Again, it’s all about a combination of factors and personal circumstances.

Don’t forget that you need to factor other costs into the overall expense of a vehicle. Cars need regular servicing and maintenance, and you also have to pay everything from car tax to fuel and insurance.

Find out more about car finance

If you have questions about car finance, give our friendly team a call on 01246 458 810 or email us today at enquiries@mycarcredit.co.uk. We’ll guide your car finance journey, putting you in the driving seat.