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I have bad credit and am looking to borrow £5000 over 36 months for a car loan

Hi Rachel, I had a trust deed which was discharged in 2006. My current credit score is 481, I am a homeowner, in full time employment and have been on the voters roll for 7 years at my current address.

I am thinking of purchasing a for approx £5000 (over 36 months) and would put down £1000 as a deposit (£4,000 to finance). Am i wasting my time in applying. If not what kind of rate would I be looking at?

Asked by Bobby

Hi Bobby, thanks for using the Q&A.

Do not worry in the slightest - i’m extremely confident we can help get you approved for car finance even though you’ve had a bad credit history. We have many specialist lenders who help customers in your position but the rates will be between 14% and 20% as you are seen as a bigger risk than people with perfect credit records.

The fact that you have a 20% deposit is also a huge boost as we have one lender in particular that pretty much takes anyone on if they are a homeowner and have a 20% deposit. So you wouldn’t be wasting your time at all in applying.

Please make an application and hopefully we’ll be able to get you back on track and into a Lexus in no time. 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 132 People

£
5 Years
Total cost of credit £ XXX.XX
Total repayment £ XX,XX.XX
48 monthly
payments of
£ 245 98

Rates from 6.9%: 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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