Help & Advice

If i get a car finance are there any age restrictions on the car i buy?

Can I source my own car and requested finance? Is there a certain age the car can be?

Muhammad


Answer

Hi Muhammad, here at CarFinance 247 our lenders tend to finance cars that are between the ages of 6 months and 6 years old. If the cars are any older then we struggle to get the finance companies to accept the vehicle. Most lenders also tend to state that the vehicle can't have done over 100,000 miles at the start of the agreement. However, each lender has their own vehicle criteria.

The good news is that you can indeed find your own car once approved and the amount you can borrow will depend upon your income. Please make an application and once approved you can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Rachel

Answer correct as of September 2016

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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, if I was to apply for car credit would there be limitations on the car I could choose, based on age / mileage of the car?

Answer

Hi Ben, in most circumstances the car can't be any older than 10 years at the end of the agreement and it can't have any more than 100,000 miles on the clock at the start of the agreement. There can be exceptions if you have an excellent credit history though. Rachel

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Would it be possible to obtain a BMW 745 on a 55 plate with a poorish credit history?

Answer

Hi Chris, that would be possible - how much do you need and what deposit do you have? Rachel

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Deposit of around £1k. The last company would entertain the idea of a car over 3 litre. I have a liking for big engined motors. Either that or another brand Jag XK8.

Answer

Hi Chris, what is the company you mentioned? Have you applied and been approved elsewhere? Some finance companies do have criteria on engine size so it all depends upon who we get you approved with. How much are you looking to borrow approximately?

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Morning Rachel, I applied last November with cars 4 u . They approved me for a BMW 730 but That's the largest . I wanted and would still want a 745. I found a BMW 750 last night with 59000 miles on a 55 plate for £9k. Have a good well paid job . I must admit i've made mistakes in the past. Who if anyone nowadays is perfect? Your thoughts then?

Answer

Hi Chris, i think i know the lender they have you approved with and we also deal with that same lender. The good news is that we have more lenders on our panel than they do so hopefully we can get you accepted with another lender that would allow you to purchase the car you want. If we get you approved with the same lender however you wouldn't have any other option i'm afraid other than getting a 3.0 litre unfortunately. I'm just letting you know my thoughts up front. Rachel

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Thanks . There is the option of a 730 diesel. Would have to be a long wheelbase L version. There are a couple I have three mobile contracts and a credit card.

Answer

Hi Chris, no problem. Look forward to receiving your application. Rachel

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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.

Hitatchi

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