Help & Advice

Bad credit due to credit card debt and need a car loan.

Hi there, where shall i start?

I previously had a loan through Barclays and a credit card through Capital One but, due to a change of jobs, which fell through after I had already left my job, plus the fact i moved from Derbyshire to Scotland and my father passing away you can imagine i went through hard times financially!

So, I had missed a few payments with both accounts but since then they have both been cleared off and settled almost a year ago. However, I have applied for a loan through my bank and wondered why I was refused. This was until I did an experian credit report and found that once my capital one card was finished in Feb 2011 they never changed the status from default so this has greatly effected my credit history.

Also, just to make things a bit harder, this will be my first car as I am taking my test on 9/4/12 and was wanting to know how much if any could I get?

John


Answer

Hi John, thank you for your detailed question and thanks for using the Q&A.

I can see how you've had a hard time recently and it's good to see that you're getting back on track. I'm confident we'd be able to get you at least £5000 as long as you are employed, on the electoral roll with some current clean credit history. We do have lenders on our panel that help people with past problems / defaults too.

Please apply once you have passed your test and once approved you can buy a car from any dealer in the UK. Kind Regards, Rachel

Answer correct as of September 2016

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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

More related questions

Hi,

At present my credit score is poor with a number of defaults and 2 CCJ's on my file. One of which has been cleared and I do have a credit card and mobile phones on contract which are paid every month.

However, I'm afraid of applying as I don't think I will be approved. Do you think you could organise car finance for me? I am needing £7,500.

Answer

Hi Mike, thank you for your question.

As a business we deal with many lenders that help people with credit problems and i'm confident we can get you approved for £7500 as long as you are employed and can prove 3 months income (payslips or bank stats).

The reason i am confident is that you say you have some current clean credit at the moment and that one of your CCJ's has been satisfied. Please make an application when you get a moment and once accepted we provide a no obligation quote and you can buy a car from any dealer nationwide. Kind Regards, Rachel

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Hi, I am looking for some car finance as I need a new car ASAP however, I have a bad credit history. I don't have any CCJ's, but I do have a default on my account. I managed to get a mobile phone contract last year.

However, I am a student, and I have two part time jobs, so will this affect my ability to get my credit? I really need a car, I'm only looking for around £2000. Thanks, Annabel

Answer

Hi Annabel, thank you for your question.

As you have a part time job and only require a small balance i'm confident we can get you accepted. The fact that you have no CCJ's is good news and we do have lenders that help people with past defaults.

Please make an application and once approved we provide a no obligation quote and you can buy a car from any dealer in the UK. 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.

Hitatchi

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