Loan Amounts: How Much Can I Borrow?

Need a Loan? How Much Can You Borrow? How Much Do You Earn?

What you earn affects your maximum loan amount. That seems like common sense and a concept that most people would agree is sensible. If you borrow beyond your means, you can not pay it back, you enter a spiral of debt, which can have dire consequences. Lenders and Brokers have a duty of care and have responsible lending regulations that they must follow, or risk losing money, losing business and facing heavy fines. Your current circumstances are all that Match Me can use to Match You to your lender and to your dream car.

I want a Mercedes, but I can afford a Skoda Citigo

Live within your means, drive the car within your budget, and then upgrade when the time is right. If you have a goal to drive a fancy car, you will get there as long as you keep saving, keep working and keep building up your credit score. If you over borrow when you are young, those defaults will affect your credit score, and you will never get the loan you need to buy the car of your dreams.

If you default on any loan repayments it can affect your credit score by up to 350 points. With lenders taking close looks at your credit score before reaching a decision to lend, it is in your best interests to maintain a high credit score and to keep up repayments. So even though you want the Mercedes, you might be better off in a Skoda, for now.

If you are not a lender, why do you want to know what I earn?

If you tell us that you earn more than you do, we will fail at our job of matching you to the best lender and the best car. Our panel of lenders need to know that you can afford the loan repayments before issuing the loan, and they will check your employment, your income and your ability to repay. If you falsify information on a signed loan agreement, you risk serious repercussions that are really not going to benefit you in the long term.

We have a duty of care to you, our customer, to provide you with advice, guidance and the best finance deals on the market that match your circumstances.

The loan term, the APR, the finance fees, the cost of borrowing all affect the quality of service that we can provide to you,and that we provide to our trusted panel of lenders.

Organising your car finance through Match Me is a partnership, where we are only happy when you are happy too.

Loan To Value Ratios can be improved with higher deposits or trade in deals that can also help you get the more high-end vehicles that you desire. If you have a deposit that you can put down, or you have collateral that you can use, the lenders and the dealerships can help you to get the car that you want faster.

But you should always live within your means and borrow within your ability to repay, so that you can get the car of your dreams and drive happy.