Can you Help me Apply for Car Finance for A Mercedes ML?

Hi, I have already got a Mercedes CLC on PCP which is due to be handed back in September. I have never been late or missed a payment in the 3 years. I ordered a brand new Mercedes ML which is due in September. The finance had apparently all been passed and was just waiting for the car to arrive. Yesterday I got a phone call to say that with the new quarters now the application had been re-assessed and that I had been declined for finance. I'm now in a bit of a dilemma because I don't want to keep applying for finance and affect my credit score. Is there anything you can do to help? I have a 5k deposit to put in and was looking for payments to be around £600 a month mark. Many thanks, Claire

Asked by Claire Ridley
July 23, 2013

Hi Claire, it seems strange that you were approved and then declined. However, we'd love to be able to help. With a large deposit, good monthly income and a clean car finance record in the past, we'd be pretty confident of getting you approved. We can move pretty quickly so let me know the details asap. Once you're ready please make an application. If approved, you can choose a car from any reputable dealership in the UK and we also provide a no obligation quote. Kind Regards, 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.

Personal Contract Purchase (PCP) related questions

Hi, I am looking to get a new car on finance, however I have had a default status on my credit file for the last three years (fully paid off in November 2012 - default amount around £16000). However, i don't want to be faced with the embarr

July 23, 2013

It can be challenging to get a new car on PCP if you have a bad credit history. This is because some lenders do require borrowers have a good credit score to be approved for a PCP loan. However, that doesn’t mean you have to give up on finding car finance if you have poor credit.

At CarFinance 247, we work with a panel of lenders including those that specialise in helping people with bad credit find finance. You can get a no obligation quote. We’ll run a soft credit check to find out if we can find you an approval in principle from one of our lenders but won’t run a hard credit check unless you choose to proceed.

If you have a bad credit score, you may want to consider HP car finance rather than PCP. With this type of finance, you may have higher monthly repayments than you would with PCP but when you reach the end of the agreement and pay the ‘Option to Purchase’ fee, you’ll own the car. You’re also unlikely to have any mileage restrictions with a hire purchase loan.

Looking to improve your credit score? There are several steps you can take to build your score and counteract a bad credit history.

I am trying to get a pcp deal on a Nissan pathfinder but was turned down because my credit score is too low. The bad credit is due to a defaulted payment of only £6 I have no CCJ's or other arrears and have perfect credit in every other way. What could yo

July 23, 2013

The good news is that CarFinance 247 works with a panel of lenders, which means we can look to find you a PCP deal, even if you’ve been declined elsewhere.

However, we can’t guarantee that we will be able to help as everyone’s circumstances are different and we’d need to look at your individual details to find out if we can match you to one of our lenders offering personal contract purchase deals.

Get a quote to find out more. Rates from 6.9% APR. Representative APR 24.9%.

Find out more about PCP and whether it could be the right car finance option for you here

Hi, I am looking to buy a used BMW on PCP finance, My credit file is showing as 876 which is fair, this was previously in the 900s so good, but my credit card balance is near the limit so has taken a bit of a hit. I currently have 4 credit

Asked by Kieran Williams
July 23, 2013

Hi Kieran, thank you for your question

As you have a decent credit score and 4 active clean credit accounts i'm very confident that we can get you accepted at a lender who offers attractive rates on PCP's. The fact that one credit card is near its limit shouldn't effect the decision

Please make an application and once approved you can choose a car from any dealer and we also provide a no obligation quote. Kind Regards, Rachel

I was on a DMP but came off of this around 2 years ago, and managed through the payments myself meeting what was required. The majority of this debt has now been cleared and I am in a financially secure position earning around £2,300 a month. I know my cr

Asked by Oli Smith
July 23, 2013

Hi Oli, Thank you for your question. Most lenders will need to look into your credit history before offering you a loan I'm afraid, however this doesn't mean we won't be able to find you a lender! We can help people that are currently in debt management plans, it all depends upon how bad your actual credit profile is and how much debt you have outstanding. As you are now on top of your credit and have a good regular income we may well be able to help you. 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

Hi, I recently applied for but failed to get credit through BMW finance. The salesman was surprised as I earn £2100 per month after tax etc, own my home and have lived here for over 8 years. I have also worked at the same place for ten years. On checking

Asked by Jim Farrow
July 23, 2013

Hi Jim, as you have a good income, a large deposit and a good credit history we should be able to get you approved for a BMW. Would you however consider a 6-12 month old car rather than a brand new one?

Hi, I would like to get a Mini Coupe on a PCP deal. At present I have a credit rating of 855 on Experian but i also have 3 defaults due to some problems in 2011. My mortgage is up to date and 3 of the debts were passed to debt collecting agencies although

Asked by Diane Bunn
July 23, 2013

Hi Diane, thank you for your question. You seem to have a fair credit score but due to your past problems and that fact that you're in a debt management plan we'll struggle to get you a PCP deal. We can however try and secure you a car finance deal (hire purchase) where you'll own the car at the end of the agreement. The fact that you're a homeowner is positive news too. 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, i'm looking to get a PCP on a £47,000 car with me placing a £15K deposit down. My scores are different with Experian and Equifax? They are both classed as fair - My Experian credit score is 869 and equifax is 417. What's the chance of me getting accep

Asked by Dan
July 23, 2013

Hi Dan, as you have such a large deposit and you say you have good credit there should be no reason as to why we can't help you. Please make an application for your PCP car finance and we'll be in touch asap. Regards, Rachel

Hi, I'm looking to get finance on a £17000 BMW but was declared bankrupt 3 years ago and still only have a credit score of 650 on credit expert. I have a total of £3200 to put down which includes my current car and can now easily afford the payments of £2

Asked by Anna
July 23, 2013

Hi Anna, i have one company in mind which may be able to help as you have a large deposit but a poor credit history. A PCP is possible but the rates you receive will be higher than those available on the high street. Please apply when you get 2 minutes and provide me with your reference number. Thank you, Rachel :-)

Hi, thanks again for the quick reply. What kind of spec car would the £350 per month be? I am looking for a 3 series M Sport with a couple of extras. Would this be a new car as you previously mentioned or a six months to a year old, the new M sport 3 s

Asked by Jim Farrow
July 23, 2013

Hi Jim, if approved we provide a no obligation quote and you're free to choose a car from any reputable UK dealer. Please make an application when you're ready.

Hi, thanks for the response. To be honest I would prefer a new car, however if it was the right model and had the right toys I would consider a six month to a year old car. The main issue would be the cost per month, is there any estimate you could give

Asked by Jim Farrow
July 23, 2013

Hi Jim, with your deposit amount we could get payments in the £350 region if we can get you approved for a PCP. From what you said the majority of your credit is good however you are linked to this second mortgage with your partner where there is missed payments so i'm reasonably confident that this is the reason as to why you have been declined. Not unless BMW think you're over committed but i couldn't comment on that at this stage.

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CarFinance 247 Ltd.,
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Devonshire Street North,
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M12 6JH,

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* The UK's largest online car finance broker by unique users to the website. Based on Similar Web data – 1,137,647 to CarFinance 247 vs. 753,819 for nearest competitor. January to June 2023.

CarFinance 247 is a trading name of CarFinance 247 Limited. Registered office: Universal Square, Devonshire Street North, Manchester, M12 6JH. Registered in England. (Registration Number 06035525).

CarFinance 247 is authorised and regulated by the Financial Conduct Authority for insurance distribution and credit broking (Firm Reference Number: 653019). CarFinance 247 is registered with the ICO (Registration Number Z1897658).

Finance is subject to status and is only available to UK residents aged 18 and over. Written quotations are available on request.

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