SUVs have become increasingly popular among car buyers, and for good reason. They offer a perfect blend of spaciousness, style and functionality. However, potential buyers are under the impression that getting an SUV loan requires a significant deposit or down payment. This is not always the case.

While some lenders may require a deposit, there are also options available for those who want to finance an SUV without a deposit or zero money down.

In this blog, we will explore the options available to buyers looking for a No Deposit SUV Loan.

Can you get SUV Car Finance with Zero Deposit?

Yes, It is possible for people to get finance for an SUV without a deposit, but it depends on the lender and your credit history. Some lenders on the Motorly panel may require a down payment, while others may not. However, don’t forget that putting down a deposit may help you qualify for finance or get a better interest rate.

So, if you are keen to put zero down on your SUV purchase, it’s likely your monthly payments will be higher.

Ultimately, the terms and conditions of the loan, such as the interest rate and monthly payments, will depend on the lender and the borrower’s creditworthiness. It’s always recommended to shop around, compare loan offers from different lenders and check the terms and conditions before making a decision.

Is it possible to take out an SUV Loan with no credit checks?

A question we get a lot from potential buyers is whether they can take out a car loan without a credit check.

All lenders on our panel will want to conduct a full credit check (also known as a hard credit check) before completing your car finance application. However, during the initial phase of your application, they’ll only do a soft credit check.

A soft credit check is a type of inquiry into your credit history that does not affect your credit score. This is the type of credit check that is performed when you first apply with Motorly. Soft credit checks are used by lenders to get a general idea of your credit history and to pre-qualify you for a car loan. They typically only show basic information such as your credit score and payment history. It leaves no permanent mark on your credit file.

A hard credit check is a more thorough inquiry into your credit history that can have an impact on your credit score. Hard credit checks are performed when you have been pre-qualified and have decided to move forward with your car finance application. Hard credit checks will show more detailed information such as recent credit inquiries and account details.

What happens if I take out a Zero Deposit SUV Loan?

If you are looking for zero down on your SUV Car Loan now, it’s important to know the effects of doing so.

As you know, a deposit is not always required when taking out car finance. However, if a deposit is not made, you may be required to pay a higher interest rate on the loan, as the lender may see you as a higher-risk borrower.

By putting a deposit down, it shows the lender that you are invested in the loan and the purchase. This can increase the chances of the loan being approved and the interest rate being lower.

Additionally, without a deposit, the overall loan amount would be higher. As the lender is financing the full amount of the vehicle, your monthly payments will be higher.

Also, the loan may require a longer period to be paid off. This will result in more interest paid over the life of the loan.

Ready to apply? Check out the Motorly 0 Down SUV Loans page today!

If you are looking to finance your next car you may be a little confused about some of the financial jargon used. One such term is APR. We’ll break down what it means and how it affects your next purchase.

What is APR?

APR is a key factor to think about when it comes to car financing. However, you might wonder what APR actually is. It’s the annual percentage rate, or APR, to put it simply—a gauge of borrowing costs. It includes any additional costs or fees associated with a loan, such as origination fees or closing costs, in addition to the interest rate on the loan.

The APR on a car loan can have a significant impact on the overall cost of the loan. A higher APR means that you will be paying more in interest over the life of the loan, which can add hundreds or even thousands of dollars to the total cost of the loan. On the other hand, a lower APR can result in significant savings, as you will be paying less in interest.

When looking for a car loan, it’s critical to compare the APRs provided by various lenders. This will assist you in finding the loan that offers the most favourable interest rates and costs, ultimately saving you money. To make sure you are getting the best deal possible, you should also take into account other aspects, such as the loan’s terms and overall cost.

What’s the difference between representative APR and exact APR

The representative APR is the APR that a lender must quote to at least 51% of successful applicants. It is intended to give consumers an idea of the interest rate they can expect to receive on a loan or credit card.

The exact APR that you are offered on a loan or credit card may be different from the representative APR, as it is based on your personal circumstances and credit profile. Lenders take into account a variety of factors when determining the exact APR for an individual, including their credit score, income, and debts. As a result, the exact APR that you are offered may be higher or lower than the representative APR.

