Help & Advice

Can I get guaranteed car finance with less than 2 years credit history in the UK?

Where can I be guaranteed best chances to obtain vehicle finance with not much of a credit history in the UK?

Craig


Answer

Hi Craig, you've certainly landed in the right place.

At CarFinance 247 we have access to a wide variety of lenders but we can't guarantee an acceptance as we've not seen how you've been running your credit history for the 2 years that you have been in the UK.

Typically our lenders will need to see 3 years address history in the UK to offer finance. Have you been in the UK for just 2 years or are you coming up to 3 years?

Either way we'll try and help you out and it'd obviously beneficial if you had a UK licence, a bank account, proof of income (payslips) and are on the electoral roll (although this isn't mandatory).

Please make an application and once approved you can choose a car from any dealer and we also provide a no obligation quote. Kind Regards, Rachel

Answer correct as of September 2016

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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

More related questions

Hi Ed, I currently have - A Halifax account (for 27 years, I'm 30) which has always been in good shape with no overdraft. I also have a Santander account (again, good shape, for like 5 years) and a mobile phone bill which is always paid on time.

Though this is all the credit I have ever had. My question is, is that enough 'lending history' to take out finance for a car which is worth £15,000? I live at home with my parents and currently earn £27,000 per annum.

Answer

Hi Abbey, if you have a large deposit, approx £3000, we may be able to get you the funds required but i can't promise anything. Have you applied for that amount of credit with your bank? If so, what did they say?

Our lenders will only be able to take into account the mobile phone contract when they look at your credit history so, if i'm honest £15,000 is highly unlikely but £10,000 may be possible.

Please make an application and once approved you can choose a car from any dealer and we also provide a no obligation quote. Kind Regards, Rachel

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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