The exact amount you’ll be able to borrow will depend on a few factors such as your credit score, employment circumstances, affordability, and the vehicle you’re looking to buy.
Your credit score is important as the more money you want to borrow, the higher the risk for the lender. Demonstrating that you’ve been able to keep up with your repayments in the past and haven’t used all the credit available to you can reassure lenders that you’ll be a responsible borrower. Even so, if you have missed payments previously and have a bad credit score, we might still be able to secure you a loan.
Affordability is a factor too. Part of being a responsible lender is ensuring that you’re not committing to a loan that you’ll struggle to pay or will mean you don’t have enough disposable income to cover your essential expenses. Car finance is a big commitment that can last for several years so affordability checks are in place to make sure you’re not signing up to a loan you can’t afford.