It is important to keep in mind that the representative APR is just an estimate and is not guaranteed. The exact APR that you are offered may be different, depending on your personal circumstances and credit profile. It is always a good idea to shop around and compare offers from multiple lenders to find the loan or credit card that offers the best terms and lowest APR.

car-insurance

What affects the APR offered by lenders?

There are several factors that can affect the APR you are offered on a car loan. These include:

For more tips on how to save money on your next Car Finance deal, check out our guide on how to get the Best Cheap Car Finance Deals with Motorly.

Looking to get your car Winter ready this Winter? Keep reading to find out how to properly prepare your car for the cold weather.

1. Check the battery and charging system: Cold temperatures can strain a battery and make it harder to start your vehicle. If your car is a few years old, it’s a good idea to have the battery and charging system tested by a professional.

2. Get a winter tune-up: Have a certified mechanic perform a tune-up to ensure your vehicle is running as efficiently as possible. Have them check hoses and belts, change the oil and filter, and inspect other components.

3. Check the brakes: Make sure your brakes are in good working order and that there’s plenty of brake fluid.

4. Inspect the tires: Tire pressure drops in cold weather, so be sure to check the pressure, tread depth, and wear patterns of your tires. Replace any worn tires with winter-grade tires to ensure good traction for snowy roads.

5. Change the wiper blades: Old wipers can leave streaks on your windshield and make it harder to see the road. Install new winter-grade blades to clear away rain, sleet, and snow.

6. Top-up fluids: Make sure your vehicle has the right amount of oil, transmission fluid, antifreeze, and other fluids. If any of these are low, top them off with the appropriate fluid.

7. Emergency kit: Keep a winter emergency kit in your car in case you get stranded in the cold. Include things like a flashlight, spare blankets, snacks, and a first-aid kit.

Following these tips can help you prepare your car for the winter season. For the best results, it’s always a good idea to have a professional inspect your vehicle and perform any necessary repairs and maintenance. That way, you can be sure your car is safe and ready for cold weather.

What is a credit score?

A credit score is a three-digit number that represents your creditworthiness. It is based on information from your credit report, which is a record of your credit activity. The higher your credit score, the more likely you are to be approved for credit and to qualify for favourable interest rates and terms.

How does your credit score affect your ability to obtain car finance?

Your credit score is one of the factors that lenders consider when deciding whether to approve you for a car loan. A good credit score can improve your chances of getting approved for a loan and may also help you get a better interest rate on the loan.

What steps can a user take to improve their credit score?

Here are some steps you can take to improve your credit score:

  1. Pay your bills on time: Late or missed payments can have a negative impact on your credit score.
  2. Keep your credit card balances low: High balances can indicate to lenders that you are overextended and may have difficulty repaying a loan.
  3. Use credit responsibly: Don’t apply for too many new credit cards at once, and avoid using all of your available credit.
  4. Check your credit report for errors: Errors on your credit report can lower your credit score. You can request a free copy of your credit report from each of the three major credit bureaus (Experian, TransUnion, and Equifax) once per year.
  5. Consider a credit-builder loan: This type of loan is designed to help you build credit. You borrow a small amount of money and make regular payments to repay the loan. This can help you establish a positive credit history.

What are the benefits of improving your credit score?

Once you improve your credit score, you may be able to qualify for credit cards and loans with better interest rates and terms. This can save you money on interest and make it easier for you to afford the things you want or need, such as a car or a home.

It is still possible to get Car Finance with a bad credit rating?

It is possible to get car finance with a bad credit score, although the terms of the deal may be less favourable. Lenders who offer car loans to people with bad credit may charge higher interest rates to compensate for the increased risk. However, options are still available to you.

Motorly is a Bad Credit Car Finance Specialist who can help you can the deal you need to get your next car.

Are you looking to buy your first car? Purchasing a vehicle is a big step, and it can be overwhelming to make the right choices. Here are some tips on what to consider when buying your first car.

1. Decide on a budget: Before you start shopping, figure out how much you can realistically afford to spend on a vehicle. Factor in all costs, including the purchase price, insurance, registration, taxes, and maintenance.

2. Consider your needs: Think about how you plan on using the car and what features are important to you. Do you need a car for commuting, or are you looking for something sporty? Do you want a car with a lot of safety features or a lot of boot space?

