Can I Get Car Finance with a £1000 Deposit?

Hi there, I seem to struggle to get credit to buy a car. I have an existing small loan which was £2500 (never missed a payment), an overdraft of £800 (which gets reduced, but used each month) and a poor credit Capital One credit card, which is cleared twice a month. I have a good job (for a year), taking home about £2000 a month. I'm looking for a specific car and looking around they seem to be about £12000. If needed I can use my mother as a guarantor although they are retired, does this matter? Also I will have a minimum deposit of £1000 - would a deposit of say £6000 help? Other companies that are willing to lend are offering stupid APR (one of them 60%) on £5000 over 36 months. That's crazy. Any help appreciated. Can I use my retired mother to help my APR?- Would a £12000 loan be acceptable? Would a significant deposit help the APR rate or would it simply mean lower repayments? (Anything else you can help with would be great). Rob

Asked by Rob
September 12, 2012

Hi Rob, you could use your retired mother as a guarantor to help strengthen your application. You'd obviously need her permission first though. To get a £12,000 car you'll need a circa £2000 deposit as a minimum so no need for the £6000 that you can access. As you have a good income and some current clean credit i'm confident that we can get you accepted. Please make an application and once approved you can choose a car from any dealer and we also provide a no obligation quote. Kind Regards, Rachel


Deposit related questions

I have a credit score of 249, and I am on a DMP. Paying £215. I have phone contract and a small credit card that I pay back each month. But have several defaults on file that are about 3 years old. I earn £40-45k a year. And have £2k deposit. And want to

Asked by Ibrahim
September 12, 2012

Hi Ibrahim, Thank you for using our Q&A .We do have a few lenders that may be able to help as they lend funds to people who have experienced credit issues. However it is likely that you will need that deposit you have. It will increase your chances of an approval if you are on the electoral roll and you will need to prove your income with payslips or bank statements. If so, please apply and we'll try and get you approved. Regards, Rachel
Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 7 People

I've never missed a payment yet and have large(ish) unsecured debts on cards (c£40k). However I earn good money in my business (about £200k full year) but I've only been in business for about 6 months (but c£50k in the bank). I can put down a good deposit

Asked by Barry
September 12, 2012

Hi Barry, as you have a large deposit and a huge income i'm very positive we can get you approved for the £32k you need. That amount over 5 years would be approx £680 - £700 per month. Please apply as and when you feel ready and let me know your reference number. Regards, Rachel
Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 7 People

Hi, I need to borrow £9720 to buy a car, my credit rating is very poor. We tried to get credit yesterday with citreon but got declined. I will be using my car as deposit which is worth £4500 so it would have been just over £14000. What do you think my cha

Asked by Sarah
September 12, 2012

Hi Sarah, as you have a large deposit in your part exchange i'm confident we'll be able to get you approved however, due to your credit history you won't receive rates near what Citroen were offering. You'd be looking at 15% to 20% to be honest. Please make a joint application when you can on our site and we'll hopefully have you driving your new car in no time at all. Rachel
Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 6 People

Hi, I think i have bad credit and it has always been from defaulting on little payments like bank overdraft, speeding fines, credit cards. (Nothing over £1,000 ever). I am now completely debt free with a stable income of over £23k per year. I wish to borr

Asked by Callum
September 12, 2012

Hi Callum, with defaults on your credit profile you'd be very lucky to get the £12,000 that you need. With a deposit of £2000 we may be able to secure you £8000 potentially. If approved the APR you'd expect would be between 15% and 20%. You obviously won't get high street rates due to your credit profile.
Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 7 People

Hi, I would like to understand if you can help me as I am trying to obtain car finance for a £15K car (2005 Audi A6). I have less than perfect credit, a few CCJs, defaults, etc. However I earn a very good wage £70K, and have a big deposit of £6K. I can pr

Asked by Tom Henry
September 12, 2012

Hi Tom, i'm confident we can get you approved as you have a very good wage, a fantastic deposit amount and you're on the electoral roll. We do have one lender that helps people with bad credit and big deposits so i'm confident this could be a deal for them. I can't guarantee an approval without seeing your credit but looking in from the outside i'd say you have a great chance. Regards, Rachel
Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 8 People

Hi, my credit is very bad as I never paid things on time in the past. I really really regret it now as i don't get accepted for any loans or credit cards. I'm 23 years old and I've been self employed for 2 years now. I've just passed my driving test and I

Asked by Patricia Rodrigues
September 12, 2012

Hi Patricia, thank you for your question and apologies for the delayed response. The good news is that we can help people who have bad credit and are self employed as long as you can prove your income with 3 months bank statements. You seem to have a large deposit which is great news and i'm confident that if you put in £4000 we could get you the remaining £8000 on finance as long as you can show you can afford the repayments. Once approved we provide a no obligation quote and you can get a car from any dealer. Please apply asap. Kind Regards, Rachel
Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 6 People

Hi, would I be able to get car finance with leaving a £1200 deposit and finance of £4300. I don't have a great credit rating being at 543 but I have a full driving licence, am on the voters roll and have my dad as a guarantor? If this fails what else can

Asked by Danielle
September 12, 2012

Hi Danielle, i'm confident we can help as you have a large deposit, a fair score and your Dad to add onto the application as a co-hirer. You also are after a sensible amount to finance so please apply when you get 2 minutes and we'd love to help you get into a newer car. Regards, Rachel
Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 9 People

Hi there, I don't have the worst credit - no CCJs, just one default which i am attempting to resolve from over 5 years ago when i was young and silly. All my current credit is up to date with only one late payment and i am on the electoral register being

Asked by Gemma Mckee
September 12, 2012

Hi Gemma, from what you say we should have no problems in getting you approved as you have such a large deposit and your credit history is getting back on track. The fact that your default was 5 years ago will be looked on by our lenders but if things have been positive since they will take a lenient view. Please apply when you get 2-3 minutes. Regards, Rachel
Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 7 People

Hi there, I have a current credit score of 690 which is on the rise. It was 810 until I remortgaged 3months ago. I want to change my current car for work purposes. I have around £2000 deposit out to one side and a car as part ex too. I have no missed paym

Asked by Carl Burns
September 12, 2012

Hi Carl, apologies for the delayed response. With a £2000 deposit, a part exchange and no missed payments in the last 12 months i'm quietly confident we'll get you approved with no problems as long as you're on the electoral roll and can prove your income. Your credit score isn't horrendous either. Have you applied anywhere else online? If so, please let me know where. If you haven't please apply with us and we'll try our utmost to get you approved. Rachel

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, a credit broker and insurance intermediary, and 247 Money Group Limited (247 Money), a lender. Both companies are part of the 247 group of companies.

CarFinance 247 is authorised and regulated by the Financial Conduct Authority under reference number: 653019. Registered office: Universal Square, Devonshire Street North, Manchester, M12 6JH. Registered in England. Company registration no. 06035525. Data Protection Registration Number Z1897658.

247 Money is authorised and regulated by the Financial Conduct Authority. Registered office: Universal Square, Devonshire Street North, Manchester, M12 6JH. Registered in England. Company registration no. 10989530. Data Protection Registration Number ZA456831.

All finance is subject to status and income. Written quotations on request. CarFinance 247 can introduce you to a limited number of finance providers, including 247Money, based upon your credit rating and will receive commission for such introductions.

† We do not charge a fee for arranging the finance, however some of our lenders may charge a fee. Your account manager can provide more information on this

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.