What percentage deposit must I put down for a car loan?
August 22, 2011
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
Total cost of credit | £ 2000 |
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Total repayment | £ 2000 |
48
monthly
payments of |
£
245
98
|
Rates from 9.9%: the exact rate you will be offered will be based on your circumstances, subject to status.
Representative example: borrowing £25,000 over 48 months, £3,750.00 deposit, on PCP, with annual mileage of 8,000pa, and a representative APR of 11.9%, an annual interest rate of 11.9% (Fixed), the amount payable would be £394.51 per month, an optional final payment of £7,194.33, with a total cost of credit of £9,912.36 and a total amount payable of £28,444.33.
We look to find the best product from our panel of lenders and will offer you the best deal that you’re eligible for. We earn a commission for providing our services, but this does not influence the interest rate you’re offered in any way.
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
August 22, 2011
Yes! The good news is that we work with a panel of lenders and some of them can help people who have had a CCJ get car finance.
CCJ is short for County Court Judgement, and it can be granted against you if you fail to repay a debt. The judgement outlines how you’ll pay back the loan and a deadline for repayment. It’ll also remain on your credit report – and could impact your score – for six years, even after you’ve paid off the original debt.
Having a CCJ on your credit report can make it more difficult for you to secure a car loan as lenders can see you as a riskier borrower. But a large deposit might help you find bad credit car finance as you’ll need to borrow less money to buy a car. The lower the loan amount, the less risk it poses to the lender. Even so, you should avoid draining your savings to boost your deposit. Try to keep an emergency fund handy to cover costs like the annual MOT and service, road tax, insurance, and any unexpected repairs.
You can also take steps to improve your credit score over time. Making sure you’re on the electoral roll, paying your bills on time, and avoiding applying for lots of credit in a short time could all help you secure a car loan.
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 twi
Asked by Rob
August 22, 2011
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
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
August 22, 2011
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
August 22, 2011
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
August 22, 2011
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
August 22, 2011
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
August 22, 2011
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
August 22, 2011
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
August 22, 2011
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
August 22, 2011
Our Manchester based team are ready to help you.
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Finance is subject to status and is only available to UK residents aged 18 and over. Written quotations are available on request.
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