Help & Advice

Can I get a car loan with fair credit history?

Hi, I want to make a car loan application from two reasons. One is because i need to change my car and second to consolidate my credit history so in couple of years i can apply for a mortgage.

Before I apply for a car loan i'd like someone to tell me what are the chances I have on the following: i have 783 points which means fair credit with same address from over 3 years. I don't want to run another credit check without being sure because if rejected that going to lower my credit score.

Also I am a foreigner from European Union. I have UK driving license and Romanian passport

Marius


Answer

Hi Marius, thank you for your detailed question. As you have 3 years address history and a UK licence that is a great start.

Your credit score seems reasonable too - 783 is actually quite high so as long as you have no large defaults (over £5000) and you can prove your income (with payslips or bank statements) i'm reasonably confident we can get you accepted for car finance with one of our lenders. Do you have a deposit as that can strengthen your chances and how much are you looking to borrow? The amount you can borrow depends upon your income.

Lastly do you have a UK bank account where your wages get paid into each week/month? If so, please apply when you're ready to do so and if approved we provide a no obligation quote and you can buy a car from any dealer. Thanks, Rachel

Answer correct as of September 2016

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Borrowing £7,500 over 48 months with a representative APR of 16.8%, an annual interest rate of 16.8% and a deposit of £0.00, the amount payable would be: £211.25 a month, with a total cost of credit of £2,640 and a total amount payable of £10,140.

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More related questions

Hi, I have a Northern Bank account also arond three years old. The sum i'm looking for is around 5k. Unfortunately I don't have a deposit. Also I would like to know how much the APR goes (percentage) for this amount over a five years period? Thanks in advance. Marius

Answer

Hi Marius, that's also good news. With fair/average credit you'll be looking to pay approx 20% APR however, the rates are set by the lender you get approved by (not us). £5000 over 48 months would give you a monthly payment of approx £140.

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Hi, Last questions! How does it work? You pay for the car I get or I get the money in my account and pay myself? What documents do I need and last is there any kind of fee I have to pay? Also the APR is calculated all 4 years to the amount I borrow or to the outstanding amount left....? Thanks, Marius

Answer

Hi Marius, if you're approved you're free to locate a car from any reputable dealer in the UK. Documents you will need are as follows: Driving Licence, Proof Of Income (payslips), Proof of Address (utility bill), Proof of signature (back of a debit card).

There are no fees to pay up-front to get you approved. Depending upon which lender approves you there may be a fee to pay before the deal completes but this will be detailed & explained to you. The fee is also refundable should the deal not go-ahead. Thanks, Rachel

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Hi, equifax rate me as "fair" all down to late credit card payments in 2009, 3 address changes in 3 years, scoring me at 368. Does this really mean "poor" and give up looking for car finance?

Answer

Hi Neale, A score of 368 is quite low but we may well be able to get you approved as we specialise in obtaining car finance for those with a poor credit history. Have you applied with any other internet brokers and if so what has been the outcome. Thanks, Rachel

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Hi, my credit rating is not so good and i have had some late payments in the past but now everything is up to date. This doesn't show on my credit file though. I have been turned down many times by some lenders and my credit rating is on FAIR at the moment according to Experian. I have a loan of £3000 left to pay and i pay on time each month (£100). I'm 27 and am full time employed - i earn £1580 a month and i want to borrow £6000. Can you help? Greg

Answer

Hi Greg, if you have a fair credit history and are in full time employment and can prove your income with payslips we should be able to get you approved for £6000. Please make an application when you're ready and if approved you can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Rachel

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Hi, I registered to get on the electoral role 3 days ago but it doesn't show on my credit file yet. Yes I have a part exchange or can put a £1000 deposit in.

Answer

Hi Greg, thanks for the extra info and good news about the deposit and part exchange. Please apply and we'll see if we can get you approved.

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I am having trouble getting credit for a car. I want to borrow approx £9000 and have a £1000 deposit. I work full time earning £35 k per year and think my credit rating is fair. I know I can afford to repay £200 per month. Can you help?

Answer

Hi Neil, with £1000 deposit and a fair credit rating we should be able to help get you at least £8000 if not the £9000 you're looking for. As long as you can prove your income and have a full UK driving licence we should be ok. Obviously we'd need you to apply so that we could see your credit file before giving any guarantees but i'm confident we'd be able to help. Have you applied anywhere else on the internet and what has been the outcome? Regards, Rachel

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Hi, i'm interested in buying a new car, i have a car to trade in worth about £4000 and i am looking to finance about £12000, should i really bother as my credit score is only 750 at Experian? What is the likely hood of me getting it approved?

Answer

Hi Carl, with a 750 credit score and a £4000 part exchange i'm reasonably confident we'd be able to get you approved for car finance and get you the £12,000 required. The amount you can borrow will be dependant upon your income though. Please apply so that we can get the ball moving asap. Regards, Rachel

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Hi, my credit report is telling me i have a fair reading and everything says excellent except the electoral roll part! I have lived at one address for over 10 years until last year. I have a mortgage & I have a credit card but I don't owe anything on it. I'm wanting £9,000 to help buy a new car and I already have £4,000 saved so would need £5000 loan. The problem I have is I only work part time but have over £500 spare per month. Can you tell me what chance I have and what interest I would pay should I get accepted. Kindest regards, Chris

Answer

Hi Chris, we'd be able to get you approved for £5000 with no issue as from what you've said you don't have a bad credit rating and the fact you have a £4000 deposit helps massively as this shows excellent commitment on your behalf. If accepted we should be able to get you rates between 9% and 12%. The fact that you work part time isn't an issue either if you have fair credit. Please apply online and we'll get back to you asap. Thank you, Rachel

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Hi, i want to get a car on finance but my credit is quite bad (Fair according to Experian/Equifax). I have £600 deposit and i was wondering whether i can get finance - but nothing too expensive?

Answer

Hi Mariesa, when you say your credit rating is quite bad, can you explain why this is? Have you just missed a few payments here and there or do you have CCJ's and defaults against your name? We can help people with poor and fair credit profiles but it'd be good to know your circumstances in a little more depth before you apply. Just a few questions from myself - Are you on the electoral roll, do you have a UK driving licence, are you employed, can you prove your income and finally how much is it that you wish to borrow? The fact that you have a decent size deposit does help things. Kind Regards, Rachel

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Hi, I have a credit score of 855, which was 894 at one point. I applied for a £7000 loan and got rejected (unknown reason). I've had 2 loans in the past both paid in full (both same provider as I applied for the £7,000) and no missed payments etc. I have no outstanding loans / credit. I have about a £500 deposit and looking for a car about £5000 now. What would the odds of me being accepted when I was rejected 2 months ago? I don't want to keep being rejected and pushing my credit score further down. Thank you, Jason

Answer

Hi Jason, apologies for the delayed response. With you credit score of 855 we'll be able to help you get approved for £5000 and the fact you have £500 is great news too. Are you on the electoral roll and do you have a full UK driving licence? Regards, Rachel

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Hi, i'm enquiring about a car loan for around £3000 - £5000 and i have around £300 deposit. My rating from experian is 864 which is classed as fair. I'm in the forces and currently not on the electoral roll but have been at my previous address. Could i still qualify for a loan.

