Help & Advice

I need a van loan so that i can get a vehicle for business use. Can you help?

I need a van loan as i need a new van for my company. I have a discharged bankruptcy and have very low credit, yet without a van i cannot earn money.

Karen


Answer

Hi Karen, thank you for your question.

The only way we'd be able to help you is if you had a substantial deposit of circa 10% to 20%. So if you wanted a van for £5000 you'd need to put in £500 - £1000. We'd also need to see proof of 3 months income (bank statements) as you're classed as self-employed. Is this possible?

Even then as you have a very poor credit rating i can't guarantee we'd be able to get you approved. If this is not an option do you know of anyone who could act as a guarantor that you could add onto the application? Either way please make an application when you're ready and if approved we provide a no obligation quote and you can buy a car from any dealer. 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

I work for a security company who I pay £500 per month to rent a van. I'm self employed, have no deposit and I think I have a poor credit rating. Would I be able to get finance for a van?

Answer

Hi Malcolm, we can help self employed people who have bad credit get a car loan however, you'd have to have 3 months bank statements proving your income. A deposit isn't essential so i wouldn't be too concerned about this. Please apply for van finance on our site when you get chance. Kind Regards, Rachel

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Hi, I'm just wondering of you could help. I am looking for van finance for my business and have been refused with other lenders. I have a deposit of £500 / £700.

But I do not want to keep applying to lenders as this is just affecting my credit which at this time is not the best. Can you help? Regards, Billy

Answer

Hi William, thank you for your question.

As we act as a broker we asses your credit profile and try and match you with a lender that best meets your personal circumstances. The fact that you have a deposit is great news and i take it that you have bank statements to prove your income if required?

Where have you applied recently and been refused? If you could let me know it'll give me a better idea on whether we can help or not. 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

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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