Help & Advice

I have a credit score of 467 & I'm looking for £5000 to £7000 to purchase a vehicle

Hi, I have a credit score of 467 but this is gradually increasing.

I am looking for £5-7k to purchase a vehicle. I have an income of approx £35k per year and have a small part ex, a small deposit on top of this would be no problem. Will you be able to help?

I loathe to make too many applications as this will adversely affect my score. I have been offered finance elsewhere but this is only to choose from the finance companies group stock and I would rather be able to search for my own vehicle myself.

Andrew Carr


Answer

Hi Andrew, from what you say you tick most of our required boxes however, as we act as a broker we try our best to secure you finance and without seeing your credit profile we've no way of determining whether we can help 100% or not.

I take it you've been approved at ACF car finance if they want you to buy a car from their own stock? If so, we can offer better rates and when accepted we provide a no obligation quote and you can choose a car from any dealer nationwide.

The fact that you earn good money, have a part ex and cash deposit is a great help. Please apply if you feel comfortable and we'll try our best to get you approved. Kind Regards, Rachel

Answer correct as of September 2016

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We compare products from 18 of the UK's top lenders to get you the best deal.

Representative example. Excellent Credit

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

Hello, I have a credit score of 916 and I've had an application for finance rejected.

I have a car to part exchange, have been promised £16000 for the car with £8000 still to pay for current finance agreement. I am looking to borrow £10,000 to put towards new car. I make £36,000 a year. Please advise.

Answer

Hi Del, thanks for the question and apologies for the delayed response.

As you have £8000 equity in your current car to use as a large deposit towards a newer car there should be no reason why we can't get you approved for £10,000 as you have a good credit score and a good income.

As long as you can prove your earnings (3 months payslips), have some current clean credit, a UK licence and are on the electoral roll there shouldn't be any issues. Please apply and once accepted you can choose a car from any dealer.

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Hello, I have a credit score of around 700. I am retired and my income is as follows:

1. Private Pension - £12,500 before tax. After tax £852.90 p/month.
2. State Pension - £6500. £138.18 p/month.
3. DLA High Rate Care of £3382.32 not taxed - £316.60 p/month.

Total Income of £1722.22 per month. Can you help get me car finance?

Answer

Hi Ronald,

We do have lenders on our panel that help retired people get car finance. You also have a good monthly income and a fair credit score so hopefully we won't encounter any problems.

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

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Hi

In the next few months im hoping to purchase a new vehicle, with a purchase price of approx £2500-£3000. I have a vehicle now worth approx £1000 and also approx £500 cash. So, I only require approx £1000 finance.

But I have an awful credit rating due to being in a debt management plan which I pay every month with no problems. I also have a credit card I also pay every month.

I have an annual salary of approx £25k. I can't get credit anywhere, what are my chances with yourselves? Regards, Stuart

Answer

Hi Stuart, thank you for your question.

We can indeed help people in DM plans get car finance and as you now have some clean credit and a large deposit i'm confident we could get you approved. Your salary is also decent so this will improve your chances.

However, the stumbling block is the amount you wish to borrow. he minimum amount we lend is £2000. Would you consider a newer and more economical car? If so, please make an application here and once approved we provide a no obligation quote and you can buy a car from any dealer. Kind Regards, Rachel

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Rachel Wilson, Underwriting manager

Asset 1 Just get in touch,

we'll try to help Asset 2

Rachel Wilson, Underwriting Manager

Best available rate
Total repayment
Total cost of credit

Best available rate

Total repayment

Total cost of credit

We compare products from 18 of the UK's top lenders to get you the best deal.

Representative example. Excellent Credit

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.

CarFinance 247 is a broker and not a lender