Answer

Hi Paul, thanks for your question. As you're in the armed forces and have a decent credit score we'll be able to get you approved for car finance with no problem. It would help if you were on the electoral roll as lenders would be able to trace your credit history but don't worry too much. The £300 deposit is great news too. Rachel

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Hi Rachel, I have an experian credIt score of 762. I earn £50,000 a year and have been with the company for 2 years. I was wondering much I could get finance for and also what the APR would be. I would also part exchange my mercedes c180. I think I could get £3000 for that and put down a grand.

Answer

Hi Richy, you're credit score is decent and you seem to have a large deposit which is good news. Is there any outstanding finance on your Mercedes? If there is don't worry as we'd be able to settle that when taking the vehicle in part exchange. Are you on the electoral roll? If so, that's another boxed ticked. The rate of interest will vary from 9% to 14% depending upon where we can get you approved. How much do you actually want approximately? Kind Regards, Rachel

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Hi, i'm from Poland and have lived in London for 5 years at the same address. I'm registered on electoral list and am self employed. I get money on account every two weeks or even once a month. I don't have an English driving licence. My bank account is based with Barclays since 2007 and my credit score is good on experian and stands at 860 points i think. I have never had a loan before just a contract mobile phone. The question is - is it possible to get about £5000 with £1000 deposit or £5000 without deposit on a car. If yes what is apr etc? My average income is about £1800 after tax but i sometimes don't pay my wages in for 2 monts on account. Anyway, let me know if you have any good news for me. Thank you, Robert

Answer

Hi Robert, with a good credit score like you have and the fact that you have £1000 deposit we'll be able to get you approved for car finance and the £5000 you need shouldn't be an issue. We can also help you even though you have an international driving licence :-)

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Hi, I'm 27 and my experian credit score is 766. I was living in Spain until May last year and have been at my current address for 6 months, on the electoral register for three. I have a mobile contract, no late payments for 5 months. I applied for a few loans in January and was rejected and I didn't realise how badly it would affect my credit socre! I have no CCJs, debt, my credit score is going up slowly month by month. I have a full UK driving licence, no points. What are the chances of being approved for a £5000 loan with a £500 deposit? I'm reluctant to apply for fear of affecting my credit rating. My salary is £25k.

Answer

Hi Jo, from what you have said it seems like the lack of credit is holding you back as you have no bad credit just not much history for lenders to look at. I can't guarantee an acceptance until we see your credit profile. The good news however, is that you're on the electoral roll and you have a 10% deposit which lenders will look favourably on. How long were you in Spain for and have you applied at any other internet car finance companies? Rachel

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Hello, I have a problem. I want to buy a car but i can't seem to get a loan. I was accepted for a loan of £4,000 two years ago from natwest (my bank i have been with for 10 years) and the loan has also almost been paid off. I have a credit card with them which is up to £2,000 which i am paying off and i have no other outstanding credit. I have a phone contract and i have have never missed a payment. So, i go to natwest and ask to re-finance and add to my loan. I was willing to accept a higher interest rate due to the recession but they told me the predicted decision was no?! I don't see why as i have a full time job and i pay all my credit off in time and i have never missed a payment on anything ever!! I have joined experian and my credit is fair (which also seems weird) and all my accounts are listed as satisfactory. However, the only loans that seem avalible to me are from dodgy companies i've never heard of. I feel as if i'm being treated unfairly as i have worked hard to gain a credit history but still i am left with poor rates and banks refusing to lend me money. When i went to get my loan last time they where offering me £10,000! Now nothing?! Why?

Answer

Hi Stacey, if you say you're credit is in good condition we'll be able to source you a loan for a car with no problems at all. Our rates for people with a good credit history range from 8% to 12%. You seem to have a good grasp on your credit and the good news is that you're employed and on the electoral roll. Have you applied anywhere else other than your bank? If so, where and what has been the outcome? Lastly, do you have a deposit or part exchange? Regards, Rachel

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Hi Rachel, I have a fair credit history - 822 on Experian. I also hold few credit records on it in mobile phone contracts, energy supplier contracts and bank accounts. I have no credit cards but, not a single late payment over 6-30 months on any of the accounts. I am aslo registered on electorall roll, but only for 6 months at my present address and for the first time. I hold EU driving licence. I would like to know if it is possible to get finance for a car worth £18k if I have a deposit of around £5k (which means I still require 13k). I do have a full time job and earn £1500 p/m after deductions. The main problem and question here is: I do not have 3 years address history. I have lived in the UK for 30 months now, but changed my address 3 times during this time period. Please advise. Thank you.

Answer

Hi Aivars, an 822 credit score is quite high so we should definitely be able to get you approved. Also, as you have a large deposit this helps massively too and the fact that you have a clean credit history is a big bonus. All looks good to be honest but depending upon which lender we can get you approved with will depend on the amount you're allowed to borrow. When applying on our website you need 3 years address history so please place an extra few months on each address to get you up to that level. Kind Regards, Rachel

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Hi Rachel, Thanks for the prompt reply. Since I last checked my credit report it has gone up to 862 points now. I have also noticed you have some cars listed on your website, but there is no car I am looking for which is a Ford Mondeo Diesel 2.0 Titanium X with SatNav, preferably in black color. I know this is quite specific, but what can one do :) Do you think this can be found? I am not sure if I would hand in my application today or tomorrow because there is no urgent need yet but, I would definately do it in the next couple of months when I would be able to provide an even bigger deposit for a car and also will have more credit history in terms of 3 year address history and getting a better chance to get the desired amount. Would it also be beneficial if i change my EU driving license to UK? Or is there no difference in doing that? I am now confident that when time comes, I will be consulting with you again and placing an application on your website.

Answer

Hi Aivars, thanks for the response. It would help if you changed your licence to a UK licence as it would give us more options. Please take your time and apply when you are ready. As you say you'll have more history etc by then and a bigger deposit. We'd be able to source you a black Mondeo Titanium with no problems so don't worry on that front. We get a lot of our cars from Ford Main dealers. Look forward to hearing from you in the near future. Regards, Rachel

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Hi, i've done a credit report and my score is 754. I earn around £520 per month and want to apply for £3999 finance. Do you think this would be possible?

