Help & Advice

Offered a car loan with a huge APR! Are there other options?

Hi, my husband and I have been car hunting.

We found a car & put down a £100 deposit to secure the car. We arranged a trade in for ours which they took off the price of the car. This left us with a balance of £4000.

My husband applied for the finance but has been refused apart from one company with a massive APR. Would we be eligible for a car loan without a massive APR? Thanks

Michelle


Answer

Hi Michelle, thank you for your question.

Without seeing your husbands credit file i don't know whether we'll be able to beat what you have been offered already. What is the rate you have been offered and what company has offered you the deal?

We do have access to may bad credit lenders who all offer different rates of interest. It really all depends upon how high a risk they see you.

Would it be better if you applied for finance or is this not an option? If approved the £4000 won't be a problem. Have you also considered making a joint application as this can sometimes improve your chances of getting a better deal? 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

Answer correct as of September 2016

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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

More related questions

Hi, my husband any myself have recently entered into a DMP as my husband was made redundant and I was on maternity leave. As a result we have ended up with 5 defaults on our file.

We now both have full time permanent posts bring in a joint income of around £3000 a month. I know that car finance would be almost impossible with this but we're hoping to have a £14,000 loan with a £9000 deposit. Do you think this may be possible? Thanks in advance!

Answer

Hi Amy, thank you for your question and apologies for the delayed response.

As you say, getting you both approved won't be easy but we have many specialist lenders that help people with past credit problems.

Also, as you have a large deposit, a good income and as you both have full time jobs this will go in your favour.

Please make a joint 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

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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