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Car Finance Expert Q&A

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Edwin Miles. Underwriting Manager

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Car finance with a large deposit

Hi there, I currently have a CCJ to my name and a really bad credit history that haunts me from when i was 18 years old. I applied for loans, credit cards and i never paid them.

I have a large £5k deposit for a new car which would be around the £7.5k mark. Can you secure finance for the rest of the vehicle for me? Regards

Posted by Daniel on

Answer.

Hi Daniel, apologies for the delay in responding.

We do have a few lenders on our panel that may be able to help as they lend funds to people with bad credit but have a large deposit (which sounds like yourself). We obviously can't guarantee an approval but we'll certainly try our best to get you accepted.

How is your current credit? Are you on the electoral roll and can you prove your income with payslips or bank statements? If so, please apply when you're ready and if approved we provide a no obligation quote and you can choose a car from any reputable dealer. Kind Regards, Edwin

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Question.

Hello - I keep being denied credit for car financing and I'm really not sure why. I've checked my Experian credit score and it's in the high 900s. I have no defaults or CCJs, and I don't have a criminal record! I'm looking for a HP deal and I can pay a deposit of £1500 (possibly even £2000). With this in mind I can't see how I could be classed as a high risk, because if I was theoretically to not adhere to the credit agreement not only would I lose my deposit but the car would be reposessed. Surely this is a win-win for any lender?! The car I want ideally is usually priced around £4000-£5000, and I wouldn't want anything more expensive than that. Do you think you will be able to offer me anything?

Posted by Rob K on

Answer.

Hi Rob, it does seem strange that you have been declined. Where have you applied so far?

Posted by on

Question.

I've made credit applications with two or three car supermarkets so far - they've all said no. Available Car said no and Car Swap have said no. I can't remember what finance companies they consult. It seems like the credit awarding process is completely automated via computers and for some reason the formula just doesn't like me! I don't really get it. I can provide a 30-40% deposit as I say.

Posted by Rob K on

Answer.

Thanks Rob, I'd like to think we'll be able to get you approved. Please apply and let me know when you have done so. I'll then get Alex our manager to take a look into your application. With such a large deposit i'm confident. Regards, Edwin

Posted by on

Question.

Thanks Edwin, I've just applied. Application reference 190047.

Posted by Rob K on

Answer.

Thanks Rob, i'll get Alex to look at now.

Posted by on

Question.

Edwin - I am in full time employment however, i have two defaults on two credit cards which i am paying off at the agreed rate with the lenders. But, i need to get a car that cost £12K and i have 50% deposit. What sort or APR will i be able to get?

Posted by Banji Adegunju on

Answer.

Hi Banji, as you have 2 defaults on your credit file you should be expecting to pay between 12% and 16%. As you have a large deposit we should be able to help get you approved so please apply and we'll match your profile with the most suitable lender. Regards, Edwin

Posted by on

Question.

Hi there, I have a current credit score of 690 which is on the rise. It was 810 until I remortgaged 3months ago. I want to change my current car for work purposes. I have around £2000 deposit out to one side and a car as part ex too. I have no missed payments in last 12 months but do have 2 defaults which are on my credit file however, i have no CCJ's. Could you let me know what my chances are of a successful application as I don't want to keep applying and have my score suffer. Thank you

Posted by Carl Burns on

Answer.

Hi Carl, apologies for the delayed response. With a £2000 deposit, a part exchange and no missed payments in the last 12 months i'm quietly confident we'll get you approved with no problems as long as you're on the electoral roll and can prove your income. Your credit score isn't horrendous either. Have you applied anywhere else online? If so, please let me know where. If you haven't please apply with us and we'll try our utmost to get you approved. Edwin

Posted by on

Question.

Hi, I would like to understand if you can help me as I am trying to obtain car finance for a £15K car (2005 Audi A6). I have less than perfect credit, a few CCJs, defaults, etc. However I earn a very good wage £70K, and have a big deposit of £6K. I can prove my salary, although I have only been with my current firm for 6 months. I am out of my probationary period, and I was with my previous employer for 6 years. I am on the electoral roll at my current property and have lived here for 2.5 years. Just need some advice really. Thanks in advance. Tom

Posted by Tom Henry on

Answer.

Hi Tom, i'm confident we can get you approved as you have a very good wage, a fantastic deposit amount and you're on the electoral roll. We do have one lender that helps people with bad credit and big deposits so i'm confident this could be a deal for them. I can't guarantee an approval without seeing your credit but looking in from the outside i'd say you have a great chance. Regards, Edwin

Posted by on

Question.

Hi, I think i have bad credit and it has always been from defaulting on little payments like bank overdraft, speeding fines, credit cards. (Nothing over £1,000 ever). I am now completely debt free with a stable income of over £23k per year. I wish to borrow £12,000. I can acquire a £1,000 - £2,000 deposit. As i still have a bad credit rating what APR can i expect?

Posted by Callum on

Answer.

Hi Callum, with defaults on your credit profile you'd be very lucky to get the £12,000 that you need. With a deposit of £2000 we may be able to secure you £8000 potentially. If approved the APR you'd expect would be between 15% and 20%. You obviously won't get high street rates due to your credit profile.

Posted by on

Question.

I'm looking at a car costing £6850. I have a £1500 deposit and was wondering if you can help. I have a really poor credit history and have just finished paying my last HP agreement yesterday.

Posted by Scott on

Answer.

Hi Scott, as you have a large deposit and have paid off your latest HP agreement there may well be something we can do for you. Are you on the electoral roll at your current address and are you employed full time? Edwin

Posted by on

Question.

