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
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