I Have A Credit Score of 467 & I'm looking for Finance to Purchase A Vehicle

Hi, I have a credit score of 467 but this is gradually increasing. I am looking for £5-7k to purchase a vehicle. I have an income of approx £35k per year and have a small part ex, a small deposit on top of this would be no problem. Will you be able to help? I loathe to make too many applications as this will adversely affect my score. I have been offered finance elsewhere but this is only to choose from the finance companies group stock and I would rather be able to search for my own vehicle myself.

Asked by Andrew Carr
February 5, 2012

Hi Andrew, from what you say you tick most of our required boxes however, as we act as a broker we try our best to secure you finance and without seeing your credit profile we've no way of determining whether we can help 100% or not. I take it you've been approved at ACF car finance if they want you to buy a car from their own stock? If so, we can offer better rates and when accepted we provide a no obligation quote and you can choose a car from any dealer nationwide. The fact that you earn good money, have a part ex and cash deposit is a great help. Please apply if you feel comfortable and we'll try our best to get you approved. 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.

What can I borrow? (Loan amounts) related questions

Hi, my credit score is 613 due to two defaults, one I know about which I have since paid off and satisfied and the other which is British gas from 2 years ago which I know nothing about. My house has been rented out in the past and I'm sure a past tenant

Asked by John Hawksey
February 5, 2012

Hi John, thank you for joining our Q&A. Apologies for the slight delay in getting back to you. If you require £25,000 you'll need a £4000 to £5000 deposit as your credit score isn't fantastic. Is this possible? If so, please make an application as i do have a lender in mind that should be able to help you even though you have past defaults.

Hi, I just wanted to know how much the interest rate and monthly payments would be on a £25000 car loan over 3 years.

I have a 850 credit score with no defaults and no late payments. Thank you

Asked by Wasir Zafar
February 5, 2012

Hi Wasir,

As you have a good credit score you'd be looking at an APR of approximately 9.9% meaning your payments would be £800 per month. If you borrowed the £25,000 over 4 years this would bring your payments down to £627.

Please make an application if you need to and once accepted you can buy a car from any dealer. Kind Regards, Rachel

I have a poor credit rating and would like finance for £4000. I work part time only and earn £835 a month. I had been approved for finance with another company but was declined when I produced wage slips because I was not earning £865? Could you assist me

Asked by Wayne
February 5, 2012

Hi Wayne, we'd love to be able to help and I'm fairly confident that we can as we do deal with lenders that help people who work part time. Where did you apply and get approved only to be turned down? If you can let me know, it would be greatly appreciated. Your income should just about allow us to get you the £4000 that you need which is positive and if you have a small deposit that will help.

Please make an application when you're ready and, if approved, you can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Rachel

I am looking to finance a new car for £4000 over 48 months and wanted to know what the monthly payments would be? I've had finance before but have given the car to my sister who is paying the finance although it's still in my name. My income is £1400 per

Asked by Kealan Watters
February 5, 2012

Hi Kealan, thank you for your question. With a healthy monthly income of £1400, we'd be fairly confident of being able to get you approved for the £4000 needed. The amount you repay will depend upon your credit history but as a rough guide if you have a good credit history you'll be paying £100 per month over 48 months for £4000. Please make an application when you're ready and, if approved, you can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Rachel

Hi, my credit score is around 549 as i have a few old defaults on my file but everything has been paid on time in the last few years. I am on the electoral roll and currently earn around £22,000 per year. I will be looking for a car price range of £4000-6

Asked by James
February 5, 2012

Hi James, although your credit score is fair to poor, you do have a healthy income and are on the electoral roll, with are both benefits to your application. We do have lenders that help people with past defaults. If approved, the minimum of £4000 should be fine. Please apply when you are ready. Kind Regards, Rachel

Hi, I've got bad credit, that i wont deny, but do have an expendable income of in excess of £1000 4 weekly. Is it possible to get a small loan for a used car of around £2000 - £2500?

Asked by D Holstead
February 5, 2012

Hi D Holstead. Well firstly your income should more than cover you for that kind of advance in terms of your affordability. However we gain approvals based upon your credit profile. What is it that makes you think your credit is bad? do you have defaults? late payments? arrears? If the answer to any of these is Yes then we can still help. We deal with most of the lenders on the market and we do manage to secure 90% of our customers an approval. Please make an application at your leisure and we can try our best to get you an approval. Thanks, Rachel

I have found a used car valued £2000 at a car dealership. Can I apply for finance through Carfinance24/7?

Asked by Hayley Gilman
February 5, 2012

Hi Hayley, yes the £2000 wouldn't be a problem as long as the dealer is reputable and has a consumer credit licence (the finance company will need to see a copy of this - but don't worry about that for now). How many cars does the dealer have? Would you have a deposit and how is your credit rating? I look forward to hearing from you. Rachel

Hello, i am currently unemployed but have a good credit ratting as i have been offered many personal loans recently and got one credit card. I am on benefits at the moment. I wonder if i can apply for £2000 to £2500 loan to get a used car, any advice woul

Asked by Ali
February 5, 2012

Hi Ali, as long as you have a good credit score, come clean active credit, a UK licence and are on the electoral roll at your current address we should be able to get you approved for £2000 even though you are unemployed. If this is the case please apply. Kind Regards, Rachel

Hi Rachel, thank you for your reply. What kind of cars do you have that we could consider, we are looking for a small family car like a ford focus or seat leon which is economical and cheap to maintain. We didn't really want to spend too much on another c

Asked by Melanie
February 5, 2012

Hi Melanie, you can either choose a car from our website (under the cars section) or choose a car from any reputable dealer. Our cars come with 6 months warranty, 12 months MOT and free delivery. In terms of payments you'd be best to discuss that with your sales agent. Can you remember his/her name? I can find out if not :-)

My car finance has been approved with yourselves but I only wanted to borrow around £2000 which I stated on the application. I received a telephone call from your team saying that you would only lend me £6000 plus to buy a car, and we have to put the firs

Asked by Melanie
February 5, 2012

Hi Melanie, thank you for your question and apologies for the delayed response. Unfortunately the lender you have been approved with does have some minimum criteria that has to be met. As they are financing the car (the asset) they need to be sure they are financing the money they are lending against a good quality car to protect their exposure. The £6000 is the minimum lend and the £400 is required but if you stretch the £6000 over 4-5 years for example you can get the same monthly payments as say borrowing the £2000 over 2 years and you can also be assured of getting a car that is perhaps still under manufacturers warranty. You can also swap your car after 2-3 years so you don't have to keep the vehicle for the full term. I hope this makes sense and i'm sorry about the current situation but we'd still love to deal with you if we can work a deal out. Have a great evening. Rachel

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Devonshire Street North,
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M12 6JH,

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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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