Help & Advice

What are my chances of a £25000 car loan?

Hi, my credit score is 613 due to two defaults, one I know about which I have since paid off and satisfied and the other which is British gas from 2 years ago which I know nothing about.

My house has been rented out in the past and I'm sure a past tenant is responsible as the name that the gas account was set up in is spelt slightly different to my name. It spells Howskey. What are my chances of getting £25000?

John Hawksey


Answer

Hi John, thank you for joining our Q&A.

Apologies for the slight delay in getting back to you. If you require £25,000 you'll need a £4000 to £5000 deposit as your credit score isn't fantastic. Is this possible?

If so, please make an application as i do have a lender in mind that should be able to help you even though you have past defaults.

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

Representative example:

Borrowing £7,500 over 4 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 £246.43 per month, with a total cost of credit of £4,328.83 and a total amount payable of £11,828.83.

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

CarFinance 247 is a broker and not a lender

We compare products from 18 of the UK's top lenders to get you the best deal.

More related questions

Hi, I just wanted to know how much the interest rate and monthly payments would be on a £25000 car loan over 3 years.

I have a 850 credit score with no defaults and no late payments. Thank you

Answer

Hi Wasir,

As you have a good credit score you'd be looking at an APR of approximately 9.9% meaning your payments would be £800 per month. If you borrowed the £25,000 over 4 years this would bring your payments down to £627.

Please make an application if you need to and once accepted you can buy a car from any dealer. Kind Regards, Rachel

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Rachel Wilson, Underwriting manager

Asset 1 Just get in touch,

we'll try to help Asset 2

Rachel Wilson, Underwriting Manager

Best available rate
Total repayment
Total cost of credit

Best available rate

Total repayment

Total cost of credit

Representative example:

Borrowing £7,500 over 4 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 £246.43 per month, with a total cost of credit of £4,328.83 and a total amount payable of £11,828.83.

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

CarFinance 247 is a broker and not a lender

We compare products from 18 of the UK's top lenders to get you the best deal.