Car Loans > Q&A > I have bad credit and am looking to borrow £5000 over 36 months for a car loan

I have bad credit and am looking to borrow £5000 over 36 months for a car loan

Hi Edwin, I had a trust deed which was discharged in 2006. My current credit score is 481, I am a homeowner, in full time employment and have been on the voters roll for 7 years at my current address. I am thinking of purchasing a lexus is200 se for approx £5000 (over 36 months) and would put down £1000 as a deposit (£4,000 to finance). Am i wasting my time in applying. If not what kind of rate would I be looking at?

Posted by Bobby on 06/09/2011 @ 14:36

Hi Bobby, thanks for using the carfinance247 Q&A. Do not worry in the slightest - i'm extremely confident we can help get you approved for car finance even though you've had a bad credit history. We have many specialist lenders who help customers in your position but the rates will be between 12% and 20% as you are seen as a bigger risk than people with perfect credit records. The fact that you have a 20% deposit is also a huge boost as we have one lender that pretty much takes anyone on if they are a homeowner and have a 20% deposit. So you wouldn't be wasting your time at all in applying. Please make an application and hopefully we'll be able to get you back on track and into a Lexus in no time. Kind Regards, Edwin

Posted by Edwin Miles on 06/09/2011 @ 15:27

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I have a poor credit rating and have applied a few times with various lenders but they keep turning down self employed people like myself which doesn't help. Do you have any ideas as i want £6000 for a used car to use in my business?

Posted by Allen on 14/09/2011 @ 12:40

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Hi Allen, thanks for your question. We do have bad credit car loan lenders on our panel that help self employed customers like yourself. Please make an application and we'll see if we can get you approved. Edwin

Posted by Edwin Miles on 20/09/2011 @ 17:47

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hi, i have a poor credit score of 484. I need a new car and have my old car as a deposit which has a value of about £1000. I'm looking for about £5000. im in part time work but have help with tax credits, what is the likelyhood of me getting help please.

Posted by Sadieleigh on 20/10/2011 @ 21:38

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Hi Sadileigh, until we see your credit profile i can't give you a decision on whether we can help or not. As long as you're earning over £600 p/month and can prove your income along with your tax credits that's great but it all comes down to how bad / poor your credit history is. If we can get you approved we can take your part exchange off you as full deposit and get you into a new car within days. Please make an application and we'll see if we can get you accepted. Kind Regards, Edwin

Posted by Edwin Miles on 21/10/2011 @ 09:51

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i am18 years old with no credit history in full time employement i have been refused car credit the car i have is only worth about 200 pounds do u think i could be given credit?

Posted by Mccallion on 28/10/2011 @ 20:30

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Hi McCallion, if i'm honest your age and the fact you have no current credit is a big stumbling block. It's highly unlikely we'd get you approved on your own. Can you get one of your parents to act as a guarantor? If so, we'd have a better chance of giving you a loan. We can also take your current car in part exchange also. If you can't get anyone to help my advice would be to get a small loan or credit card from your bank and build up your credit profile. Edwin

Posted by Edwin Miles on 29/10/2011 @ 13:23

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hi i am looking to borrow £5000 over 36 months for a nissan note i have poorcredit history from about 7/8 years i have £3.500 to put as a deposit and have just been refused through a dealer i do not own any property and rent privately and have been with the same employer for the last 7 years is there any company who can help me where the interest rate is not to high

Posted by Gill Shaw on 29/12/2011 @ 12:12

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Hi Gill, thanks for using our Q&A. We'll be able to help no problem if your bad credit period was over 5 years ago. Just a couple of things - do you work and are you on the electoral roll at your current address? The finance rate obtained will all depend upon the company you get approved with. You will expect to pay slightly higher rates as you're seen as a bigger risk to lenders. Please make an application and we'll get it processed immediately.

Posted by Edwin Miles on 29/12/2011 @ 12:25

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I'm looking to buy a car for my business using a loan, I have £1000 as a deposit and I am looking to borrow £5000 over 36 months. I don't have bad credit, but simply haven't needed credit. I'm 30 and self employed (IT) and apart from a Current Account I haven't got any other credit cards which apparently can be a negative thing in terms of credit history. What's the % of success for people in this position from your experience?

Posted by James on 29/12/2011 @ 22:57

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Hi James, we should be able to get you approved as we do have lenders who help people with little to no credit. Are you on the electoral roll at your currenta ddress? As you're self employed you'll need to provide 3 months bank stats to prove your income - would that be an issue? Realistically the rate you'll receive will be between 10%-15%. Kind Regards, Edwin

Posted by Edwin Miles on 30/12/2011 @ 11:16

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Hi Edwin am looking to barrow £5000 with bad credit to by a car.i would like to pay it back in 3 years.can you help me to get that loan please.

Posted by Allan on 22/01/2012 @ 19:00

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Hi Allan, you've come to the right place! Car Finance 247 are the bad credit specialists and if we get you accepted for a car loan £5000 won't be an issue. Do you have a deposit or part exchange also? Lastly i'd say everyone's credit is different and while we cannot 100% guarantee you an acceptance i would say we have access to a vast majority of sub prime lenders on the market. Good luck and i'll be on the look out for your application. Thank you, Edwin

Posted by Edwin Miles on 25/01/2012 @ 11:18

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Hi Edwin, I'm currently looking to get my own car as i've been using a car my parents bought recently. I would want to borrow £2500 and pay it back over 4 or 5 months as i'm in temporary work. I would also like to get a car sorted asap, preferably before summer this year. I have a bad credit rating because of a mess up at Barclaycard and the only up to date proof I have of paying bills on time is for my mobile phone which is direct debited each month. Would i be wasting everyones time by asking for finance or is it a possibility? Thank you for your time.

Posted by John on 29/02/2012 @ 17:40

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Hi, I'm looking to get a vauxhall corsa on finance. I'm 20 and I have a bad credit history due to having a credit card and the fact that i didn't pay everything back in time due to losing my job. Any way you can help? I'm employed by tesco and I work 23 hours a week plus overtime.

Posted by Sarah on 31/03/2012 @ 11:21

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Hi John, if you only wanted £2500 over 4 to 5 months we wouldn't be able to help as our minimum lend is £3500 and the minimum term is over 24 months (you could settle early though). Kind Regards, Edwin

Posted by Edwin Miles on 02/04/2012 @ 11:02

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Hi Sarah, we'd love to help and thank you for your question. We can help people who work part time and have bad credit so there is certainly hope. Do you have a deposit or part exchange to put into the deal or not? Also, how much do you want to borrow and over how long? Have you applied anywhere else online yet? Kind Regards, Edwin

Posted by Edwin Miles on 02/04/2012 @ 11:06

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Posted by Mrs. Susan Smith on 17/04/2012 @ 18:39