Access vehicle finance from trusted lenders across the UK

If you’re looking to fund your next vehicle, then you’ve come to the right place. As a leading broker working exclusively within the automotive industry, here at Octane Finance, we work with a wide range of trusted lenders from across the UK. 

We aim to provide complete finance solutions to customers searching for their next car, van, or motorbike, putting you firmly in the driving seat. Our expert advisors have an in-depth understanding of vehicle finance products and use established industry contacts to connect borrowers with the most appropriate lenders. 

Whether you have excellent credit or faced past challenges, we tailor packages from our approved panel and negotiate the best rates on your behalf. With Octane Finance as your broker, benefit from smoother applications and faster access to finance for your new or used vehicle purchase.

Who is eligible for car finance? 

Most of our lenders require borrowers to be residents of the UK and at least 18 years old, while some have a minimum age of 21. The lenders we work with want to see that you have a steady income sufficient to make the monthly repayments during the agreed loan term. Many require a minimum annual income, so you’ll need to bear this in mind whether you’re fully employed or operating as a sole trader. 

Your credit report will be checked to see your history of borrowing and previous repayments. Having good credit increases your chances of getting approved for car finance, although we do work with subprime lenders who specialise in providing finance deals for customers with bad credit too. 

How hard is it to get car finance? 

Getting car finance is generally not too difficult for most people if you meet the basic eligibility criteria. What’s important to know is that the market for car finance is competitive, forcing lenders to accept the majority of applicants so as not to lose business. As such, industry-wide approval rates can be 70% or higher - great news for many of our customers.

Lenders offer a range of options tailored to different borrower profiles - from short 12-month loans to 7-year terms, finance for older cars, and deals to suit lower credit scores. This wiggle room helps more of our applicants qualify for vehicle finance. Applying online is quick and gives near-instant decisions in some cases, avoiding lengthy in-person applications of the past. 

That said, approval is still not guaranteed. Those with very poor credit, unstable incomes, bad borrowing histories, or an incomplete application may get rejected or have fewer finance offers to choose from. But for most employed people who meet the standard eligibility criteria, getting a car finance deal across the line is very much achievable.

What credit score is needed for car finance?

The minimum credit score needed for car finance approval in the UK can vary by lender, but the general guidelines are as follows:

• Excellent - Scores over 720 can expect the highest chances of approval on the best interest rates.
• Good - Scores from 670 to 719 often qualify for average to good car loan rates.
• Fair/Average - Scores between 580 to 669 may qualify for subprime financing rates but can still get approved.
• Poor/Bad - Scores under 580 typically mean deals are usually only available with very high interest rates and are more prone to being refused. 

Can you get car finance with bad credit?  

Yes, it is possible to get approved for car finance even if you have bad credit and Octane Finance are experts in this area. Some lenders specifically offer car finance to those with a history of poor credit and understand bad credit borrowers can still afford the monthly repayments. However, these lenders offset the increased risk by charging higher interest rates to borrowers in the ‘subprime’ category - this allows them to approve those with low credit scores.

Find out more about getting approved for car finance with bad credit. 

How long does it take to get approved for car finance?

The time it takes to get approved for car finance can vary depending on your lender and application method. It is possible to receive instant or same-day decisions from lenders - especially if the application is straightforward - which we aim to achieve on our customer's behalf. 

For non-instant decisions that require additional verification of documents or income sources, a wait of 1-3 days on average is likely for the final credit decision. Sometimes applications need extra processes like adding a guarantor or sending a reference to an underwriter for assessment - this can take between 3-7 days. 

In some instances, conditional approval may be available sooner but final approved financing may take longer if there are hold-ups with the application and can take up to 10 days if lenders have to go back-and-forth.

Three steps to car finance success

Here at Octane Finance, we have established a truly extensive panel of lenders to get you the best rate of finance for the car, van, or motorbike of your dreams. We have many years of experience in making sure you have access to the best rates and finance options.

Get a feel for what the finance will cost you every month by using the Hire Purchase (HP) or the Personal Contract Purchase (PCP) calculator below. Rates from 9.9% APR. Representative APR 12.9%.