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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. Don't want to run another credit check without being sure because if rejected that going to lower my credit score. If you can answer thanks. Also I am a foreigner from European Union. I have UK driving license and Romanian passport

Posted by marius on 16/01/2012 @ 16:54

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 major defaults and you can prove your income (with payslips or bank statements) i'm ultra 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? Lastly do you have a UK bank account where your wages get paid into each week/month? Thanks, Edwin

Posted by Edwin Miles on 17/01/2012 @ 08:34

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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

Posted by Marius on 17/01/2012 @ 09:01

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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.

Posted by Edwin Miles on 17/01/2012 @ 09:34

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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

Posted by Marius on 17/01/2012 @ 13:13

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Hi Marius, if you're approved you tell us what car you want and as long as it is within your budget we'll source a vehicle for you. 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 as such - all we ask for is £100 deposit to secure the vehicle once you're happy with the car we've found for you. Thanks, Edwin

Posted by Edwin Miles on 17/01/2012 @ 13:55

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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?

Posted by Neale on 25/01/2012 @ 13:11

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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, Edwin

Posted by Edwin Miles on 25/01/2012 @ 13:16

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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

Posted by Greg on 16/03/2012 @ 11:24

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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 with no issues at all. Please apply and we'll try our best to get you accepted. Just a few questions - are you on the electoral roll and do you have a deposit? Edwin

Posted by Edwin Miles on 16/03/2012 @ 11:28

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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.

Posted by Greg on 16/03/2012 @ 13:40

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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.

Posted by Edwin Miles on 16/03/2012 @ 13:46

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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?

Posted by Neil Cox on 19/03/2012 @ 22:25

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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?

Posted by Carl Fearby on 19/03/2012 @ 22:27

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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, Edwin

Posted by Edwin Miles on 20/03/2012 @ 12:21

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Hi Carl, with a 750 credit score and a £4000 part exchange i'm confident we'd be able to get you approved for car finance and get you the £12,000 required. Please apply so that we can get the ball moving asap. Regards, Edwin

Posted by Edwin Miles on 20/03/2012 @ 12:23

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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

Posted by Chris on 27/03/2012 @ 14:56

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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, Edwin

Posted by Edwin Miles on 27/03/2012 @ 17:27

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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?

Posted by Mariesa on 18/04/2012 @ 08:58

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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, Edwin

Posted by Edwin Miles on 18/04/2012 @ 09:06

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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

Posted by Jason Richardson on 04/05/2012 @ 22:54

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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.

Posted by Paul Bennett on 09/05/2012 @ 17:32

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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, Edwin

Posted by Edwin Miles on 09/05/2012 @ 20:37

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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. Edwin

Posted by Edwin Miles on 09/05/2012 @ 20:42

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Hi, thank you for the response. I am on the electoral roll and have a full UK driving licence.

Posted by Jason Richardson on 09/05/2012 @ 21:20

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Thanks Jason, please apply and we'll be back in touch within 2 working hours :-)

Posted by Edwin Miles on 10/05/2012 @ 09:29

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Hi Edwin, 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.

Posted by Richy on 10/05/2012 @ 10:01

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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, Edwin

Posted by Edwin Miles on 10/05/2012 @ 10:10

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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

Posted by Robert on 14/05/2012 @ 22:44

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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 :-)

Posted by Edwin Miles on 15/05/2012 @ 10:00

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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.

Posted by Jo on 18/05/2012 @ 13:59

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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? Edwin

Posted by Edwin Miles on 18/05/2012 @ 15:29

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