Non Status Car Finance Explained In Short

by David Jenyns on July 11, 2011

If it is your first time applying for loans and you have not had any experience in any type of financial borrowing before, there is a strong possibility that you are what is considered non status. Non status individuals are those who do not have enough credit activity to warrant a computation of a credit score because you are either too young, you were formerly an alien or you just did not have enough credit activity. For huge banks and other large financial institutions, being non status is as bad as having adverse credit which means you will not be approved of a loan, much more a car financing program.

However, thanks to other small lending companies, the non status car finance program is now made available for people who are suffering with such credit issues. Of course there are eligibility requirements that one needs to meet in order to be approved for a non status car finance program.

  • First off, the applicant for the non status car finance program has to have a stable job. This means that he is currently gainfully employed and has been with the same company for the past twelve months.
  • The applicant should also possess proofs of his identity such as the social security number and the like.
  • Anyone who wants to avail of the non status car finance program should be a bona fide resident of the United Kingdom and should also be 18 years old or over.
  • To prove that he is employed, the applicant has to present his last pay slip.
  • And most importantly, the interested party should also show his bank statements for the past six months proving that he has an active bank account. This minimizes the assessment program since the bank most likely has already introduced the applicant to a more thorough credit checking program and that is the reason why he has an active account.

The non status car finance program is actually open to individuals who want to get for themselves brand new cars but it is not only limited to that because even if you want a used car, this finance program can still be applied. All you need to do is complete a very simple non status car finance program application form and wait for the quick approval. One of the most important aspects of the evaluation process for the non status car finance program is your payment capability and that entails honesty in all levels so make sure that you furnish them with all your financial records and fiscal statements so that they would be able to easily set up the program for you and at the same time appreciate your candor.


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