I was approved for car finance without proof of my income !? Watch

I love life
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#1
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I am having a few problems with my 2006 diesel car, I have spent a lot on it already but now other things have failed ( that I have already paid for but failed again and garage refuse to fix it despite only being 9 months)
I have only had this car about 9 months and think I want to keep it a bit longer.


However I spoke to a person from a car finance/loan company, he asked me some questions inc my finances, and how much I want to borrow and I said £4,000, Then I got a text about 1 hour later informing me I am approved for car finance.

How come I was approved, how does he know that I was not just lying about my finances ?
will they ask for proof of finance if I continue to take this loan offer or will they just give me the loan now that they have already approved it ?


thanks
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the bear
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presumably they will require a guarantor before handing over the money ?
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JC.
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Finance props are based on your credit rating.

Your income is your own business and it's up to you to work out if you can afford the monthly repayments or not before you sign on the dotted line.
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I love life
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(Original post by JC.)
Finance props are based on your credit rating.

Your income is your own business and it's up to you to work out if you can afford the monthly repayments or not before you sign on the dotted line.
so If I decided to take the loan will they ask for any proof of my finances or will they just give me the loan as they already have approved it ?

( not going to accept it this time, But for future reference as I may want to apply for a loan in a few years as I want to keep my current car a few years more )
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JC.
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(Original post by I love life)
so If I decided to take the loan will they ask for any proof of my finances or will they just give me the loan as they already have approved it ?

( not going to accept it this time, But for future reference as I may want to apply for a loan in a few years as I want to keep my current car a few years more )
Basically this.
You've had a phone contract before I assume? It only amounts to the same thing.
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I love life
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(Original post by JC.)
Basically this.
You've had a phone contract before I assume? It only amounts to the same thing.
No, never

only pay as u go
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CAElite
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Car finance companies are normally ropey as hell (similar to pay day loan companies). They happily approve the vast majority of people however the moment you fail to pay them they send around the debt collectors to break your kneecaps/face etc etc.
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(Original post by CAElite)
Car finance companies are normally ropey as hell (similar to pay day loan companies). They happily approve the vast majority of people however the moment you fail to pay them they send around the debt collectors to break your kneecaps/face etc etc.
I would like to see them try, I go the gym almost every day and have been for years, I am very strong if I say so myself and I can throw a good punch.
Also, my Brother is strong to and has a nickname that almost everybody in the town knows, he is very popular and therefore I have a huge backing of people behind me so.....
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1682795
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(Original post by I love life)
I would like to see them try, I go the gym almost every day and have been for years, I am very strong if I say so myself and I can throw a good punch.
Also, my Brother is strong to and has a nickname that almost everybody in the town knows, he is very popular and therefore I have a huge backing of people behind me so.....
Then you don't have to worry..

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I love life
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(Original post by Impressive)
Then you don't have to worry..

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I wasn't worrying and I'm sure they won't use violence if a payment is missed but I was just telling whoever it was above that they'd be stupid to try and harm me anyway
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(Original post by I love life)
I wasn't worrying and I'm sure they won't use violence if a payment is missed but I was just telling whoever it was above that they'd be stupid to try and harm me anyway
Depends on the company I guess.

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I love life
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(Original post by Impressive)
Depends on the company I guess.

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well, like I say ,If they tried to harm me they would come out much worse.

Anyway, I don't see why I would miss any payments, I will know what each payment is due anyway so I will always have money avaible
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jamesthehustler
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(Original post by I love life)
I am having a few problems with my 2006 diesel car, I have spent a lot on it already but now other things have failed ( that I have already paid for but failed again and garage refuse to fix it despite only being 9 months)
I have only had this car about 9 months and think I want to keep it a bit longer.


However I spoke to a person from a car finance/loan company, he asked me some questions inc my finances, and how much I want to borrow and I said £4,000, Then I got a text about 1 hour later informing me I am approved for car finance.

How come I was approved, how does he know that I was not just lying about my finances ?
will they ask for proof of finance if I continue to take this loan offer or will they just give me the loan now that they have already approved it ?


thanks
it's only 4k if anything they are planning to just have it fail and write it for for reduced tax my uncles deal in cars on and off and the commonly right off a £5,000 balance as it means a lower tax bill
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I love life
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(Original post by jamesthehustler)
it's only 4k if anything they are planning to just have it fail and write it for for reduced tax my uncles deal in cars on and off and the commonly right off a £5,000 balance as it means a lower tax bill
have not a clue what you are saying
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jamesthehustler
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(Original post by I love life)
have not a clue what you are saying
some company give smaller loans out not expecting them to pay and expecting them to be defaulters and so they can just write off the balance and as a result have less tax as they have less income
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I love life
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(Original post by jamesthehustler)
some company give smaller loans out not expecting them to pay and expecting them to be defaulters and so they can just write off the balance and as a result have less tax as they have less income
still, like ??
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