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I have mortgage arrears. Can i still get car finance?

I had mortgage arrears that affected my credit score badly. Now the arrears are clean and I need a new car, and want to rebuild my credit history - without applying to too many companies, can you help?

Asked by Mohammad

Hi Mohammed. Lenders like to see intent to pay back any arrears or defaults, so the fact that you've brought your mortgage payments back up to date should mean we will be able to get you approved for car finance - although you won't qualify for the best rates as you'll be seen as a higher risk. How long have you been a home-owner for and how much are you looking to borrow? We have many lenders who help people with bad credit car finance. Please apply now and i'll see what we can do. Best regards, Rachel

Tim Carpenter
Answered by Tim Carpenter Car Finance Expert Edited on

Liked by 19 People

5 Years
Total cost of credit £ XXX.XX
Total repayment £ XX,XX.XX
48 monthly
payments of
£ 245 98

Rates from 6.9% APR: the exact rate you will be offered will be based on your circumstances

Representative example: borrowing £6,500 over 5 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 £188.74 per month, with a total cost of credit of £4,824.37 and a total amount payable of £11,324.37

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

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