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I'm in a debt management plan. Can i get car finance?

Hello, i'm currently with a debt managament company. Will i still be able to get car finance?

Posted by Paul Graham on 21/04/2011 @ 16:46

Hi Paul, Thank you for your question and using our Q&A. The good news is that we can help people that are currently in debt management plans however, it all depends upon how bad your actual credit profile is and how much debt you have outstanding. Are you on the voters roll and are you in full time employment? Are you paying your current bills on time? If the answer is yes to these 3 questions then we may be able to help you. How much were you looking at borrowing and what's your monthly budget? Please make an application and we'll see whether we can get you car loans even though you're in a debt management plan. Kind Regards, Edwin

Posted by Edwin Miles on 09/09/2011 @ 10:00

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Hello I am in Debt Management since 2009 and I am driving Instructor and need to upgrade my vehicle. Can you help?

Posted by Stewart Latcham on 07/12/2011 @ 11:47

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Hi Stewart, depending upon where you're up to with your debt management plan we could be able to help you obtain car finance as we have many specialist lenders. Are you paying your creditors back on time every month? Are your current credit agreements up to date? Please let me have a little more information. Thank you.

Posted by Edwin Miles on 07/12/2011 @ 12:02

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I need a loan to finance a car of price tag £2995, 10800 miles on the clock, and 2004 reg. plate (in excellent condition). Our joint net monthly income is £3636. I have a 5 year old mortgage which I have not defaulted on, and currently settling debts through a debt management company (I have not defaulted on these payments, as well). Will I be able to get a loan through you? I currently drive a 1994 Volvo which I HAVE to (not want to) replace quite soon. I could really do with this assistance! Also, if I put in an application, is this going to generate a credit-check footprint?Thank you very much.

Posted by Reevo Anders on 10/01/2012 @ 19:44

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Hi Reevo, if i'm honest we'd need to see your credit file before we we're able to give you a decision on whether we'd be able to get you approved. We do have lenders that accept customers in debt management plans but each case is different. If you applied with us we'd have to search your credit which would leave a footprint on your credit profile. If you were approved we'd be able to get you into a good quality cheap runaround no problem at all. Kind Regards, Edwin

Posted by Edwin Miles on 10/01/2012 @ 19:52

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Hi iam so depressed at the moment. I taken on finance 1 year ago through concept cars & from day one the car kept on breaking down the warranty about to end by 31 st jan it's broken down again this week the finace company won't help! no payments missed please can you help iam on debt management. From Peter

Posted by Peter Lindsay on 17/01/2012 @ 16:26

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Hi Peter, If concept car credit helped you obtain finance whilst you were in a debt management plan there's a good chance we can help. The only question - how much finance is there outstanding on your car and what is it worth realistically? If you're only 1 year into the finance agreement there's a good chance you'll be in negative equity. Can you confiirm? Thanks, Edwin

Posted by Edwin Miles on 20/01/2012 @ 14:52

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Hi, I was in a well paid job and got made redundant just over year ago. I got another job straight away but the pay was significantly less than what I was on. I missed a lot of payments on cards and a personal loan and I have now chosen to go on a debt management programme (debts around 7K). At the back end of last year I was given a big pay rise and really need a new car but was worried about obtaining finance with my history. What are my chances of getting finance with your company?

Posted by Darren W on 01/03/2012 @ 09:36

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Hi Darren, thank you for your question. As you're currently in a DM plan do you have any live agreements for payments that you make on time each month or do all your active accounts say "defaulted" as you're in a payment arrangement? It's difficult to predict whether we'd get you approved without seeing your credit profile as each lender we deal with has different criteria. We have approved people in the past who have been in DM plans so there is a chance and £7000 isn't a huge amount (i've seen a great deal worse). Please make an application and we'll see what we can do. Thank you.

Posted by Edwin Miles on 01/03/2012 @ 09:43

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I need to buy a new car as my old one is slowly giving up the ghost, i have a debt management plan and have been paying it successfully over the past 3 years. My credit rating is very poor due to the arrears with a few of my creditors. I am looking for a loan for £4000 over 2 or 3 years if possible. Can you help?

Posted by Marnie Pender on 09/03/2012 @ 09:55

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Hi Marnie, we'd love to help and if we get you approved £4000 shouldn't be an issue. What arrears do you currently have and what is the total amount of outstanding debt left to pay? Do you have a deposit or part exchange to put into the deal? Lastly, have you applied anywhere else online and if so, what has been the response? Regards, Edwin

Posted by Edwin Miles on 09/03/2012 @ 09:57

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We entered into a 44 month debt management plan 15 months ago and as a consequence now have a bad credit rating. We currently have a finance agreement with Black Horse (taken out in July 2009 for £26,500) on a car that was stolen on Monday. Fortunately we took out GAP insurance and have been informed that we will receive £28,000 in a week or so. We have not made our minds up as to what we want to buy or for how much but last year we were refused finance. If we were to buy a car for say £30,000 and put £15,000 as a deposit, are we likely to get finance given our bad credit?

