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I have a bad credit rating - Can i get car finance over 5 yrs and at what rate?

Hi, I know that my credit score is quite low at 431. What kind of rates could I expect for a £7000 car loan to buy a £7500 car with me paying a £500 deposit? I would prefer to take the finance over 5 years also.

Asked by Ed

Hi Ed, your credit score of 431 is by no means the lowest or the worst we've ever seen. I'm more than confident that we could get you accepted for £7000 over 60 months and as you're putting in a £500 deposit that looks good from the lenders point of view.

As your credit history isn't spotless you'd be paying in the region of 14-16% for your car loan. Please make an application when you can and once approved we provide a no obligation quote and you can buy a car from any dealer. Kind Regards, Rachel

Tim Carpenter
Answered by Tim Carpenter Car Finance Expert Edited on

Liked by 39 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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