I'm in the Armed Forces - can you still provide me with car finance?
This is what we specialise in. It doesn’t matter whether you are in barracks or a civilian address. We can potentially help even if you have had credit issues in the past. Applications are always subject to status and affordability.
I'm a civilian or ex-forces - can you still provide me with car finance?
Yes - whilst we have a specialist team that deals in Armed Forces finance the rest of the company deals in civilian applications.
Can I get car finance if I have a bad credit history?
Our panel of lenders consider all applications individually and cover most circumstances. There are many different options that can assist. However, not everyone who applies will be offered finance.
Can I use a guarantor to help me get car finance?
You can. You might not need one but if you have limited income, a poor credit history, or you are young, sometimes a guarantor can really help. Please call us on 03335 775533 for more information.
I've seen a car in Autotrader - can I finance it through MK Car Finance?
Potentially yes. We consider applications for vehicles not supplied by ourselves but they must be from a registered dealer who holds FCA interim permission or who has been issued with a Firm Reference Number by the FCA, also they must meet our dealer criteria. Around 15% of our customers choose this option.
What amounts can I borrow?
This usually depends on your income. Most lenders will work to a loan of around 4-5 times your net monthly income, or a payment not exceeding one quarter of your net monthly income. It also depends on your deposit, your credit history, and the vehicle you want to buy. There are no fixed rules without an application, we would normally advise of a credit limit if there is one, after your initial application.
I'm confident my credit rating is good - what interest rate can I hope to get?
Our representative APR is 18.9%, this means that 51% or more of our customers achieve a rate equivalent to, or lower than this figure. If your credit history is very good then the rate you're offered could potentially be considerably lower than this, but it is subject to status and we would not be able to quote a rate until you have made an application. All quotes are obligation free and are covered by our lowest rate guarantee, for details please click here.
How quickly will my application be processed?
If you apply in the morning you can often drive away that day. Most take around 48 hours from start to finish. When they take longer it is usually because we are waiting for lost licences to be re-issued or customers to have the time to test drive the car. We are often quicker than the customers to process applications, the time it takes is usually down to you. If you really need a car fast and have all the paperwork required to hand then same day collections are usually possible.
My question isn't answered here, can you help?
Yes, call 0333 5775533 for an informal chat with one of our friendly and experienced advisers. Customer services is key to our success, we are happy to answer any questions you have whether you buy a vehicle or not.