Help & Advice

Car Finance with £1000 Deposit

Hello, I have a bad credit score due to recently being placed on a payment plan but i do pay that regularly.

I have had a few defaults as my plan advised me to stop paying my creditors resulting in these and i have a deposit of around £1000. I am only looking for car finance of around £2000 - £3000. Do you think i will be accepted?

Jo


Answer

Hi Jo, thanks for your question and apologies for the delayed response.

We do have a few lenders on our panel who help people that have past defaults and big deposits. As you have £1000 deposit i'm sure we could get you approved but you'd need to be able to prove your income with payslips or bank statements which hopefully won't be an issue.

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

Answer correct as of September 2016

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Representative example. Excellent Credit

Borrowing £7,500 over 48 months with a representative APR of 16.8%, an annual interest rate of 16.8% and a deposit of £0.00, the amount payable would be: £211.25 a month, with a total cost of credit of £2,640 and a total amount payable of £10,140.

CarFinance 247 is a broker and not a lender

More related questions

Dear Rachel, I have a £1k deposit and want an Audi RS4 over 4/5 years. Could you look into it for me and see what the monthly payments would cost me? I can afford £300 a month no hassle. Kind regards, Zack

Answer

Hi Zack, how much are you looking to spend on an Audi RS4 and how old would the car be? I need this information before working our your approximate payments. Also do you have a good, fair or poor credit history?

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I have £1000 deposit with a Citroen saxo to px or sell. I am looking for finance as I need a newer car. I have poor credit but it has improved recently. What would be the best way to go?

Answer

Hi Charlotte, we'll try our best to get you approved and so we can get your credit rating improved. The good news is that you have a deposit and part exchange so this helps massively. How poor is your credit? Are you employed and are you on the electoral register? Rachel

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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

Answer

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

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Hi there, I have a bad credit score and was hoping to by a car in the £10,000 to £12,000 region.

I have a £7,000 deposit and have a good monthly income. Do you think I would be accepted?

Answer

Hi David, thank you for your question.

Due to the fact that you have such a large deposit i'm reasonably confident we could get you accepted for car finance. We also have lenders that help people with bad credit get finance.

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

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Rachel Wilson, Underwriting manager

Asset 1 Just get in touch,

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Rachel Wilson, Underwriting Manager

Best available rate
Total repayment
Total cost of credit

Best available rate

Total repayment

Total cost of credit

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

Hitatchi

Representative example. Excellent Credit

Borrowing £7,500 over 48 months with a representative APR of 16.8%, an annual interest rate of 16.8% and a deposit of £0.00, the amount payable would be: £211.25 a month, with a total cost of credit of £2,640 and a total amount payable of £10,140.

CarFinance 247 is a broker and not a lender