Accept car credit financing explained

Accept Car Credit is one of the online car credit companies in the UK today. The company offers various car finance options for those who are in need of a new car but do not have enough deposit and are looking for suitable auto loans.accept car credit picture

Accept Car Credit offers auto loans to even those with bad credit and have been refused auto loans by the other lenders. The company only provides and arranges for car credit and does not sell cars. You would be able to select the car that you want from any dealer that you want and the company would only arrange for the finance on your behalf.

Hire purchase car financing

One of the car finance options offered by Accept Car Credit is hire purchase. You would be able to find deals for commercial vehicles as well as loans for individual use cars. The deals that are offered by the company are mainly for those with an impaired credit history and low credit scores.  There would be an initial deposit that you would have to pay which would typically be equal to four months advance rentals for the cars. The agreements are offered up to four years term.

The documents that you would need to submit for this car credit option are a driving license copy, the last 2 months statements for your bank account, your recent pay slips and the home address proof or a passport copy.

Car leasing options

Accept Car Credit also offers deals for car leasing if you are not interested in purchasing a car. This option is offered to individuals as well as businesses. There would be an initial deposit that you would have to make and the rest would have to be paid in instalments for terms lasting up to 4 years. The company takes around 24 hours for processing the application once you apply online.

Once they have arrived at a decision, you would be intimated about the status of your car credit application. The terms and conditions would be explained and you would be given a credit limit which would be valid for 30 days. You can then go to a dealer of your choice and select the car that you like within that credit limit. The funds that have been approved for you would be directly sent to the dealership so that you can drive away the car of your choice.

An important thing to note is that Accept Car Credit provides car finance options that are geared towards individuals with credit problems which is why their interest rates are quite high. The typical APR at Accept Car Credit is 28.7% which is quite high. Unless you are unable to get approvals for lower APR auto loans from other lenders, it is advisable not to go for a higher APR loan.