The application process

More than just your credit score

Our application process is quick and easy and applying online should only take you 5 minutes!

If you would rather apply on the phone our Direct Sales Team will be more than happy to guide you through our application process.

Once you’ve applied, we carry out a soft credit search on you, so we’ll be able to tell you whether you’ve been approved, approved in principle or declined almost instantly. If you have been approved in principle, it just means we need a few more documents from you to approve you in full.

If you are approved, you will see an immediate offer on the screen showing the amount we could lend you and the APR. This offer is valid for up to 30 days, giving you plenty of time to decide what the best finance deal is for you. Remember, you don’t have to take the full amount of finance we could lend you.

Follow our simple application process to understand what happens after your application has been approved:

1. You’re approved! Time to find your next vehicle.

Great you’ve been approved for vehicle finance!

Now it’s time to find the right vehicle for you. At the end of your application you will be able to browse vehicles within your budget on our vehicle finder in partnership with Exchange & Mart. Here you can browse different makes or models you’d like, including age, gearbox type and colour.

If you can’t find what you are looking for on our vehicle finder, our Direct Sales Team will be able to help. Tell them what you are looking for in a new car and they can start the search for you.

You may already have been looking on car dealer websites and have a vehicle in mind. We do have lending criteria for all vehicles, so please check that your vehicle fits within these.

2. Proof of Identity

Whether your application is approved or approved in principle, we’ll need proof of your identity to continue with your application. In most cases this will be a copy of your driving licence. If this is not available then our Direct Sales Team will let you know which documents you can use.

If you are approved for vehicle finance with us, then you can jump ahead and start viewing and test-driving vehicles.

If you’ve been approved in principle or have been asked to provide more information, please read the next step in the process.

3. Affordability checks

This is for those that have had their application approved in principle. This just means we require a little bit more information from you before your application can be approved. A member of our Direct Sales Team will be able to advise you exactly what documents are needed for us to perform affordability checks on your application.

The reason we carry out affordability checks is to make sure your loan is affordable and suitable for your personal circumstances. To do this we look at your income and expenditure to confirm whether we can give you vehicle finance. Once affordability checks are passed, we’ll be able to confirm how much we can lend to you and over what time period. These checks are to make sure the monthly repayments are affordable for you.

Moneybarn application decision tree

4. Test drive your new vehicle

Now for the fun bit, viewing and test-driving vehicles. Our Direct Sales Team can organise for you to view and test drive any vehicle within your budget, with the dealership directly. You can also arrange this yourself with the dealership. Whatever suits you best.

Don’t worry if you view a vehicle and it’s not quite what you hope for. Speak with your Direct Sales Consultant and they’ll be able to help you continue with your search.

5. The contract

Once you’ve decided on the vehicle you’d like to finance, and both the vehicle and dealership fit within our lending criteria we’ll provide you with a full quote for you to review.

If you are happy with your quote and the proposed monthly repayments, we can then prepare your contract. It’s only at this point we’ll do a hard credit search on your credit file. This will not be done until you are completely certain you’ve found a car you like, and you want to enter into an agreement with us.

We’ll then send the contracts across to you to sign.

6. Payment and collection of the vehicle

When we receive a copy of your signed contract, we’ll be able to transfer the funds for the car to the dealer. Once we’ve paid for your vehicle, we’ll let you know straight away. You’ll then be able to go and pick up your new vehicle as soon as it is convenient for you and the dealership.

How to use our Vehicle Finder

We’ve been working with Exchange and Mart to design a Vehicle Finder tool that will help you find the right car for you.
Find a car that’s got everything you need and more, all within your budget.

Watch the video below to see how the tool works.

Looking for a vehicle
Play Video

Buying your next car

You want to make sure you purchase a reliable vehicle, which doesn’t break the bank. That’s why we’ve put together this helpful guide.

Being self-employed

We consider applications even if you’re self-employed and have bad credit so we might be able to offer you finance even if other lenders have rejected your application.

Our application process

It is important to completely understand the car finance agreement that you may be entering – find out more about how a conditional sale agreement works.