Posted by Michalea on 15/03/2012 @ 15:26

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Hi Michaela, given your circumstances we have one lender that may be able to help and that is because of your substantial deposit. Is the deposit readily available? If we do get you approved the rate of interest will obviously be higher than those on the high street and you will need to provide proof of income by way of payslips or bank statements. If this is all ok please make an application and we'll try our best to get you accepted. Regards, Edwin

Posted by Edwin Miles on 15/03/2012 @ 15:29

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Hi Edwin, i am in the process of going though a debt management program and i have a poor credit rating. Would i be able to get car finance and also does this poor rating go against the house or just me as my husband has a good credit rating?

Posted by Helen on 26/03/2012 @ 15:25

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Hi Helen, thank you for your question. If you have bad credit and are in the process of entering a "DM" or debt management plan this only effects you and not your household/husband. If your husband has good credit i'd strongly advise he gets the finance for you as you'll get a better rate of interest and you can just make the monthly payments. Try and twist his arm to see if he could apply on your behalf. If not we can help people who are in debt management plans but the rate you receive will be between 12 and 18%. We also can't guarantee an acceptance. Kind Regards, Edwin

Posted by Edwin Miles on 26/03/2012 @ 15:28

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Hi, I a currently on a DM Plan and my car is coming to the end of its leasing time. I would either like to buy it or get another one which cost £10,000. I have never missed a DM payment and i am in full time employment. Could I borrow the money to buy my car or get another one?

Posted by Jacqui on 13/04/2012 @ 17:32

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Hi Jacqui, thank you for your question. We wouldn't be able to provide a loan for you to buy your existing car as we only supply finance on cars we sell. Have you tried re-financing the car with your current leasing company? If that isn't an option we may be able to secure you finance for a new car and we could take your current car in part exchange. Please apply and we'll try our best to get you approved. As you can understand everyone's case is different and our lenders look at each individual case on their merits so i can't give a definitive answer on whether we can get you approved 100%. We do get people approved who are in debt management plans though so good luck. Kind Regards, Edwin

Posted by Edwin Miles on 13/04/2012 @ 17:46

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Hi, I have 13 months left on my current debt management programme and i'm in need of a new car due to my old car costing too much to repair. I have tried getting finance but have been refused. My dad has just been made redundant and have no way of borrowing the funds required. I would like a bmw 1 series diesel due to cheap running costs. Any advice would be great. Thanks, Grant

Posted by Grant on 18/04/2012 @ 08:54

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Hi Grant, thanks for using the Car Finance 247 Q&A. Firstly, can you advise me of how much debt you have and where you have applied online but been declined? Once i know this information i'll be able to give you a little advice on the next steps. Regards, Edwin

Posted by Edwin Miles on 18/04/2012 @ 08:57

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Hi Edwin, my husband and I are 26 months into a 60 month debt management plan. We have never missed a payment but obviously this affects our ability to get credit. My husband drives all over the country with his job and desperately needs a newer lower milage car. We would be able to use my 2003 Rover as a part exchange and wonder if we would be able to get credit?

Posted by Claire on 26/04/2012 @ 22:29

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Hi Claire, thank you for using our Q&A. You may need to speak to your debt management company to see if you need to get an agreement from your creditors for a new finance agreement. If we can get you approved (depending upon how bad your debt is) we may only be able to secure you £4000 to £5000. We can take your part ex off you as full deposit so that is good news. Please come back to us once you've spoken to your DM company :-)

Posted by Edwin Miles on 26/04/2012 @ 22:33

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Hi, I have £5000 to pay on a DMP and my credit rating has been hit by pay day loans. My partner has no loans but doses not have a licence and no one will help. We need to get a car as ours is falling apart and we live in the middle of nowhere. Do you have any advice on who might be able to help us? We can pay £320 a month and have seen a good car, second hand, at £9000. Thanks

Posted by Chris on 03/05/2012 @ 15:11

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Hi Chris, we won't be able to help your partner as she doesn't have a driving licence. We could potentially get you approved for finance but the £9000 may well be too much as you're currently in a debt management plan. Do you have a deposit as that does help and what is your part exchange worth? Has your partner tried applying for a personal loan with her bank? Lastly, have you applied at any other internet brokers and what has seen the outcome? Kind Regards, Edwin

Posted by Edwin Miles on 03/05/2012 @ 15:32

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