Car Loan FAQs
- What is the maximum loan you could find me?
- How quickly would I get the money?
- How long does it take to get a decision?
- What does ‘APR typical’ actually mean?
- Are there any additional charges if I repay the loan early?
- What will you accept as income?
- You have offered me less money than I would have liked, can you help me with a larger amount?
- I have a bad credit history, can you still accept my application?
- I applied for a loan but I now want to change some of the details I provided. How do I do this?
- How can I contact Advantage Loans?
- What forms of identification do you accept for applications?
- I have been asked for an employer's reference, why do you need this?
- I'm a civil partner, what should I choose as my marital status?
What is the maximum loan you could find me?
Advantage Loans can source a loan of between £200 and £20,000.
How quickly would I get the money?
You can complete your application by post. Your documents must be signed and returned before the lender can release the funds to you.
Funds can normally be transferred by BACS into any bank account after receipt of your signed loan documentation. Most of the lenders we recommend aim to pay the funds out within 3 to 5 days.
How long does it take to get a decision?
In most cases we offer an instant online decision on if we can help find you a loan, however there may be occasions when we require further information before we can complete your application. You will be provided with contact details once you have submitted your application to enable you to contact us to complete your application, alternatively we will contact you within 24 hours of receiving your application. Once we have accepted your application we will source you appropriate loans and send you information on the lenders that match your financial requirements and explain how to apply directly to them.
What does ‘APR typical’ actually mean?
The typical APR (Annual Percentage Rate) is the rate at or below which we expect at least 66% of customers to receive a loan when applying as a result of advertisements on this web site.
Are there any additional charges if I repay the loan early?
If you take out an agreement with us The Consumer Credit Act gives you the right to settle this agreement at any time by giving notice in writing and paying off the amount you owe under this agreement which may be reduced by a rebate.
What will you accept as income?
The following is income and benefits that can be accepted as income:
- Regular commission
- permanent overtime
- incapacity benefit
- severe disablement allowance
- industrial injuries
- disablement benefit
- war pension
- widows pension
- working family tax credit
- attendance allowance
The following benefits cannot be accepted as income:
- Maintenance payments or rents received
- child benefit
- council tax benefit
- guardians allowance
- foster carer allowance
- income support
The lender you recommended offered me less money than I would have liked, can you help me with a larger amount?
All applications are individually considered on a number of factors. The amount that the lender has offered will be the largest amount that they feel they can lend you at this time; however, in many circumstances, once you have made repayments for a number of months they can reconsider your credit limit and top up your loan. Alternatively, in a few months, call us again and we can try and help you source a new loan.
I have a bad credit history; can you still accept my application?
We consider all applicants regardless of their credit history.
I applied for a loan but I now want to change some of the details I provided. How do I do this?
If you have already received confirmation that your loan is with a caseworker please contact your caseworker on their direct number. If you do not have a caseworker yet, or you have lost your caseworker's telephone number, please contact us using the information on the contact page.
How can I contact Advantage Loans?
All the relevant details are on the contact page.
What forms of identification do you accept for applications?
We can accept the following:
- Passport
- Driving Licence
- Certified photo from a professional, e.g., Doctor, Solicitor, Teacher etc.
I have been asked for an employer's reference, why do you need this?
To protect our customers we have an obligation to ensure that they will be able to meet monthly repayments easily. To ensure this is the case we may need to check your income with your present employer. This also protects you from identity fraud, which is an increasing concern within the UK.
I'm a civil partner, what should I choose as my marital status?
You can select a marital status of either single or married depending on your preference.
