Frequently Asked Questions
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I have a bad credit rating, can I still get vehicle finance?
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Many have – At Motormula we will look at all cases regardless of your circumstances. Whether you have struggled in the past because due to your credit history, work in the Armed Forces or self-employed, our dedicated staff will look at your application and try to help.

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Can you arrange vehicle credit for people who are self-employed?
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We have on many occasions – We can arrange a finance deal for people who are self-employed, however our lenders may ask for 3 months bank statements.

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Can you arrange vehicle credit for people who have been bankrupt?
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YES – If you’ve been discharged for a minimum of 12 months, potentially we can still find you Vehicle Finance.

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Can I buy my vehicle from a private seller?
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NO – We cannot provide finance for vehicles sourced from a private seller. However our Account Managers will provide you a comprehensive list of approved vehicle dealers who will be happy to source you a suitable vehicle which meets your needs.

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I’ve lived in the UK for 3 years can I get finance?
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YES – We require you to have lived in the UK for at least 3 years before taking out finance.

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Will you run credit checks and if so, how many do you do?
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YES – We are required to match your credit profile and individual circumstances to a lender through the underwriting process. On average, as a customer you will incur 2-3 credit checks, depending on your circumstances.

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Can I get vehicle finance if I’m on benefits?
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YES – Our lending panel includes lenders who can do this. Applicants with good credit ratings or joint applications stand a better chance of securing finance in these circumstances.

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How long does the application process take until I get my new vehicle?
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It takes an average of 17 days, but this is dependent on your personal circumstances and how soon you can get all required documents into us.

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I’m 21 years old can I get finance?
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YES – We have lenders that finance 21 year old’s and above, although, on some occasions we will need to add a joint applicant to your application. Unfortunately we cannot arrange vehicle finance for applicants under 21.

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What’s the minimum I can borrow?
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The minimum loan amount is £1,000-£3,000 based on our current lending panel and your personal and financial circumstances.

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I live in northern Ireland and have been refused elsewhere can you help?
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YES – We have the largest lending panel in the UK, with lenders who operate in N.I

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I work in the Armed forces. I have been told I won’t get finance anywhere?
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Motormula has lenders in place to help our Armed forces. Apply Now.

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