Can I get a car loan with fair credit history?

Hi, I want to make a car loan application from two reasons. One is because i need to change my car and second to consolidate my credit history so in couple of years i can apply for a mortgage. Before I apply for a car loan i'd like someone to tell me what are the chances I have on the following: i have 783 points which means fair credit with same address from over 3 years. I don't want to run another credit check without being sure because if rejected that going to lower my credit score. Also I am a foreigner from European Union. I have UK driving license and Romanian passport

Asked by Marius
January 16, 2012

Hi Marius, thank you for your detailed question. As you have 3 years address history and a UK licence that is a great start. Your credit score seems reasonable too - 783 is actually quite high so as long as you have no large defaults (over £5000) and you can prove your income (with payslips or bank statements) i'm reasonably confident we can get you accepted for car finance with one of our lenders. Do you have a deposit as that can strengthen your chances and how much are you looking to borrow? The amount you can borrow depends upon your income. Lastly do you have a UK bank account where your wages get paid into each week/month? If so, please apply when you're ready to do so and if approved we provide a no obligation quote and you can buy a car from any dealer. Thanks, Rachel

My monthly budget is

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Rates from 8.9% APR. Representative APR 19.9%

My monthly budget is

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Rates from 8.9%: the exact rate you will be offered will be based on your circumstances, subject to status.

Representative example: borrowing £10,000 over 5 years with a representative APR of 19.9%, an annual interest rate of 19.9% (Fixed) and a deposit of £0.00, the amount payable would be £255.50 per month, with a total cost of credit of £5,329.80 and a total amount payable of £15,030.

We look to find the best rate from our panel of lenders and 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.

Amount to borrow

To pay over

5 years

Assuming your credit profile is:

Total cost of credit	£ 2000
Total repayment	£ 2000

48 monthly
payments of

£ 245 98

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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.

Fair credit related questions

Hi, I have a fairly good credit rating of 760 which is above the national average. Yet still I am having problems getting credit as over the years I have stayed away from having credit. I'm on the electoral role, no missed payments. Can you help as I woul

Asked by Louise
January 16, 2012

Hi Louise, it seems a little strange you keep getting declined as if you're on the electoral roll and haven't missed any payments you should be getting approved with ease. What credit do you have (if any)? This may be the cause but i'm not sure until i see your credit profile. Where have you applied as this will help me aide my decision? Have you just applied at high street lenders? Lastly, do you have a deposit as £10,000 is quite a large sum of money. We could potentially get you the whole £10,000 but our lenders like to see some form of commitment. Kind Regards, Rachel

Hi. I am looking to get credit for a new car. I wonder how I will get on. I want to buy a car worth £16700 and put down £5000 deposit. I have a salary of £52k per year. My credit report reads 371 with equifax which I believe is average. I moved house in D

Asked by Liam Simpson
January 16, 2012

Hi Liam, as you have a large deposit, a good income and some current clean credit i'm confident we'd get you approved for the amount you need. Please apply when you get a moment. Regards, Rachel

Hi Rachel, I have an average credit score according to Experian. Can you get me approved for car finance?

Asked by Michaela L
January 16, 2012

Hi MIchaela, i’m ultra confident that we can get you approved for a car loan if you have average credit. We usually help lots of customers who have a bad or poor credit history so getting you accepted shouldn’t be an issue. Please make an application for car finance and we’ll be in touch shortly. Thank you, Rachel

Hi Rachel, I have an Experian score of 821 fair. I have 1 default from 2008 and that's all. I am currently paying of a credit card so that's all the remaining credit to pay off. I have just settled my loan too. I am just wondering if i can get credit for

Asked by John
January 16, 2012

Hi John, from what you have said there would be no reason for us not to be able to help. Please apply on our website when you get a minute. Regards, Rachel

The most recent one was settled in may that April that was for £500, 1 was settled in march that was £700 and 1 was settled in 2009 but in September that will be removed from my file as it will be 6 year old. I'm happy you think you can sort me out but re

Asked by Kev
January 16, 2012

Hi Kev, your address history isn't an issue and from what you've said i think we'll still be able to get you approved. You can try and get finance through a dealer but to be honest not many dealers help those with a poor credit history. If we can get you approved you'll be looking at paying between 14% and 16%. Kind Regards, Rachel

I have a fair credit rating of 761 but limited credit history. I have only held a bank account for about a month and didn't have one previously. I have a Kia Picanto 2004 model to be traded in for about £1000 in cash. Would i need a guarantor or can i get

Asked by Chelsea Reynolds
January 16, 2012

Hi Chelsea, how old are you? Based on your fair credit score we should be able to help and the fact you have a decent deposit strengthens your chances.

Hi Rachel, I recently approached a Mazda dealer looking for car finance as my car is currently due to scrapped for parts due to damage. When applying for finance I was unsuccessful so I was pointed to check Experian which I could see by my credit at the t

Asked by Darren Taylor
January 16, 2012

Hi Darren, thank you for your question.

As you have contacted Experian to update your credit profile and due to the fact that you are employed with a monthly income we should be able to get you approved for car finance. The fact that you have a student loan won't effect your chances at all.

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

Hi Rachel, that's great news. I would be looking at 4 year finance just to make sure I have left plenty for a rainy day too :) Few more questions before I make the application – I can see many adverts on the internet for the car I desire with desired feat

Asked by Aivars
January 16, 2012

Hi Aivars, it may well be worth while waiting for the licence to materialise as we'll need to see a copy. As the funds have to go direct to the dealer you wouldn't be able to get any of the loan sent directly to you. We could potentially give you cash back but you may as well just place a lower deposit into the deal. £11,500 over 4 years would give you a payment of approx £320 per month. What car have you seen as we also supply vehicles. Kind Regards, Rachel

Hi, my credit report is telling me i have a fair reading and everything says excellent except the electoral roll part! I have lived at one address for over 10 years until last year. I have a mortgage & I have a credit card but I don't owe anything on it.

Asked by Chris
January 16, 2012

Hi Chris, we’d be able to get you approved for £5000 with no issue as from what you’ve said you don’t have a bad credit rating and the fact you have a £4000 deposit helps massively as this shows excellent commitment on your behalf. If accepted we should be able to get you rates between 9% and 12%. The fact that you work part time isn’t an issue either if you have fair credit. Please apply online and we’ll get back to you asap. Thank you, Rachel

Hi there, I have an experian credit score of 743 (fair) but I have a defaulted account that was made defaulted by a company by accident and they are trying to resolve this for me. I was looking to finance a new BMW worth about £22000 over 3/4years and I h

Asked by Courtney
January 16, 2012

Hi Courtney, to get £22,000 on finance you'd need at least a £4000 deposit as you have a fair credit score. Is this possible?

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