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What are my chances of being approved for car finance?

Hi Rachel, what are the chances of me being accepted for car finance? I am 29 and i am full time employed earning £35000 a year.

I have a fair credit rating with Experian (740 i think). I rent a room in a housing association flat, i have lived here for a year and am on the electoral roll.

I am looking to source £6000 and i have a £1000 deposit. I don't want to leave a mark on my credit profile just in case i am refused so any advice would be much appreciated! Kind regards, Damien

Asked by Damien Williams

Hi Damien, thank you very much for using our Q&A.

If all of what you said is true and your credit score is around the 720 mark then there's a big possibility of us getting you approved for car finance.

This is because you're employed, on the electoral roll and have a fair credit score. As long as you have a valid full UK driving licence then we should be fine. The fact that you have a large deposit also helps matters dramatically.

We can't guarantee an acceptance but from what you have said i am very confident we can get you approved. Please make an application and once approved you can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Rachel

Tim Carpenter
Answered by Tim Carpenter Car Finance Expert Edited on

Liked by 65 People

£
5 Years
Total cost of credit £ XXX.XX
Total repayment £ XX,XX.XX
48 monthly
payments of
£ 245 98

Rates from 6.9%: the exact rate you will be offered will be based on your circumstances

Representative example: borrowing £6,500 over 5 years with a representative APR of 27.4%, an annual interest rate of 27.4% (Fixed) and a deposit of £0.00, the amount payable would be £188.74 per month, with a total cost of credit of £4,824.37 and a total amount payable of £11,324.37

Rates may differ as they are dependent on individual circumstances. Subject to status.


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