3. Research the car: Once you’ve settled on a few models, do some research. Look up reviews and ratings, and find out what other owners have to say about the car. You should also check out the vehicle’s safety ratings and reliability records.

4. Take a test drive: Once you’ve narrowed down your choices, take a few of them out for a test drive. Pay attention to how the car feels and how it handles. Listen for any unusual noises and make sure all the features are working properly.

5. Negotiate the price: Don’t be afraid to negotiate with the seller. If you’re buying from a dealer, ask for a better price or for additional features.

Buying a car can be a daunting task, but following these tips can make the process easier. With some research and a bit of patience, you can find the perfect car for your needs and budget.

Welcome to our guide on open banking! Open banking is quickly becoming an integral part of the financial services industry, and it is important to understand how open banking works and the implications it has on your experience. In this guide, we will cover what open banking is, how it works, the advantages and disadvantages, and the future of open banking. By the end of this guide, you should have a good understanding of open banking and how it may affect you. Let’s get started!

Am I automatically opted in to open banking?

Open Banking is not automatic, meaning that you must actively choose to participate in open banking and share your financial information with third parties.

How can I control who has access to my open banking information?

If you choose to participate in open banking, you can control who has access to your financial information by carefully selecting the third-party financial service providers that you share your information with. Before sharing your information with any third party, it is essential to carefully review their privacy policies and terms of service to ensure that they will treat your information with care and respect. It is also a good idea to regularly review the list of third parties to that you have granted access to your financial information, and revoke access for any parties that you no longer trust or no longer need access to your information.

How can I cancel access to my data?

If you have granted a third-party financial service provider access to your financial information through open banking, you can revoke their access at any time by following these steps:

  1. Find the account or accounts that you want to revoke access for. This information should be available in the app or website of the third-party provider, or in the app or website of your bank or other financial institution.
  2. Once you have found the relevant account or accounts, look for a setting or option that allows you to manage access to your financial information. This setting may be called “open banking,” “data sharing,” “third-party access,” or something similar.
  3. Within the relevant setting or option, look for the option to revoke access for a specific third-party provider. This may be a button or a link that you can click on to initiate the revocation process.
  4. Follow any on-screen instructions to complete the revocation process. This may include confirming your identity and providing a reason for revoking access.

After you have completed the process, the third-party provider will no longer have access to your financial information through open banking. Keep in mind that revoking access to your financial information through open banking will not necessarily prevent the third-party provider from accessing your information in other ways, such as through transactions that you initiate directly with them. If you want to prevent the provider from accessing your information altogether, you may need to take additional steps, such as closing any accounts you have with them or contacting them directly to request that they delete any information they have about you.

Can a regulated third-party provider make a payment from my account without me authorising it?

No – they will not be able to take unauthorised payments.

Open banking systems are designed to allow individuals to securely share their financial information with third parties, but not to allow third parties to make payments on their behalf without consent.

In general, open banking systems can be used with a wide range of financial accounts, including personal and business current accounts, credit card accounts, and investment accounts. Keep in mind that not all financial institutions or accounts may support open banking, so it is possible that some of your accounts may not be eligible for this service.

Can I use open banking if I don’t use online banking?

No you can not. You need an online or mobile banking set up for your payment account to use open banking

Is there a charge or cost to using open banking?

In most cases, there is no charge or cost for using open banking. Open Banking is typically provided free of charge by banks and other financial institutions. However, some third-party financial service providers may charge fees for certain services or features that they offer, and it is possible that using open banking to access these services or features could incur a charge or cost. It is a good idea to carefully review the terms of service and pricing information for any third-party financial service providers that you are considering using, to ensure that you understand any fees or charges that may be associated with their services.

What regulations do providers have to meet?

Third-party financial service providers that offer services through open banking systems are typically subject to strict rules of the FCA or European equivalent.

Does my bank or building society offer open banking?

It is possible that your bank or building society offers open banking, but this will depend on the specific institution that you are a customer of. Right now, the UK’s nine largest banks and building societies are mandated to make your data available via open banking. Other smaller banks and building societies can decide to offer the service.

Which banks and building societies offer Open Banking?

When I share my banking data via Open Banking, what information can companies be able to see?