Answer

Hi Janet, with a credit score of 754 we should be able to get you approved for £3999 with no issues at all. Please make an application and our sales team will be in touch with you shortly :-)

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Hello, My experian credit report is scoring me at 608. I'm in full time employment earning £1500 per month. I'm registered on the electoral role so i wanted to know - what are my chances, if any, of gaining finance? My credit report is constantly improving and all my payments are up to date etc. My old defaults from student life have caused the current low score. Thanks

Answer

Hi Rebecca, thank you for your question. Your credit score seems fair and with that in mind we should be able to get you approved for car finance with one of our lenders as you're on a good salary and you're on the electoral roll. Have your defaults now been settled. If so, then i'm more than confident we can get you approved. Even if the defaults are still active as long as they are under £5000 we can still help. The interest rate you pay may range from between 12% and 18% but it all depends upon what lender we get you approved with and what their criteria is etc. Do you have a deposit or part exchange to place into the deal? Regards, Rachel

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Hi there, I have recently just got a credit score and they gave me 860. So a fair credit rating on my file. I have 3 defaults but all balances are settled and no monies owed. I don't owe any company any money any more. I am looking to get finance on a car but do not want to get rejected and lower my score. I could probably afford about a £400 deposit and looking for a car at the value of £5,000. So with your expert advice do you think I would be approved? I have lived at my current address for 1 year 3 months, work full time with a good income, i can supply wage slips and I have held my driving licence for 7 years. I am a UK resident. Thanks for reading my essay. Kevin

Answer

Hi Kev, a credit score of 860 is excellent considering you have had 3 defaults in the past. Can i ask what the amount of the defaults were? You tick a lot of the boxes to be honest to get approved for credit. You are employed, have a full UK licence, have a deposit and you've settled your defaults. When were the defaults settled? I'm pretty confident that we can help you out :-)

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The most recent one was settled in may that April that was for £500, 1 was settled in march that was £700 and 1 was settled in 2009 but in September that will be removed from my file as it will be 6 year old. I'm happy you think you can sort me out but realistically what kind of apr will I be looking at? And am I best going direct to a dealer or through yourselves? Is my address an issue as I have only been there 1 year 4 months. Kev

Answer

Hi Kev, your address history isn't an issue and from what you've said i think we'll still be able to get you approved. You can try and get finance through a dealer but to be honest not many dealers help those with a poor credit history. If we can get you approved you'll be looking at paying between 14% and 16%. Kind Regards, Rachel

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Hi there, I have a credit rating of 787, I'm on the electoral earning £900 a month and want car finance for about £6000. I have no deposit but will part ex my car worth £1200. But Experian say lenders see me as a risk because of the age of your accounts indicates lenders are likely to view you as higher risk. The value of your highest credit limit indicates a higher risk. So what are my chances of getting finance? Thanks.

Answer

Hi Ranu, your credit score seems decent and you're on the electoral roll which helps. The fact that you earn £900 per month is also good news. With a £1500 deposit we should be able to secure you £6000 with no problem. I look forward to receiving your application. Rachel :-)

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Hello, I have a score of 237 on Equifax and a score of 805 on Experian. The Equifax report had a default from 2005 that I have paid off now. I have a driving licence, £1,000 -£1,500 deposit and am looking for a car at around £6,000 -£7,000. I am full time employed. Can you help?

Answer

Hi Dez, as the default is from 2005 and the fact you have a £1000 to £1500 deposit and only need approx £5000 i'm more than confident that we can get you approved for car finance. You tick all the boxes as you're employed and have a full UK licence. Please apply and we'll try our best to get you approved with the best rates that meet your circumstances. Regards, Rachel :-)

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Hi there, I have been looking to get car finance for around £6k. My credit score is 768 as I have only ever had one store account. I seem to get rejected for mobile phone contracts. I am in the armed forces and on the electoral roll. Sadly I still don't have my drivers license which I will be obtaining soon. Can you give me some advice on how to go about getting the finance? Thanks

Answer

Hi Ian, thank you for your question and apologies for the delayed response. It seems strange that you can't get a mobile phone contract! Have you looked at your credit report through Experian? If not, i'd advise you do this before making any more finance applications. Do you have an active UK bank account or any other loans or credit cards? If not i'd advise to get a credit card from your bank with a small credit limit to build up your credit history. We also wouldn't be able to help you until you have passed your driving test. Kind Regards, Rachel

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Hi, I have a credit score of 750 on experian, i have a CCJ and 2 defaults on my file from about 5 years ago. I have had car finance before and am hoping that as my credit score has improved i will get a better rate. I earn £26k, have no major outgoings and i have either about £1500 deposit or a car to part exchange - I will need around £6000 to £9000 (depending on the monthy repayments), could you tell me if you think i would get a loan and what sort of rate? Thanks

Answer

Hi Sophie, with a £1500 deposit and the fact that your defaults and CCJ were recorded 5 years ago i'm extremely confident that we can get you approved with one of our lenders. The rate i'd expect you to pay with a fair credit score would vary between 12% and 16%. Kind Regards, Rachel

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I have done silly things in the past with my credit but for the past five years or so I have done really well. I earn £42000 a year. I have just about paid off my car which I have never missed a payment on and am now looking to renew.

Answer

Hi Stephen, if you're earning £42k per annum and have looked after your credit for the last 5 years we'll be able to secure you finance with no problems whatsoever. Please apply and place on the application how much you're looking to finance etc. Regards, Rachel

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Hi, i would like to buy a car on finance. I have a fair credit rating of 785 points but have 2 defaults which i did settle. What are the chances of me geting finance at a reasonable rate? I would make a deposit of £1000 for the car.

Answer

Hi James, with a fair credit rating and a deposit of £1000 we should be able to get you approved with no issues. The rate you should expect ranges between 12% and 16%. Rachel

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Hi there. I have recently been refused a loan from my bank HSBC and from my local car dealership for a car loan. Is it possible you can get me one? On my credit expert online, my score is 871 (fair) and i have a full time job and i am also just self employed recently. I don't want to apply again if i am just going to get rejected again and damage my credit profile. Thanks in advance

Answer

Hi Daryl, we have many more lenders than your average car dealer and with a credit score in the 800 territory i'm more than confident we'll get you approved. Please apply when you're ready and we'll have you in a new car in no time. Rachel

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Hi, I'm looking to finance a new car for £12,300. I'm currently earning a total of £1200 a month across 2 jobs. I have 2 credit cards (one with £800, one with £400) on and still paying them, I'm also paying 2 loans (one £5000, one £1500) at the moment. I quite comfortably pay them all each month, and have at least £400 left free, but will this have an effect on a car too?

Answer

Hi Ian, to finance a car for £12,300 you'd need at least a £1000 deposit depending upon your credit history. Do you have a cash deposit or part exchange and how is your credit rating? Good / Fair / Poor? Have a great day. Rachel

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Thanks for fast reply! my credit rating is 750 (fair). I also have a £1000 deposit and a car to part exchange aswell.

Answer

Hi Ian, we can help as we have one lender that approves people with provisional licences and not much credit history. One question though - are you on the electoral roll at your home address? If so, please apply and let me know the reference number. Kind Regards, Rachel

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Hi, I am looking for car finance for roughly £3500 - £5000. I can obtain a deposit of about £400. Last look at my credit score It was 763. I have an old default which has been settled and is due to be dropped off my credit file in December this year (2012). I also have 2 separate late payments but these are more then 3yrs old, and have had clean accounts ever since. I have a full uk driving licence, and have lived in my house for 2yrs and 9 months, but was at my previous address for over 3yrs. I am on the electrol roll. I really need to get finance as my car has just been declared unsafe and will cost more then the car is worth to fix. I am employed but only been there 2 months and was unemployed before that due to having a baby. Is there any chance that I can get car finance?

