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Frequently Asked Questions

1.   How Does It Work?

Vendor Finance works with several finance companies. This allows us to try to get your finance application approved with the most suitable lender for your circumstances. Many factors are determining which lender we use for your application. Some being the age of the vehicle, credit history, financial position and which car dealer you wish to purchase through. We usually submit the finance application on your behalf and support it with relevant financial documentation. These documents can be bank statements, payslips and possibly a guarantor where required.

 

2.    How Long does it take?

We can get instant credit decisions for financially stronger applicants. Usually, the credit process takes 3-4 hours once the relevant information is supplied. Vendor Finance will always send in all required financial information with your application. This allows us to speed up the process and enable the credit underwriter to make a fully informed decision.

 

3.    Can I buy from any car dealer?

Each finance company has its panel of car dealers which it will accept invoices from. Vendor Finance will only submit your finance application to the respective finance company who will accept an invoice from the dealer you wish to purchase the car off.

 

4.    Can I buy the vehicle privately?

Finance Companies will not underwrite finance applications for private car sales. This is because you are protected by the Sale of Goods and Supply of Services Act 1980 when buying a car for your personal use from registered car dealers. This legislation does not apply to private sales, so Finance Companies are not willing to fund private car sale transactions.

 

5.    Can I buy in Northern Ireland/UK?

Finance Companies will not underwrite car finance applications which are for cars invoiced from Northern Ireland or the UK. This is because of many additional factors involved such as the exchange rate, the VRT element (which must be paid after the car is purchased outside the jurisdiction) and the lack of warranty from NI/UK dealers selling into the South of Ireland. You can read our blog post all about buying imported cars to get more information on purchasing UK/NI cars.

 

6.    How much can I borrow?

€5,000 is generally the minimum borrowing with no upper limit. Credit underwriting criteria usually depend on many factors such as repayment capacity, previous borrowing history, equity/deposit in the transaction, year/age of the car and evidence of poor credit history through an Irish Credit Bureau search.

 

7.    Do I need a deposit?

We operate with a wide range of finance companies that cater for all types of transactions. These transactions can range from 100% finance to generally a minimum 10% deposit.

 

8.    Poor Credit/ICB Issues:

Finance Companies will generally run a customer Irish Credit Bureau report as part of all finance applications with any poor ICB history being automatically declined. We work with one lender that will consider poor ICB histories once the reason can be genuinely explained and the customer’s current financial position will support the application. Customers can get a copy of their own Irish Credit Bureau report.

 

9.    Age Limit on Cars:

Each Finance Company has its credit policy concerning the age of vehicle it wishes to finance. Vendor Finance will go through all available options with you.

 

10.   Can I make a lump sum payment or settle off the finance agreement early?

Each Finance Company has its policy concerning these options and Vendor Finance will go through your options where applicable. Early settlements are generally calculated through using the internationally accepted “Rule of 78”, and the actual cost can vary from one to three months’ interest.

 

11.    Do I need Bank Statements?

Very often bank statement is required to support the finance application to illustrate your ability to repay the loan. These can usually be sent to Vendor Finance by post, fax or through Email. Finance Companies generally require a copy of the original bank statement or E-Statement that shows the customer’s name and address. They usually will not accept transactions histories, screenshots, mobile phone transactions or excel files as they do not have the name and address on them.

 

12.    Are there any other fees or charges?

Finance Companies generally have documentation fees on commencement of the finance agreement and purchase fees with the last instalment. These charges vary from company to company, but Vendor Finance will explain all fees before finance drawdown.

 

13.    Does Vendor Finance charge a fee?

Vendor Finance does not charge any additional fees or charges for our service.

 

14.    Anti-Money Laundering Documentation:

Finance Companies are required to verify the customer’s identity before finance drawdown. They expect the following documents – Copy of either the customers driving licence or passport (which must be within expiry date) and a copy of a proof of address dated within three months (A copy of a recent utility bill, bank statement or other official document showing your name and address)

 

15.    Married Surnames:

Customers who may have a double surname such as Mary Kelly Smith may have to provide a marriage certificate if their Identification and Proof of Address does not match. For example, a Drivers Licence in the name of Mary Kelly and a Proof of Address as Mary Smith would require a marriage certificate.

 

16.    How do I get started?

All you need to do is fill in your details on the Vendor Finance website, and one of our representatives will be in contact with you to process your car or commercial finance application.

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