Can I get car finance if I’ve recently moved?

Just moved house and aren’t sure if it will affect your car finance application? We’re here to help answer your questions and clear up any confusion.

Can I get car finance if I’ve recently moved?

Yes, you can still get car finance if you've recently moved, but it might be a bit more challenging. Lenders typically prefer applicants with stable addresses because it makes you seem less of a risk to lend to.

However, if you can show financial stability despite your recent move, such as having a steady job and income, you still stand a good chance of being approved for car finance. 

You might just need to provide additional documentation to support your application, such as proof of employment and income.

Can I get car finance if I have just moved to the UK?

Unfortunately, the lenders we work with ask that you have at least three years’ address history in the UK. 

This is needed so that lenders can determine how much of a risk it might be to lend to you. Lenders rely on credit history to assess an applicant's creditworthiness and determine the terms of the loan. 

If you've just moved to the UK, you may not have had the time to build up a credit history, which will impact your ability to get car finance.

What is proof of address for car finance?

Proof of address for car finance is documentation that confirms where you currently live. This typically includes documents such as: 

• Utility bills (e.g., gas, electricity, water)

• Bank statements

• Council tax bills

• A tenancy agreement

These documents should be recent and show your name and address clearly. 

Lenders use proof of address to verify your residency and assess your stability as a borrower. Make sure the documents you provide are up-to-date and match the information you've provided on your application to avoid any delays or complications in the approval process.

Can you get finance while not on the electoral roll?

Yes, you don't necessarily need to be registered on the electoral roll to gain finance. 

However, it can go a long way in helping get approval, as it shows the lenders you are stable and can be traced back to your address. It will also help if you re-register any active credit to your current address.

If you're not on the electoral roll, you can still apply for finance, but you may need to provide additional documentation to prove your identity and address. This could include utility bills, bank statements, or a tenancy agreement.

How to get a loan if you just moved to the UK?

Unfortunately, our lenders can’t offer car finance for new UK residents. They ask that you have at least three years’ UK address history. 

However, there are steps you can take to improve your chances of approval down the line. 

First, focus on building a good credit history. You can do this by getting a credit card and using it responsibly, such as making payments on time and keeping your balances low. Registering on the electoral roll can also boost your credit score and demonstrate stability to lenders. 

When applying for a loan, be prepared to provide documentation to support your application, including proof of income, employment, and residency status. Showing that you have a steady income and the ability to repay the loan will increase your chances of approval.