Can I Apply if I have Existing Finance?

Tim Carpenter
Written by Tim Carpenter

You already have existing finance? That is likely to be great news if you are looking for additional finance to buy a new or used car.

Provided your repayments are all up to date on the existing finance, it means you are probably one step ahead of the game when it comes to arranging further credit. Successfully and responsibly managing the finance you already have helps to build up your credit record and demonstrates that you know how to budget for monthly repayments.

Of course a new credit check is still required, but if this comes back in a positive light there is every possibility of your success in obtaining the new finance you requested.

On the other hand, if you have fallen behind in the repayments on your existing finance, this is likely to have adversely affected your credit score.

Because of that, it may be more difficult – but not necessarily impossible – for us to secure the new finance you need. You may have to pay a somewhat higher rate of interest, and are almost certainly going to have to provide evidence of your current earnings from steady employment or self-employment if you are running your own business.

With your car finance approved, you may then buy your new or used car (or any other vehicle types such as a van, motorbike or caravan) from any reputable dealer in the UK.

Get a quote
No impact on your credit score
Rates from 6.9% APR. Representative APR 27.4%

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* The UK's number one online car finance broker by unique users to the website. Based on Hitwise data – 1,746,657 to CarFinance 247 vs. 666,020 for nearest competitor. January to December 2019.

96% of our customers recommend us: † Based on feedback left on independent review site Reviewcentre. May 2019.

CarFinance 247 is a trading name of CarFinance 247 Limited, a credit broker and insurance intermediary, and 247 Money Group Limited (247 Money), a lender. Both companies are part of the 247 group of companies.

CarFinance 247 is authorised and regulated by the Financial Conduct Authority under reference number: 653019. Registered office: Universal Square, Devonshire Street North, Manchester, M12 6JH. Registered in England. Company registration no. 06035525. Data Protection Registration Number Z1897658.

247 Money is authorised and regulated by the Financial Conduct Authority. Registered office: Universal Square, Devonshire Street North, Manchester, M12 6JH. Registered in England. Company registration no. 10989530. Data Protection Registration Number ZA456831.

All finance is subject to status and income. Written quotations on request. CarFinance 247 can introduce you to a limited number of finance providers, including 247Money, based upon your credit rating and will receive commission for such introductions.

† We do not charge a fee for arranging the finance, however some of our lenders may charge a fee. Your account manager can provide more information on this

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