Answer

Hi Sarah, thank you for your detailed question. With a fair credit history and a score of over 700 we should be able to get you approved for £3500 to £5000 with no issues at all. The good news is that your default is settled and you've had no missed payments in the last few years. The fact that you also have a £400 deposit and you're employed full time is great news. Please apply when you get chance. Kind Regards, Rachel

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Hi Rachel, I have consulted with you before a few months ago, but now the time has come to apply for a loan. I have a fair credit history - 862 on Experian (almost borders with Good) and 463 (Good, and 12 points off from Excellent)) on Equifax. I also hold a few credit records on mobile phone contracts, energy supplier contracts and current bank accounts. I have no credit cards but, not a single late payment over 6-32 months on any of the accounts. I am also registered on electoral roll, but only for 8 months at my present address and for the first time. Since I have spoken to you last time, I have changed my EU driving licence to a full UK driving licence I should receive in post in max. 3 weeks. I am still looking for a finance for a car worth £18k and I now have a deposit of £6.5k (around 35%, which means I still require £11,5k). I do have a full time job and earn £1500 p/m after deductions. Another question I have skipped the last time but want to ask now is – if I make joint application (me and my wife) would it give us better chance, considering that my wife has nothing at all on her credit profile, no accounts etc., but she is on electoral role, so I am not sure of her score. Also, roughly what APR and monthly payments I would be looking at? Please advise. Thank you.

Answer

Hi Aivars, great to hear from you again and well done on changing your licence and confirming your electoral roll status. Great news on such a large deposit too and this will certainly help. I'm ultra confident now that we can get you approved and adding your wife to the application will strengthen your case. If approved i'd expect you to obtain a rate of between 11% and 14%. To work out the approx payments i'd need to know how long you wish to finance the £11.5k over :-) Kind Regards, Rachel

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Hi Rachel, that's great news. I would be looking at 4 year finance just to make sure I have left plenty for a rainy day too :) Few more questions before I make the application – I can see many adverts on the internet for the car I desire with desired features etc that cost between £16-16.5 - £18k from various dealers. What happens with the rest if I am allowed to borrow £18k, but the car you find for me is less than £18k? Is it also worth applying while I am waiting for my driving license to arrive? (I've been told it would take up to 3 weeks, but usually is much less than that). Thanks again.

Answer

Hi Aivars, it may well be worth while waiting for the licence to materialise as we'll need to see a copy. As the funds have to go direct to the dealer you wouldn't be able to get any of the loan sent directly to you. We could potentially give you cash back but you may as well just place a lower deposit into the deal. £11,500 over 4 years would give you a payment of approx £320 per month. What car have you seen as we also supply vehicles. Kind Regards, Rachel

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Hi Rachel. I would not mind placing a lower deposit in that case as I do not need the cashback, just was curious what will happen in this case. I am sure the licence will come soon enough. Can I still apply now so that you can start looking for a car for me so that when l do receive the license I can forward the copy straight to you with a car potentially been found already? I wouldn't mind to pay a fee to secure the car in the meantime too (I have a car with some specific engine etc. in mind which I would like to discuss on the phone, but it is Ford Mondeo). Or would you still recommend waiting until it arrives?

Answer

Hi Aivars, in that case please apply when you're ready as we can get the process moving while we wait for your licence to come through. On the application please say that you have a full UK licence already :-)

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My Question is this. I'm on £31k a year and i have a car on finance and want to finance another one as my wife has a ccj which is 3 yrs old. Would i get finance for £7k? Thanks

Answer

Hi Nick, as long as you can show that you can afford the 2 cars then there's no reason why you wouldn't get approved for a second loan. If you can prove your income with payslips or bank statements then please apply when you're ready. Rachel

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Hi Rachel, I have an Experian score of 821 fair. I have 1 default from 2008 and that's all. I am currently paying of a credit card so that's all the remaining credit to pay off. I have just settled my loan too. I am just wondering if i can get credit for a car about £5000-£7000. I currently after tax take home around £1050 pcm.

Answer

Hi John, from what you have said there would be no reason for us not to be able to help. Please apply on our website when you get a minute. Regards, Rachel

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Hi, I have a fair credit rating with experian. I have a mortgage and a credit card which i pay on time each month. I did have a few issues in the past which have been cleared up and settled. I'd like to borrow £7500 for a new car. I earn £29k a year. Would you be able to help? Matt

Answer

Hi Matt, yes we'd be able to help i'm sure of it as you have a mortgage and other forms of credit for lenders to take a look at. Your credit score seems average too and you earn a good wage so i see no reason why not. However, to get £7500 you may need a deposit of £1000. Would this be possible? Kind Regards, Rachel

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Hi there, I have an experian credit score of 743 (fair) but I have a defaulted account that was made defaulted by a company by accident and they are trying to resolve this for me. I was looking to finance a new BMW worth about £22000 over 3/4years and I have quite a few searches on my report as I didn't know I had a default account and had applied to lots of places for a new credit card. Do you think I would get accepted and if so how much do you think I would be looking at paying PCM? Thanks C

Answer

Hi Courtney, to get £22,000 on finance you'd need at least a £4000 deposit as you have a fair credit score. Is this possible?

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I have a fair credit rating of 761 but limited credit history. I have only held a bank account for about a month and didn't have one previously. I have a Kia Picanto 2004 model to be traded in for about £1000 in cash. Would i need a guarantor or can i get it on my own? Thanks

Answer

Hi Chelsea, how old are you? Based on your fair credit score we should be able to help and the fact you have a decent deposit strengthens your chances.

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I have seen a bike for £4900 and could get it for £4500. I have a £1000 deposit and a credit score of 690!! I earn £48k and household income is over £100k. We have no debt just our mortgage. I have had issues in the past.

Answer

Hi Colin, with a large income, a fair credit score and a deposit of £1000 we should be able to get you approved for the £4500 you need for your bike loan. Please apply when you're ready. Rachel

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Hi - I have a credit score of 907 with credit card debt of approximately £1600 and no other loans. I have one late payment over the last six years of credit history. What are my chances of obtaining a loan of approximately £13000. I have no CCJ's.

Answer

Hi Leon, we should be able to get you approved as you seem to have a good credit history. Are you on the electoral roll and do you have a deposit as most lenders will need to see you placing 10% into the deal - so in your case approx £1000. Kind Regards, Rachel

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I have a fair credit rating of 875. I have had a number of credit checks lately and i'm near the limit on my 2 credit cards. Looking at buying a new car and worried about applying for credit.

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Hi Pamela, don't be worried about getting car finance with a fair credit score of 875. We'll be able to get you approved as we have over 20 lenders on our panel. How much are you looking to finance and do you have a deposit? Rachel

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Hi there, I have a fair credit score of 619 according to Experian. I am employed full time on £31,000 a year , am on the electoral roll and have been at the same address for 24 years. I have £38k left on a £50k professional studies loan of which I missed 3 payments near the beginning. Having struggled a couple of years ago I am now quite comfortable and I recently paid off all 3 of my credit cards and got rid of 2. I am looking for £15,000 of credit and I have a part exchange valued somewhere between £3,000 and £4,000. Can I get credit and what APR and length of loan would I be looking at? [n.b. I haven't searched anywhere else as of yet]

Answer

Hi Toby, thank you for your detailed question. £15,000 shouldn't be an issue with such a large deposit in your part exchange. Obviously, you have a good income and strong voters trace as you've been at your address for such a long period. This all adds to the stability of your application. As long as you can prove your income, have a full UK driving licence and a UK passport i am confident we can help you out. Please make an application when you have 5 minutes and please come back to me with your reference number so i can get our manager to deal with your case. Kind Regards, Rachel

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Hi, i have a credit score of 936 which states "good" but a default from Dec 2009 showing until Dec 2015. I have been approved for car finance but they want a £2800.00 deposit plus £230.00 a month for 5 years for a car costsing £8.2k. This seems ludicrously high to me but they state this is the best i will get anywhere. Are there no other options available?

