Help & Advice

I have a balloon payment on my car of £5500. Can you finance this? My credit rating is Poor

Hi there,

I have a balloon payment on my car (£5,500). Do you provide finance for this? My credit rating is poor. Or if not, can I still apply for car finance? If so, what is your acceptance rate?

Wendy Ely


Answer

Hi Wendy, You've certainly come to the right place.

We can indeed re-finance your balloon payment when it becomes due.

CarFinance 247.co.uk also specialise in helping people with poor credit histories and our acceptance rate is very high. So, please make an application and we'll see what we can sort out. Once 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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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.

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'm looking to buy a car for around £5500-6500. I have £3000 deposit to put down (So borrowing around £3k). Would I be able to get finance? I would like it over 12 months. I have a poor credit history according to my report, but no CCJs, not bankrupt or IVAs. I also have a mortgage. Look forward to hearing from you.

Answer

Hi Tesh, with a large deposit like you have it increases your chances dramatically as poor credit car finance lenders like to see a deposit from the customer. Here at CarFinance 247 we help people with credit issues and we have many lenders on our panel. Please make an application and we'll see what we can do for you. Rachel

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I have a car ford option agreement for my current car. I have now reached the end of the 36 month of payments and now have to make the final lump payment if I want to keep the car which I do. The final payment is £5246.00. Would you be able to offer finance in this situation.

Answer

Hi Paul. I apologise for the late reply but the answer is yes! This is something that we have been able to do for previous customers. Please make an application so we can get you approved and take a closer look at the figures. Thanks, Rachel

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Hi, I already have a VW polo on VW finance over a 3 year period which is due to come to an end in June this year. since having the loan I've had to go into a DMP and VW will not let me re-finance the final payment of £5,200 to keep the car. Will you lend to pay off existing finance? Thanks

Answer

Hi Lynn, Well you've come to the right place. We do deal with some lenders who will refinance balloon payments. We would look to purchase the car from you (settling the balloon payment) and resell the vehicle back to you.We specialise in helping people with poor credit histories and our acceptance rate is very high. So please apply and we'll see what we can do for you. Kind Regards, Rachel

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Liked by 10 People

I am due to pay my balloon payment on a BMW116d in 4 weeks time and BMW are unable to help with this. The car is worth £8,500, and the balloon payment is £7,100. Can you help with this finance, and if so, how would I go about proceeding. Thank you

Answer

Hi Mandy, we can indeed help. All you need to do is make an application, we'll get you approved and once all documentation has been signed we'll pay off BMW and you'll be able to keep the car and start making new monthly repayments to the lender we get you approved with. We provide no obligation quotes once approved so you don't have to proceed if you aren't happy and we do deal with high street lenders such as Barclays, Santander & Hitachi. Kind Regards, Rachel

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My finance agreement for my BMW 320d 07 plate is coming to an end but my final payment is £5828.

I cant make this payment and BMW won't refinance it as my credit rating is poor. Can you help me keep my car?

Answer

Hi Greg, thank you for your question.

We can indeed re-finance your final balloon payment for you and we do also have lenders that help people with bad credit. As long as you are employed and can prove your income (payslips or bank statements) we'll have a very good chance of getting you accepted.

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

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Liked by 7 People

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.

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