Being on benefits doesn’t mean you can’t get car finance. Many people think that if you are receiving benefits then your income is not credible when it comes to getting a car loan. We understand that some people on benefits have a steady income and we welcome those people to apply for car finance with us.
We can cater for people who have an income which consists of benefits. Unlike some other lenders, we take this into account when calculating your income. We can also help if you have experienced bad credit too.
What type of benefits do we accept as income?
Representative example – Total amount of credit £4750, annual interest rate 25% (fixed), charge for credit £3572.48 (£3562.48 interest charged and £10 option to purchase fee), total amount payable £8322.48, 36 monthly instalments of £231.18. 49.6% APR Representative. – Subject to status & affordability.
We would suggest you think about the costs associated with your choice of car such as fuel, insurance, tax, MOT, servicing and maintenance costs, as these will all have an influence on the affordability of the vehicle. The finance is secured on the vehicle, so if you don’t keep up with the monthly repayments, Go Car Credit can repossess the car. Failure to make payments can also affect your credit report.