Answer

Hi Tim, we may well have a few extra options for you. Where have you been approved? You seem to have a good credit score so i'm confident we'll get you accepted with no hassle. Hopefully on better terms too. Look forward to hearing back from you. Rachel

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Hi, I'm from Lithuania and I have lived in the UK for more than 3 years and two times I changed my address. I'm registered on electoral list, I have a full time job and I hold an EU driving licence. My credit score is fair on experian and stands at 760 points. I would like to get about £3000 - £4000 with £400 deposit. Can I get a loan and what sort of rate? Thank you, Karolina

Answer

Hi Karolina, as you've been in the UK for more than 3 years, have a full time job, a 10% deposit and the fact that you're on the electoral register we should be able to get you approved. The rate i'd expect you to get would vary between 12% and 16% depending upon which lender approves you. Please apply and let me know your reference number. Thank you.

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Hi Rachel, I have recently been turned down by my bank for a loan of £5,000 for a car. I bought a credit report and it says my score is 568 with Equifax, and 816 with Experian. Would I have any more luck applying with you? I have a credit card, I earn £1,300 a month, and I am on the electoral register at my current address for 20 months. If I was successful in my application what APR would I be looking at over 4/5 years? Thanks for your time.

Answer

Hi John, we should be able to help secure you the £5000 you need as you have a fair credit history. The rate you'd expect to pay will range from 12% to 16%. Please let me know your reference number once you have applied. Rachel

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Hi, I am seeking a car loan and my credit history is fair. I don't want to make one extra hit and spoil the history. What are the chances that you will provide me loan and at wat interest rate?

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Hi Saravjeet, if you do have a fair credit history, you're employed and you're on the electoral roll then we'll be able to get you approved. The rate you can expect to receive will range from 12% to 14%. Regards, Rachel

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Hi there. I have an experian credit score of 737 (fair) and am looking o buy a car on finance. I have a car to part exchange or sell for deposit worth £3k. I have a yearly salary of £41k basic. My only worry is I'm not sure if I'm on electoral list here ? I don't want to do a credit search for at finance as not wanting to damage credit score! What do you think are my chances of being approved?

Answer

Hi Kim, you'd have a stronger case to be approved if you were on the electoral register but if not we can still potentially help as you have a good income and a large deposit. Not to mention a fair credit score (we specialise in helping people with bad credit too). Please apply when you feel ready. Have a good evening. Rachel

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Thanks Rachel, I've since found out i am on the electoral register but it's not evident on my experian account? Should i update them?

Answer

Hi Kim, that may be wise but if you are on the electoral roll and Experian isn't picking it up then Equifax (who we use) will. So you can still apply now if you wish ;-)

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Hi there, I currently have a fair credit score. No defaults and only one credit account that i've had over a year. Always paid on time. I am in the armed forces with a £26k earning. No commitments and no debt. I applied at my local car dealer and was declined as i only have a provisional drivers license as the car is for my girlfriend to drive until i get mine. I am 25 also. How do i get around this?

Answer

Hi Ian, we can help as we have one lender that approves people with provisional licences and not much credit history. One question though - are you on the electoral roll at your home address? If so, please apply and let me know the reference number. Kind Regards, Rachel

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Hi Rachel, I have a credit score of 391 (Fair) on Equifax and currently earn £44k pa (in excess of £50k pa with overtime). I missed a total of 5 payments on different agreements in 2008 and 2009 which adversely affected my credit score. Could you guys help me with a new car? I have previously had PCP agreements with Renault and MINI Finance, and HP Agreements with Black Horse and Alphera Financial. All accounts were settled.

Answer

Hi Simon, with your credit history as described i can see no reason why we wouldn't be able to get you approved. You have a good income and plenty of history to for our lenders to make a decision. Are you on the electoral roll and do you have a deposit at all? How much finance are you looking for? I look forward to your response or application. Have a great evening. Rachel

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Hi, My Experian report says 778 (Fair) and I am looking to part exchange my car towards a Honda CR-V, I have £994 outstanding finance on my existing car at the moment so won't leave much left for a deposit as its an 05 Ford Mondeo Estate. Looking to keep monthly payments around £100-£150, I found the perfect car recently at £8000 but the garage couldn't sort the finance any lower than £200 a month, am I asking the impossible? I have UK Licence, Utility Bills and Payslips, but only work part time (low wage). My partner and I would jointly pay for the new car. What's best to do?

Answer

Hi Lynn, as you have a fair credit score i'm more than confident that we could get you approved for the £8000 that you need. However, to get a better rate of finance it may be best to make ajoint application with your partner if they have good credit? Is this the case and if so is this possible? £200 p/month doesn't seem too bad to be honest but we may be able to better that if you're willing to give us a go. Kind Regards, Rachel

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Hi, I have a credit score of 771 (fair according to experian) i entered into an IVA in 2005 and completed this in 2010 it has been removed from my credit file. Is it possible to gain a vehicle on finance considering the above and the fact I am in full time employment, earn 24k a year, have a car to part ex and £1000 deposit. Cheers

Answer

Hi Rich, as the IVA has been removed from your file now and that you have a fair credit score, a good income and some active clean credit i'm more than confident that we can help get you approved. Please apply when you get a few minutes and we'll have a quick decision for you. The deposit also helps by the way :-)

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Hi, I'm not a british citizen but I have lived in the UK and I work here since 2 years and 6 months ago. My credit score is fair. I need a car because my work place is far from home. Can I get car loan on car worth about £1000-1500 with 2 years repayment. I'm trying to build my credit score and I don't want to decrease it by applying if I don't get loan. I've got to repay £400 on my credit card yet (holiday). My annual income is about £14k-14.5k.

Answer

Hi Michal, apologies for the delayed response. As you have a fair credit history, a good level of income and the fact that you've been in the UK for 2 years and 6 months i'm confident we can get you approved. Please apply when you get 2 minutes on our website and we'll have a decision within the hour. Kind Regards, Rachel

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Hi Rachel, I earn around £2300 a month after tax, sometimes more. I have £1500 as a deposit on a £9000 car with a credit score of 567. I have very little debt as it is. Do u think I would be accepted?

Answer

Hi Tom, as you have a good income, a large deposit and a fair score i'm confident we could help. Please make an application when you get a few spare minutes. Kind Regards, Rachel

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Hi Rachel, We completed an IVA in August this year about 18 months early in fact. My credit score is 800 I am wondering if I would be accpeted for finance of £10000 over 4 years to purchase relatively new car. Our aim is to pay off early say in about 2 years to re build the credit history too. I have a good monthly income, mortgage etc We have our current vehicle to use as a px. My concern about going straight to a dealer ship is a) getting turned down and b) having a wasted credit search on my account. Experian have recommended What car credit for us. Any thoughts suggestions for us please.

