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What does pre-approved for car finance mean?

When you apply for car finance, there’s a two-step process you will go through – being pre-approved and being fully approved.

Pre-approval offers a provisional decision based on the information you’ve provided during the application process. The information we required includes things like personal details, information about your employment, and address details for the last three years. This information is then used to perform what’s called a soft credit check – this means your credit score won’t be impacted when you initially apply for finance through Zuto. This is particularly of interest to those customers who have bad credit and looking for car finance.  

To be fully approved, lenders will need to know what car you’d like to buy, then see your ID and supporting documents. If they’re happy that the car meets their criteria, and you pass all their ID and document checks, which help protect you and the lender from fraud, you will be offered car finance.

Why haven’t I received a decision?

Occasionally, some of our lenders require a few hours to review your application, especially if you have applied out of normal working hours. Please be assured that once you complete your application, we are working through it and will be in touch with a decision, via email or SMS, as soon as we can. In the meantime, whilst you’re waiting for your decision, you will have access to My Zuto, where you’ll be able to browse vehicles which are available with our trusted dealers. You’ll be able to shortlist any that you like so when we do get a decision, we can talk about your quote specifically for those shortlisted vehicles.

Written by

Mike Barlow

Content Manager

Mike has worked at Zuto since 2018 and uses his experience within the industry to help customers understand the ins and outs of car finance.

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