I Have A Good Credit History, Can I Get A Car Loan?

Hi, i recently applied for a car finance but was refused. I have a good rating of 937 but this has dropped to 925. I want to buy a £10k car and have £2k deposit. My salary is £22,500 per annum. I am just about to go freelance as an IT consultant. Can you help me as I am really desperate to get a car because i have just secured my first contract.

Asked by Ade
June 23, 2012

Hi Ade, as long as you have a good to fair credit profile we'll be able to secure you £8000 finance with a £2000 deposit with no issues at all. We deal with many niche car finance lenders so please make an application when you're ready. Kind Regards, Rachel

Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 6 People

5 years
Total cost of credit £ 2000
Total repayment £ 2000
48 monthly
payments of
£ 245 98

Rates from 7.9%: the exact rate you will be offered will be based on your circumstances, subject to status.

Representative example: borrowing £6,500 over 5 years with a representative APR of 21.9%, an annual interest rate of 21.9% (Fixed) and a deposit of £0.00, the amount payable would be £172.09 per month, with a total cost of credit of £3,825.54 and a total amount payable of £10,325.54.

We look to find the best rate from our panel of lenders and will offer you the best deal that you’re eligible for. We don’t charge a fee for our service, but we do earn a commission. This does not influence the interest rate you’re offered in any way.


Good credit related questions

Hi, I want to apply for a £30,000 loan over 4 years. I can put £1500 as deposit. My credit history is excellent. I have bought a house 3 months ago which is less than 85% LTV. I have been in full time employment for the last 6 months. I have had a full U

Asked by Ron
June 23, 2012

Hi Ron, apologies for the delayed response and welcome to the Q&A. We'd be able to get you approved with no issues as you have an excellent credit history but the lender i have in mind may well ask for a 10% deposit. Could this be raised from £1500 to £3000? If approved we could realistically secure a rate of between 9% and 10%. Kind Regards, Rachel
Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 6 People

Hi There, I have 975 credit rating (according to experian) they also say that the age of my accounts makes me a greater risk. I have my main account for exactly 3 years and the rest of my accounts are 1-3 years (<3 Years). I am looking to get a Nissan Qas

Asked by Laura
June 23, 2012

Hi Laura, with an excellent credit history i'm confident we could get you approved for a £10,000 Nissan Qashqai. Would you have any deposit at all and are you on the electoral roll? Kind Regards, Rachel
Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 4 People

Hi, i'm from Poland and have lived in London for 5 years at the same adress. I'm registered on electroral list and am self employed. I get money on account every two weeks or even once a month but it depends. I don't have an English driving licence. I hav

Asked by Robert
June 23, 2012

Hi Robert, thanks for your question and it seems like you have a good credit score which is good news. The fact that you can get a large deposit also helps and as you're on the electoral roll this will make our job of you getting approved for finance a little easier. The slight issue could be your lack of credit that you have as you have no loans or credit cards. But as you only need £5000 to finance i'm confident that we can help you. As long as you can prove your income with bank statements that's all we'll need along with your EU drivers licence. 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
Tim Carpenter Car Finance Expert

Liked by 38 People

Simply this, I have a good credit rating but have moved from a temping to a new job to start in Jan 2013 and need a car for the location. Salary level will be very good and current credit low, so how likely would it be for me to obtain a loan?

Asked by Elizabeth S
June 23, 2012

Hi Elizabeth, if you have a good credit rating we'll be able to get you approved with a lender that won't need proof of income as you're in the process of moving jobs. Please make an application when you get a few minutes. Kind Regards, Rachel
Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 7 People

Hi, I have checked my credit score with experian and it is 900 but I have no job. I was wondering if I applied with my partner who has a credit score of 600 would his bad score go against mine? His income is £28000 per annum.

Asked by Lorna Horner
June 23, 2012

Hi Lorna, thank you for using our Q&A. Firstly applying with your partner who has a lower credit score would not damage your profile in anyway. However, we will be able to get you approved on your own if you apply with us as we have lenders who approve people with good credit and don't need to see proof of income. So, as long as we can get you approved with a good credit lender we'll be able to source you the finance. Kind Regards, Rachel
Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 6 People

Hi Rachel, I'm in the country 3.5 years and have been registered on the electoral roll for 2 years. I would have about £1000 deposit and my income is £45k. Would I need a higher deposit? Thanks

Asked by Laura
June 23, 2012

Hi Laura, that all sounds very positive and the £1000 deposit is fine. You wouldn't need any more. Please apply when you're ready and let me know the reference number :-)
Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 4 People

Can't find the right answer?

Our Manchester based team are ready to help you.


* The UK's number one online car finance broker by unique users to the website. Based on Hitwise data – 1,746,657 to CarFinance 247 vs. 666,020 for nearest competitor. January to December 2019.

96% of our customers recommend us: † Based on feedback left on independent review site Reviewcentre. May 2019.

CarFinance 247 is a trading name of CarFinance 247 Limited. Registered office: Universal Square, Devonshire Street North, Manchester, M12 6JH. Registered in England. (Registration Number 06035525).

CarFinance 247 is authorised and regulated by the Financial Conduct Authority for insurance distribution and credit broking (Firm Reference Number: 653019). CarFinance 247 is registered with the ICO (Registration Number Z1897658).

Finance is subject to status and is only available to UK residents aged 18 and over. Written quotations are available on request.

This site uses cookies so that we can provide you with the best user experience. By continuing to use the site you are consenting for cookies to be used. Further information on cookies and how you can disable them is available on our cookie policy.