How long does car finance approval take?
Updated: Monday, 18 September 2023
When you complete your initial application with us, you’ll get an immediate decision on whether we can offer you finance. We will use a soft search which will not impact your credit score.
If you are approved or approved in principle, we’ll get in touch to within 1 working day of receiving your application. For those that are approved, we’ll only ask for you to provide documentation to prove your identity, these are called identity checks. If you’re approved in principle, as well as the identity checks, we’ll need to see documentation (e.g payslips) to confirm your affordability of the finance. These are called affordability checks.
If these checks are passed, and you’ve found the car you are wanting to purchase we’ll run a hard credit check when we create the agreement documents for you to sign. We can then pay out the finance to the dealership within 2-3 working days. Once this has happened, the car is yours to drive away in.
Find out more about our application process.
When you complete your initial application with us, you’ll get an immediate decision on whether we can offer you finance. We will use a soft search which will not impact your credit score.
If you are approved or approved in principle, we’ll get in touch to within 1 working day of receiving your application. For those that are approved, we’ll only ask for you to provide documentation to prove your identity, these are called identity checks. If you’re approved in principle, as well as the identity checks, we’ll need to see documentation (e.g payslips) to confirm your affordability of the finance. These are called affordability checks.
If these checks are passed, and you’ve found the car you are wanting to purchase we’ll run a hard credit check when we create the agreement documents for you to sign. We can then pay out the finance to the dealership within 2-3 working days. Once this has happened, the car is yours to drive away in.
Find out more about our application process.
For a better road ahead
Moneybarn is a member of the Finance and Leasing Association, the official trade organisation of the motor finance industry. The FLA promotes best practice in the motor finance industry for lending and leasing to consumers and businesses.
Moneybarn is the trading style of Moneybarn No. 1 Limited, a company registered in England and Wales with company number 04496573, and Moneybarn Limited, a company registered in England and Wales with company number 02766324. The registered address for these companies is: Athena House, Bedford Road, Petersfield, Hampshire, GU32 3LJ.
Moneybarn’s VAT registration number is 180 5559 52.
Moneybarn Limited is authorised and regulated by the Financial Conduct Authority (Financial Services reference No. 702781)
Moneybarn No. 1 Limited is authorised and regulated by the Financial Conduct Authority (Financial Services reference No. 702780)