Answer

Hi Charles, At CarFinance 247 we deal with the majority of lenders on the market, many of which will lend to people who have previously had bad credit and been in an IVA. From what you are telling me I cannot see a reason why we wouldn't be able to get you an approval. Many companies/dealerships will send your application to all of their lenders to try and gain an approval, whereas our underwriters will look at your application and only send it to the lenders we feel best fit your circumstances and those we think you will be approved with. It would be worth putting an application in so we can see how we can help - Rachel :)

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Hi Rachel, Thanks for your response. I am trying to avoid having too many credit searches. I dont want to go to a dealer risk being declined and then coming to yourselves for example having already recorded a search against me in the fear that it would have an adverse effect on a second application. If I were agreed by yourselves does that still mean I can buy a car that I have seen at a garage local to me? Thanks in advance...

Answer

Hi Charles, Yes we can finance vehicles from any dealership. We will carry out a few safety checks on the dealer just to make sure they are reputable for your protection. As I said we do deal with the majority of the lenders currently on the market and the chances are that if we cannot get you an approval then you may struggle. Hope this helps - Rachel :)

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i have a credit score of 608, and i need a loan for 2688 pounds over 5 years can you help?

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Hi Trevor, your credit score seems fair and I am confident that we will be able to help you. It will help if you are in full time employment and registered on the elecotral roll. Similarly it may strengthen the application if you have someone to go on it with you. Please put an application in so we can see how we can help. Cheers, Rachel :)

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Hi, my credit rating with Experian was fair back at the end of September12. Since October 12 I am in full time permanent employment. I lived overseas for many years returning 18 mth ago. I have no debt and this is proving to be a problem as of course for the first twelve months I couldnt actually get into any debt :) After normal monthly outgoings - rent, council tax, child care etc I have around £800 p/m disposable income. Can you give any advice? I am looking to spend between 3k-4k on a small car. I dont want to apply to car dealers in case my it knocks my credit rating. Thank you.

Answer

Hi Kate, we may be able to help you. It is possible to gain finance with just a current account active as long as you are registered on the electoral roll at your current address. You would need to make an application so our underwriters can have a better look at your credit profile and try our best to place you with one of our lenders. We will only send it to the lenders we think you will be approved with thus avoiding putting any unecessary searches on your credit profile. We have been able to help customers in similar situations to yourself so I am confident we will be able to help. cheers, Rachel.

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Thanks for the reply. I just checked experian again and its now 899. I have no clue really as to whether this is a true reflection on whether I would get credit!

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Hi Kate, this is quite a high credit score and I am confident that we will be able to help you. Rachel :)

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Hi there, I'm currently looking at the range rover vogue and im scoring a 894. I earn around £500 per week some times more sometimes less. my defaults were with a bank and a hpi company. I am slowly getting back on my feet with my finance. Ive recently took long term lease on a 62 plate transit and was approved for that by GK Ford, what are my chances of success for around £17,000 over 4 years thanks lee

Answer

Hi Lee, Thank you for your question. From what you are telling me we would be looking to place you with one of our sub-prime lenders due to your previous credit issues. The most important thing is that you are trying to improve your credit profile. However your credit score does seem quite high and I am confident that we will be able to help you. With regards to the amount some of our sub-prime lenders will lend up to £25k plus any deposit you may have. I believe that your income will more than cover you for affordability on the lend you require. Your chances of getting approved with one of these lenders will increase if you are registered on the electoral roll at your current address. Please put an application through so we can see how we can help. Cheer, Rachel

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Hi Rachel, Do you think I can get car financing with a credit score of 678 for a car woth £5000?

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Hi Abraham, I hope you have had a nice weekend. In answer to your question it is definitely a possibility. You're credit score is quite good and we have been able to help previous customers with much lower scores.You would need to make an application so we can see which of our lenders most suits your needs and circumstances.It will help if you are registered on the electoral roll and it is possible that you may require some form of deposit. I hope this helps.Rachel

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Hi, I have recently started my own company. Before that I had a salary more than 70K. Now my company invoices are almost 11k per month. My credit score in last year June was 451, which was good in Equifax record. Now I needed a car loan of 15k. I also want to participate 6k from my side. is it possible for me to get a loan, as I became self employed three months ago and also what will be the interest rate for the loan.

Answer

Hi Sam. Many finance companies require that you be self employed for a minimum of 12 months. However here ar CF247 we deal with most lenders on the market and work with many lenders who don't require that. Your credit score is good and I am confident that we will be able to do something for you. Please make an application when you are ready so we can get the ball rolling :) Thanks Rachel

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Hi I am wondering if you could help my husband, he is needing a new car and is looking to borrow 9000, we have a 1000 deposit plus our car as part ex. He works full time and is on the electrol roll. His credit score is 777 and he has just been given a loan of 7000. We are tenants not home owners. If accepted what would the repayment roughly be and at how much per month over 5yrs? Thanks

Answer

Hi Lisa, Ok well I am pretty confident that we will be able to gain you an approval for the amount you require based on what you have told me. However it would be difficult for me to give you monthly payments as it will depend on what lender we can get you approved with and over what term (different lenders have different interest rates and will do different maximum terms). Please put an application in so we can give you some exact figures. You are not committing to anything by putting an application in. Thanks, Rachel

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Hello, my partner requires a car for his new job. He currently earns approximately £65k yr but at the end of March will be earning £105k yr. his credit rating is currently 460 on experian as British Gas have marked him down as being 6 months late with payments on a previous bill which is marked as settled. They recorded the agreement end date wrongly which has resulted in showing payments as being late (despite recording the balance as going down each month). We have contacted them on several occasions over several months to have this corrected and although we were told their system would automatically update this error, it as still not been corrected. As time is ticking, we need to obtain a car fairly quickly. He is looking at a BMW efficient dynamic which sell for £23000 at 1yr old. We are aware that with this credit rating he will not be accepted at high street lenders. Would you be able to help?Kind regards, Amy

Answer

Hi Amy. Thank you for contacting us. You have definitely come to the right company. Your credit score is fair and we have been able to secure previous customers with much lower scores an approval. The best thing to do is just to make an application. Our underwriters can then assess your credit profile and place you with an appropriate lender. However if you are keeping up to date on other credit accounts then we should have no problem gaining you an approval. I hope this helps, Rachel,

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Hiya, I had a ccj which has recently been removed and now my credit seen by lenders is 683 and credit seen by landlord and employees is 826. I have a defult on my file which was put on my file 3 years ago. I currently drive a 57 corsa which I would like to part exchange for a new car. Can you please advise me what my chances are of approval and how much whould you think i may be able to get

Answer

Hi Elizabeth, Thank you for your question. Here at CF247 we deal with most lenders on the market and many of these lenders will finance people who have previously experienced credit issues. We would need to see an application to have a closer look at your profile and assess which would be the most appropriate lender for you. We have been able to secure previous customers in similar situations to yourself up to £25,000. However there is a chance that you will require a deposit. I hope this helps.Rachel

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Hi Rachel im 45 yrs old i am on the electoral register i have a credit score of 741 i have rarely used credit so dont have much of a credit history . there is a ccj on my credit report that is nothing to do with me it has somehow been linked to my credit report but is being dealt with and removed there is no other black marks on my credit report i am self emoloyed for 10 yrs now will i get car finance thanks for your help allan

Answer

Hi Allan, From what you have told me I am confident that we will be able to help you. Your credit score is quite good. It definitely helps that you are registered on the electoral roll as this shows the lenders your traceability. Please make an application so we can try to place you with one of our lenders. Kind regards Rachel

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Hi Rachel, ive just check my credit rating and its 779 and i need to buy a car on finance, is it possible? will i get approved?

