Help & Advice

Am i eligible for car finance?

Hi, I have an experian credit score of 726 and could get a deposit of around £400. Would I be eligible for car finance and if so how much? And would i definitely need a deposit? Thank you.

Lea


Answer

Hi Lea, thank you for your question.

We do have a number of lenders who can help those with fair-poor credit scores with finance, so provided that you had proof of income, proof of address history and a licence, we should be able to help. In most cases, a deposit isn't required but it all depends upon who you get approved with out of our panel of lenders.

Please apply when you get a minute and if approved, we'll aim to get you in a new car within a few days. Once approved we also provide a no obligation quote and you can buy a car from any reputable dealer in the UK. 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

hi i have poor credit missed a couple of credit card payments and have had to pay off some of my debts through debt collectors.but all that is behind me as i have a descent job and earning £1550 after tax and my wife also has a job she earns at least £750 after tax....we recently had a new baby and are looking for a bigger car if i am entitled to finance how much can i get please i even have a guarantor willing ,to step in who is a home owner and has next to perfect credit...

Answer

Hi Jason, without seeing an application and taking a look at your credit profile I would not be able to advise you on how much you would be able to lend.
However, due to having experienced some past credit issues we would be looking to place you with one of our subprime lenders who will finance anything from £2-25k depending on which one of their tiers they approve you on.

Does your wife have a better credit history than yourself? If so, it would be worth making a joint application with your wife as this could improve your chance of approval.
It's great to hear that you have a guarantor available too, should this be required.

Please make an application when you're ready, and we'll see what we can do for you. Kind regards Rachel

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hi i have really poor credit rating and am currently doing my driving lessons, i am currently working full time and am looking for a decent car for work/family, is there any way of me being eligible for car finace?

Answer

Hi Claire.Thanks for getting in touch.

We do have lenders that provide finance to those with only provisional licences, but they require applicants to have either good credit or a joint applicant/guarantor.

As your credit isn't good, do you know someone with a full licence who would be willing to go on the application with you? Rachel

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I'm not a hundred percent sure on what my credit rating is, however I'm pretty sure it's not the best. With a history of payday loans & a few small debts that are all paid off behind me.

Is it worth me applying for finance or will I be refused straight away?

Answer

Hi Katrina, thank you for your question.

We don't require our customers to have perfect credit scores. In fact, we actually work with a number of lenders that specialise in providing finance to those with previous credit issues/poor credit histories, so we may be able to help you.

We can't guarantee an approval but we'll certainly try our best. If you have have 3 years address history, proof of income and a licence, then we'd be hopeful of finding a great finance deal for you. Kind Regards, Rachel

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Hi, I have a good credit rating and my score is 896 (credit Experian) & I have a full license. Deposit of up-to £500. Would I be eligible?

Answer

Hi Terry. As you have a decent sized deposit, a full licence and a good credit score, we should be able to help.

Please make an application and if 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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HI, my credit report is clear. I have no missed or late payments & me and my wife have a mortgage.

I have a £500 credit card and a up to date phone bill but i can't prove income as I'm a self employed taxi driver as my income changes every week but i do take home over £400 a week after fuel & rent etc could you help?

Answer

Hi Lee, thank you for your question.

All of our lenders will require proof of income from you. Are your wages paid into a bank account? If so, we would be able to use your bank statements as proof of income.

Please make an application and if 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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Hello, I'm currently 18 years old and hold a full UK driving license. I'm in full time education, however I have a part-time job and have proof of my income. Am I eligible for car finance?

Answer

Hi Aimee, thank you for your question.

As you're 18, have a UK licence and proof of income you are indeed eligible to apply for car finance. Are you on the electoral roll at your current address and do you have some current credit history (UK bank account, contract mobile phone etc)? This would help our chances. If you are yet to have built up much or any credit history, we may suggest that you add a guarantor to your application as this would improve your chance of approval.

Please make an application and if 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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Brilliant! Yes I'm on the Electoral roll. I also have bank statements from a UK bank account that I hold.

Would it matter if the joint hirer didn't hold a driving license or is it essential that they do?

Answer

Hi Aimee. Thank you for the response.
We'd firstly try to see if we could help you alone, before then suggesting that you add a guarantor. The guarantor doesn't need to have driving licence.
Please apply when you're ready. 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

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