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Can I get a car loan with fair credit history?

Hi, I want to make a car loan application from two reasons. One is because i need to change my car and second to consolidate my credit history so in couple of years i can apply for a mortgage.

Before I apply for a car loan i'd like someone to tell me what are the chances I have on the following: i have 783 points which means fair credit with same address from over 3 years. I don't want to run another credit check without being sure because if rejected that going to lower my credit score.

Also I am a foreigner from European Union. I have UK driving license and Romanian passport

Asked by Marius

Hi Marius, thank you for your detailed question. As you have 3 years address history and a UK licence that is a great start.

Your credit score seems reasonable too - 783 is actually quite high so as long as you have no large defaults (over £5000) and you can prove your income (with payslips or bank statements) i'm reasonably confident we can get you accepted for car finance with one of our lenders. Do you have a deposit as that can strengthen your chances and how much are you looking to borrow? The amount you can borrow depends upon your income.

Lastly do you have a UK bank account where your wages get paid into each week/month? If so, please apply when you're ready to do so and if approved we provide a no obligation quote and you can buy a car from any dealer. Thanks, Rachel

Tim Carpenter
Answered by Tim Carpenter Car Finance Expert Edited on

Liked by 1434 People

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

Rates from 6.9% APR: 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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