When you share your data using Open Banking, companies can see the financial information that you have authorized them to access. This may include information such as your account balances, transaction history, and details about the financial products that you hold with your bank. It is important to note that you have control over which information is shared, and you can revoke access at any time.

How do I know Open Banking is safe?

The Open Banking system is regulated by the government and is designed to be safe and secure. To ensure that your data is protected, you should only share it with trusted third-party providers and make sure to use a secure connection when accessing your financial information.

Additionally, you can check to see if the provider has been certified by a regulatory body, such as the Financial Conduct Authority in the UK. This can provide an added layer of protection and give you peace of mind.

I am having problems paying for, receiving, or returning a product.

If you have any issues with a purchase please contact the retailer.

What if a payment is made that I did not authorise?

If you believe a payment has been taken without your authorisation, contact your bank or building society immediately.

What is Strong Customer Authentication?

Strong Customer Authentication (SCA) is a requirement under the European Union’s Second Payment Services Directive (PSD2) for electronic payments. It is designed to increase the security of online transactions by requiring the use of two or more independent authentication factors when a customer makes a payment. This can include something the customer knows (such as a password), something the customer has (such as a mobile phone), and something the customer is (such as fingerprint or facial recognition data). The goal of SCA is to make it more difficult for unauthorized individuals to access a customer’s financial information and make fraudulent payments.

We hope this guide has helped you understand open banking and the implications it has on the banking industry and customer experience. Open banking is sure to continue to evolve and shape the future of banking services, and this guide should have provided you with a good understanding of what open banking is and how it works.

 

car-sale

Are you in the market for a new car but worried about the cost? Don’t worry, there are plenty of options available for financing your new vehicle at an affordable rate. In this guide, we’ll provide our guide to cheap car finance deals currently on the market. We’ll also discuss some tips and tricks for finding the perfect financing option to suit your budget and needs. So, if you’re ready to get behind the wheel of a new car without breaking the bank, read on!

Top Tips for Finding the Best Cheap Car Finance Deals

Shop around and compare rates from multiple lenders

Shopping around and comparing rates from multiple lenders is a great way to find the best cheap car finance deal. By comparing offers from different lenders, you can be sure that you are getting the best possible rate. Be sure to compare not only the interest rate but also any fees or other charges that may be associated with the loan.

Consider a shorter loan term, which can result in a lower interest rate

A shorter loan term can result in a lower interest rate because the lender is taking on less risk. By paying off the loan over a shorter period of time, you are reducing the amount of time that the lender is at risk for potential default. As a result, many lenders will offer a lower interest rate for shorter loan terms.

Put down a larger deposit, which can reduce the amount you need to borrow and result in a lower interest rate

Putting down a larger down payment can also result in a lower interest rate. This is because a larger down payment reduces the amount that you need to borrow, which in turn reduces the risk to the lender. As a result, many lenders will offer a lower interest rate for loans with a larger down payment.

Consider purchasing a less expensive car, which can reduce the amount you need to borrow and result in a lower interest rate

Purchasing a less expensive car can also help you secure a cheap car finance deal. By choosing a less expensive car, you are reducing the amount that you need to borrow, which can result in a lower interest rate. Additionally, a less expensive car may also be more affordable to insure and maintain, which can help you save money in the long run.

If you have a good credit score, you may be able to negotiate a lower interest rate with the lender

If you have a good credit score, you may be able to negotiate a lower interest rate with the lender. Lenders use your credit score to determine your creditworthiness and the risk of lending to you. If you have a good credit score, the lender may be willing to offer you a lower interest rate as a reward for your good credit history.

Consider taking out a secured loan, such as a car loan, which can result in a lower interest rate than an unsecured loan

Secured loans, such as car loans, often have lower interest rates than unsecured loans. This is because a secured loan is backed by collateral, such as the car itself, which the lender can seize if you default on the loan. This reduces the risk to the lender and allows them to offer a lower interest rate.

If you have a trade-in vehicle, you may be able to use it as part of the down payment, which can also reduce the amount you need to borrow

If you have a trade-in vehicle, you may be able to use it as part of the down payment on your new car. This can reduce the amount that you need to borrow and may result in a lower interest rate. Additionally, using a trade-in vehicle as part of the down payment can also help you save money on taxes, as the trade-in value can be used to reduce the purchase price of the new car.

