Why is guaranteed van finance not available?
Guaranteed van finance is not available because of two reasons, finance companies:
1. Have a responsibility to make sure you can pay back any money they lend you. This means they have to carry out a number of affordability checks. They do this by checking your earnings, your incomings and outgoings and your credit history, which is why we ask for three years of address details when you ask for a quote. Your credit history details how much you owe and to which companies, as well as showing whether you’ve managed to keep to your payment schedule.
2. They have a set of criteria of their own that you’ll have to meet before they’ll consider lending you any money. No one, except those who work for the finance company themselves, can tell you what these are. So, it’s impossible for anyone to say that they know you’ll be accepted before they’ve taken all your details and submitted them to the finance company for checking.
This may seem complicated and feel a bit like the finance companies are being nosey, but the checks are to ensure lenders don’t offer van finance to people they know might struggle to pay it back. It really is there to protect you.