Answer

Hi Gira, I apologise for the delayed reply. However I am confident that we will be able to secure you an approval. You have quite a good credit profile. Please make an application so we can look to place you with one of our lenders. Thanks, Rachel

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My credit rating is 830 which is in the fair catergory, im well aware why its 830 and its due to credit card which interest rate was supposed to be froze, any previous loans have always been repayed. Can i get finance with 830?

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Hi Sara, thank you for using our Q&A. From what you have said I am confident that we will be able to secure you an approval. You have quite a good credit score and as long as you are showing intent to improve your profile we should be able to do something for you. Please make an application so we can look to place you with one of our lenders. Thanks, Rachel

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Hi i have a default on my file from 2010,which i have settled. my credit scores with experian is 900, and equifax its 363. i am looking to purchase a mercedes e class estate 2007, the price is 11,880, i have 5880 deposit. would you be able to finance me.

Answer

Hi Robert, An approval is definitely a possibility from what you have told me as you are clearly showing intent to improve your credit profile. You would need to make an application before we can be 100% sure however. It is likely that you will need that deposit. Thanks, Rachel

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I have been at my Parents address for 16 years, I have a mobile phone contract and I am on the ER, I have a credit rating of fair but had one default with a mobile phone company in 2008, I am looking at getting around 5k? Do you think you could help? I don't have money for a deposit.

Answer

Hi Rory. It is possible to gain finance in your situation, however having no deposit does make it slightly more difficult. All I can suggest is that your put an application through so we can take a closer look at your profile. Kind regards, Rachel

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I have a credit rating of approx 750 (fair) with a minor default (£300 from a student overdraft) I'm looking for a loan in the region of £7000 and have a P/X and approx £1k deposit. I have recently been declined by a high street bank. I dont want to re apply and reduce my credit score further with another failed application. Thanks Tom

Answer

Hi Tom, It tends to be harder to get approved for a personal loan from the bank than it is to gain vehicle finance as with vehicle finance the loan is secured against the vehicle so if something were to happen whereby you couldn't make your payments, the finance company would just take back the vehicle. With banks they have no asset to take back. Thus it may be worth making an application with ourselves. We deal with many lenders and have a high acceptance rate. Thanks Rachel

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Hi Rachel, I have a credit score of 762 on experian, which is fair, and had a settled ccj in 2009. I also had a late payment last month but settled now, i earn around £38000 after tax , am on electoral roll, have held a uk licence for 10 years, own a mortgage living in same address for the last 8 years and looking to buy a car worth £8000 with a deposit of £500. What are my chances of getting a loan approved, i am 34 years old?

Answer

Hi David, thank you for your question. As your CCJ was from circa 4 years ago now and you have a fair credit score i'm very confident we can get you approved for a car loan. You have a good income, a stable residential history (where you own your home) and have a sensible deposit towards the car you want. Please apply when you are ready and remember you can choose your car from any local dealer. Kind Regards, Rachel

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Hi Rachel, I have a credit score of 761 but have just found out that I was not on the electoral role since I moved 2 years ago. I have now rectified this with my local authority. I am also a homeowner elsewhere would you be able to help me with a Chevrolet Captiva.

Answer

Hi Helena, you have a fair score and have sorted out your residential history so i am reasonably confident we can get you approved for the Chevrolet Captiva you want. The amount you can borrow will be dependant upon your income and we may need to see payslips / bank statements. Please make an application when you're ready and if approved you can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Rachel

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Hi, i have a fair credit score of 780. Mainly due to defaulting on several creditors which i'm in a debt management scheme to repay and have not missed a payment for over 3 years but before that i still showing as defaulting. I have a job earning £38k per year and need a decent car. I'm looking at spending £10k approx using £4k and my old car as a deposit is this possible? Thanks

Answer

Hi Steve, as you have a fair credit score, a good income and the fact you haven't missed a payment for 3 years we should be able to get you the finance you need. Also, as you have a large deposit that will also help the situation. As long as you can prove your income and are on teh electoral roll we'll be able to obtain an approval as we do have lenders that help people with a less than perfect past. Have a good weekend. Rachel

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Hi Rachel I'm in desperate need of a new car. I currently have a fair credit rating of 740 with credit expert and 348 with Equifax. I currently earn about £32k a year after tax. I have a default on my account and some previous missed payments which I'm sorting. My husband has ccjs and bad credit. Will this affect me getting car finance I would be looking for £6000. Thank you

Answer

Hi Roisin, the fact that your husband has bad credit and CCJ's won't effect your application for car finance. As you have fair credit, a good income and only require £6000 i'm very confident we can help. Once approved we provide a no obligation quote and you can choose a car from any dealer. Rachel

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Hi, i'm currently with Ford on a 3 year HP deal that is due to finish next Sept and i want to use the option of using car i've got as a deposit and get a new car with them for another 3 years. I've been told this would require another credit check, however since my last one I've checked my credit scoring and it's at 802 (Fair). My credit cards are nearly maxed which i'll be trying to reduce as my circumstances have changed. I'm due to move house also this week. Will i be approved? Emma

Answer

Hi Emma, if you wanted a new car on finance you would have to have another credit check as you say. Ford may not be able to help people with fair credit but we certainly can so, if you are declined with them please comeback to us for guidance. reducing your credit card balance is a good idea as if you're maxed to the limit lenders can see this as a bad thing. When are you actually looking to get a new Ford as you still have 12 months to go on your current agreement?

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I have recently been turned down for finance with Citroen finance. I have a checked my Experian credit score and realise I am not on the electoral roll when I thought I was. Although after the phone call to the council they had me at a different address completely. That was their mistake but will take a few weeks to be changed. My credit score is 843. Do you think I will get accepted for credit or should I wait for my divorce settlement to come through which could take up to a year as I don't want to apply anywhere else and get refused? I am pretty desperate for a new car as i'm at the stage my present car is costing too much to run and is too big for my needs. I also live rent free with no outgoings except for my mobile contract, virgin media, gym and council tax so, I can easily afford it.

Answer

Hi Karl, as long as you are employed, can prove your income, have a full UK licence, a 10% deposit and some current clean credit (bank account and contract mobile phone) there is a good chance we can get you approved as your credit score seems fair. Where have you applied recently and been turned down? Kind Regards, Rachel

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Hi, I am looking to get car finance on a BMW worth around £22k. Its called PCP (BMW Select).