Finally, be sure to read the fine print and understand all of the terms and conditions of the loan before signing on the dotted line

Finally, be sure to read the fine print and understand all of the terms and conditions of the loan before signing on the dotted line. It’s important to know exactly what you are agreeing to and what your obligations are

How Motorly Can Help You Get The Best Cheap Car Finance Deals

A car finance broker, such as Motorly can help people like yourself find the best Cheap Car Finance Deals. At Motorly, we have relationships with a variety of lenders and can help you compare different offers to find the one that is the most affordable and suitable for your needs.

We can also assist with the application process, making it easier and more convenient for you to obtain the financing you need to buy a car.

Motorly has access to a wide range of lenders and can compare offers from different banks and other financial institutions to find the one that is the most affordable for you.

Motorly can guide you through the application process and help you gather the necessary documents and information to apply for car finance. We can also provide ongoing support and advice throughout the life of your car finance agreement, helping you to make timely and affordable repayments.

Don’t let the cost of a new car hold you back! With the help of Motorly, you can find affordable and flexible financing options that will help you get behind the wheel of your dream car without breaking the bank. So why wait? Start exploring your options today and drive off into a brighter future.

Winter driving can be a challenge, but there are a few simple tips to help you stay safe on the roads.

Slow Down: When driving in winter conditions, it‘s important to slow down and take your time. Snow and ice can make roads slick and reduce the amount of traction you have. Driving too fast can cause you to lose control of your vehicle, so be sure to slow down and give yourself plenty of time to react.

Increase Following Distance: Following too closely can be dangerous in any condition, but it‘s even more important to increase your following distance in winter. You need more time to slow down and stop in icy and snowy conditions, so make sure you leave plenty of space between you and the car in front of you.

Avoid Excessive Braking: Braking too hard can cause your tires to lose traction, so it‘s important to avoid excessive braking when driving in winter conditions. If you need to slow down, ease off the gas pedal and gently apply the brakes. This will help you maintain control of your vehicle and reduce the chance of skidding.

Use Your Lights: Make sure to use your headlights when driving in winter conditions. This will make it easier for other drivers to see you in dark or snowy conditions, which can help reduce the chance of a collision.

Be Prepared: It‘s also important to be prepared for winter driving. Make sure your car is in good condition by having it serviced regularly. Also, bring along a few winter essentials such as a snow brush, ice scraper, and a blanket in case you get stranded.

These are just a few tips to help you stay safe on the roads during the winter. Remember to always drive with caution and be aware of your surroundings. With a few simple precautions, you can help ensure a safe and smooth ride.

As the weather and the driving conditions become more unpredictable, it’s important to be prepared if an accident does happen. Unfortunately, car accidents can happen to anyone. Follow these steps to make sure the process is as simple and stress-free as possible:

1. Stop Your Car – First and foremost, stop your car. Even if you think the accident was minor, you must stop. Make sure that everyone is safe and that the other drivers involved are aware of the incident.

2. Check for Injuries – Check yourself and anyone else in the car for any injuries. If someone is injured, call 999 as soon as possible. Do not leave the scene. Wait for medical assistance to arrive.

3. Move Your Car – If you can, move your car out of the way of traffic, or to the side of the road. This will reduce the risk of another accident occurring.

4. Notify the Police – If anyone is injured or if there is any significant damage, you should call the police to report the accident. The police will create an accident report and will also help to direct traffic around the accident.

5. Exchange Information – Exchange information with the other driver involved in the accident. Make sure to get the other driver’s name, address, phone number, license plate number, and insurance information.

6. Take Photos – Take pictures of the accident scene. Include photos of the damage to your car, the other car, and any other evidence that can help to prove who was at fault.

7. The More Information the better – The more information you collect, the better. As well as taking photos, it’s also a good idea to write down what happened, to remind yourself later.

8. Contact Your Insurance Company – Contact your insurance company as soon as possible and report the accident. Make sure to provide the insurance company with all of the information you have collected, including photos and the police report.

9. Seek Legal Advice – If you feel you have been wronged or are in any way unsure of the legalities of the situation, seek legal advice. An experienced solicitor will be able to to help.

Following these steps will help to ensure that you are prepared in the event of a car accident.