I need £2000 for a Car Loan. Can I Apply with CarFinance 247?
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 first £400, this is not stated on your website and why is this when we don't need to borrow so much?? Many thanks, Melanie
December 4, 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