I have a £5000 deposit to make and the payments are around £280 p/month. My income at the moment is up and down around £800-900 net but in about two weeks I start my new job which I will be earning £1700 a month.

Do you think I will be able to get finance from BMW before I start my new job? My credit score on experian is 971. Thanks

Answer

Hi Pedro, thank you for your question.

You do have a good credit score and a large deposit so this will obviously work in your favour. Your income concerns me slightly as you're after a £22,000 car while only earning £800 - £900 currently.

However, you do have a chance of getting approved with BMW for a PCP deal so by all means go ahead and apply with them first. If you do get approved it's unlikely they will ask for proof of income anyway.

If you do get declined for a PCP please make an application with us as i'm confident we can get you approved due to the vast amount of lenders we have on our panel.

Have a good evening, Rachel

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Thanks for your reply!

I do understand that my income is low at the moment but with that income I don't pay any mortgage or rent. Would that be a positive as it means I have more disposable income?

Also like I said I'm starting a new job in less than 2 weeks now and if required can show evidence of that new income. Would that even be taken into account?

Answer

Hi Pedro, thank you for the feedback.

Your new income can't be taken into account until you actually have payslips to prove you are being paid the amount you say you will be which is unfortunate.

As you don't have many outgoings this will look positive as you won't be over exposed in the lenders eyes however, £17,000 on finance is a huge ask with the wage you are currently on (even though you say you can afford it).

All i can say is that we will try our best to get you approved for as much as physically possible and we'll go from there.

Please apply here when you are ready. Kind regards, Rachel

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I have just started paying myself around £55k per year (2 months of payments at 55k, previous payments about £1333 per month) from my Ltd company. I have always lived at the same address, voters roll etc. I have been on time for my credit card payments apart from 3 missed payments (only 1 month in arrears x 3) on a credit card in 2008 and 2009. I've just paid off £23k credit card debt over the last year.

I want to lease a BMW 330d with a deposit of £5k on personal lease hire. How likely will I be accepted by a finance company for this car? Thanks

Answer

Hi David, apologies for the delayed response.

I'm not 100% as to whether BMW would accept your application or not as i don't know their underwriting criteria. You may well have a decent chance from what you have said. I am very confident that we could help though as we have many lenders on our panel who help people with the odd past blip on their credit file.

As you have a stable residential history, a large income, a large deposit and recent clean credit we'd be able to get you approved. The choice is your but if you apply with us and get approved we provide a no obligation quote and you are free to buy a car from any dealer. Kind Regards, Rachel

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Hi there,

What are the chances of getting a £25,000 car loan? My earnings are £1,200 a month, I have a good credit rating, I've been in employment for 4 years, have lived at the same address for 10 years and have never missed any payments in the past.

Answer

Hi Marco, thank you for your question.

As you haven't missed any payments in the past and have a stable residential and employment history i'm very confident we could get you approved for car finance.

However, as you only earn £1200 a month the maximum we could possibly get you is £6000 - £7000. £25,000 would be completely unrealistic unfortunately.

Please make an application if you'd like to find a cheaper car. Once approved we provide a no obligation quote and you can buy a car from any dealer. Kind Regards, Rachel

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Hello Rachel, I am 22 years old and i previously have had 2 defaults on my credit profile but they have just been paid off.

I want to buy a £40k car but i have £30k as a deposit which leaves me needing the remaining £10k for finance. My credit score is 794 (fair). Do you think i have any chance?

Answer

Hi Prince, thank you for your question.

As you have such a large deposit and a fair credit score i'm confident we can get you the £10,000 that you need as long as you're employed and can prove your income with payslips or bank statements.

Please make an application and once approved you can choose a car from any dealer and we also provide a no obligation quote. Kind Regards, Rachel

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Hi, I am writing for my partner and he has a credit rating 700 to 800 which is fair.

He has in the past a default but has paid it off a while ago and has a clean credit rating now and he wants a £22,000 car and he has £4,000 as a deposit but he's finding it difficult to get finance.

Can you help? He earns £50k a year and has worked 8 years for same company and has a good pay every week and can provide everything. Thanks

Answer

Hi Louise, thank you for your question.

As you partner has a large income, a big deposit and a fair credit score i'm confident that we can help as we have lenders on our panel that help people with past credit issues.

Please make an application and once approved you can choose a car from any dealer and we also provide a no obligation quote. Kind Regards, Rachel

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Hi, I have a couple of questions about finance for a car for about £5-6k and I can get a deposit of around £1k if needed.

However, I do have a three outstanding defaults. 2 are due to expire in the next couple of months and was for about £200 on one and £700 on the other which was due to an ex partner, and the other which has about three years left is for £480 and I am still disputing. It's with the bank as it was due to a small charge that spiraled in more charges whilst I was disputing the debt.

So, my credit score was 720 two months ago and when I checked today it says it is down to 454 but I found out it is because I took out a credit card around three months ago so it is classed as new so affects my credit rating and also I had it at about 90% used so again was advised to lower it below 75% which i have done today and got it to about 50% so in a few days it should all be sorted (well that's what the guy from Experian said today) and hopefully go back to normal.

I have a mobile phone, current account and never missed payments as well. My other question is can I still get a loan being self employed? Most of the invoices get paid into my bank so have proof of around £30k of my annual income but other invoices have been paid in cash etc so have no proof of these apart from the invoices that I keep the second copy of.

So, based on my average earnings and everything I have said what do you think my chances would be? Oh, I am on the electoral roll and have l lived at my parents address for about ten years. Sorry for the Essay and hope to hear back from you soon as I am really keen to get back on the road in a decent car for a change.

Answer

Hi Gavin, thank you for your detailed question!

The good news is that we do have lenders on our panel who help people with past defaults get car finance. As you're self employed we'd just need to see 3 months bank statements proving your income. Hopefully this won't be a problem.

Your credit score does seem quite low however, this may be down to the recent credit searches on your profile so don't worry too much about this. Having a £1k deposit will certainly help matters so please place that down on the application form.

All in all from what you have said i'm confident we could get you approved for £6000 - we can't guarantee but we'll certainly try our best. We also have the most lenders on our panel than the majority of brokers.

Please make an application and once approved you can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Rachel

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Hi Rachel, I recently approached a Mazda dealer looking for car finance as my car is currently due to scrapped for parts due to damage. When applying for finance I was unsuccessful so I was pointed to check Experian which I could see by my credit at the time that it was "Poor", so I contacted Experian as some of the factors on my credit were not quite true, this has now been adjusted and taken off my credit rating which is now at Fair and a score of 803.

I also have a student overdraft of £1500 which was created 6 years a go but that shouldn't be a problem as I am currently paying that off, I work full-time and have a monthly salary going into my bank account, my question is now my factors have been dealt with on my credit which weren't before is it worth applying again as I am in desperate need of a car for my job etc? Many thanks

Answer

Hi Darren, thank you for your question.

As you have contacted Experian to update your credit profile and due to the fact that you are employed with a monthly income we should be able to get you approved for car finance. The fact that you have a student loan won't effect your chances at all.

Please make an application and once approved you can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Rachel

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