Hi, I would like to buy a car up to £9999 with a trade in value about £5000. Also £500 cash. Experian has me at poor 617. Since this i am currently going through a mortgage approved with a £30,000 deposit borrowing £59,000.

Posted by Lucy on

Answer.

Hi Lucy, with fair credit and a large £5000 deposit i'm more than confident that we can get you the £4999 finance that you need. Please apply when you have 2 minutes. Kind Regards, Edwin

Posted by on

Question.

Hello, I have bad credit with one CCJ and a number of defaults. I am on electoral roll and have been in full employment in same company since 8 yrs ago. I earn £45K and have £3k deposit for a £10k car. Do you think I will be able to get finance?

Posted by Jay on

Answer.

Hi Jay, from what you have said it certainly seems possible as you have a good stable income and a large deposit. Please apply when you get 5 minutes. Regards, Edwin

Posted by on

Question.

Hi, i have 3 defaults from thelast couple of years. My credit score is 'very poor' because of this. All the defaults are settled now. I have a large £5000 deposit and i want to purchase a car for about £9000. Is this possible?

Posted by Matt on

Answer.

Hi Matt, as you have such a large deposit this is a possibility. Please apply and let me know the reference number when you have done so and i'll look at your application. Edwin

Posted by on

Question.

Hi, I need to borrow £9720 to buy a car, my credit rating is very poor. We tried to get credit yesterday with citreon but got declined. I will be using my car as deposit which is worth £4500 so it would have been just over £14000. What do you think my chances are? Thank you

Posted by Sarah on

Answer.

Hi Sarah, as you have a large deposit in your part exchange i'm confident we'll be able to get you approved however, due to your credit history you won't receive rates near what Citroen were offering. You'd be looking at 15% to 20% to be honest. Please make a joint application when you can on our site and we'll hopefully have you driving your new car in no time at all. Edwin

Posted by on

Question.

I have about £10k deposit and looking for a BMW X5 or Range Rover Sport. Is it possible to be looking at £20k ish cars or am I wasting my time? I'm in full time employment but have poor credit due to default on credit card which is now settled.

Posted by Chris on

Answer.

Hi Chris, with such a large deposit i'm pretty sure we'll be able to get you accepted and in a BMW X5 or Range Rover Sport quickly. Please apply on our site and provide me with your reference number asap. Edwin

Posted by on

Question.

Hi. I have a bad credit history but would like to apply for a car finance. I have a deposit of £2000 which i can place down. I am just asking that if i have very bad credit history sould i still be able to be accepted?

Posted by Serry on

Answer.

Hi Serry, we specialise in helping those with bad credit and especially those that have large deposits. Please apply on our website and provide me with your reference number. Are you on the voters roll at your current address and are you employed full time?

Posted by on

Question.

Hi, I submitted an enquiry last night just wondering if it was received as I haven't had an email confirmation. I'm looking to finance a car with a £2000 deposit.

Posted by Paul Collins on

Answer.

Hi Paul, you have been approved and Phil Seymour has your application. Apologies for the delay in getting back to you. Have you spoken with Phil? Edwin

Posted by on

Question.

I want to get a loan of £3000 to put towards a car. I have £5000 deposit to put down but I have little to no credit history. Will I have trouble getting a loan / car finance?

Posted by Adam on

Answer.

Hi Adam, as you have such a large deposit i'm sure we can do something for you. Are you on the electoral roll at your current address? If so, please apply and let me know your reference number. A guarantor would always strengthen your application too so, if that's a possibility go for it :-)

Posted by on

Question.

Hi, I have a credit score of 956 on credit expert, how much could i borrow with a trade in car worth approx £6000. (car is fully owned by me with no outstanding payments)

Posted by Joe on

Answer.

Hi Joe, you obviously have a good credit score and a very large deposit so the amount you can borrow may well come down to your level of earnings. How much do you NET after tax each calender month from your job? Also how much do you want to borrow? Edwin

Posted by on

Question.

Hello, if i was to put £2000 - £3000 down on a £4000 - £5000 car what are the chances of getting it? I've got contracts that always get paid but have had trouble with one I got my pal but that's all paid up now.

Posted by John on

Answer.

Hi John, as long as you could prove your income and you're on the electoral register i'm confident we could help as you have a large deposit. Please apply when you're ready. Edwin

Posted by on

Question.

I've never missed a payment yet and have large(ish) unsecured debts on cards (c£40k). However I earn good money in my business (about £200k full year) but I've only been in business for about 6 months (but c£50k in the bank). I can put down a good deposit (maybe £10k if needed) but I want to buy a car costing about £40k. Is this something you could help with, and roughly how much would £32k cost me over 5 years? Thanks.

Posted by Barry on

Answer.

Hi Barry, as you have a large deposit and a huge income i'm very positive we can get you approved for the £32k you need. That amount over 5 years would be approx £680 - £700 per month. Please apply as and when you feel ready and let me know your reference number. Regards, Edwin

Posted by on

Question.

Hi, would I be able to get car finance with leaving a £1200 deposit and finance of £4300. I don't have a great credit rating being at 543 but I have a full driving licence, am on the voters roll and have my dad as a guarantor? If this fails what else can I do?

Posted by Danielle on

Answer.

Hi Danielle, i'm confident we can help as you have a large deposit, a fair score and your Dad to add onto the application as a co-hirer. You also are after a sensible amount to finance so please apply when you get 2 minutes and we'd love to help you get into a newer car. Regards, Edwin

Posted by on

Question.

I have a credit score of 249, and I am on a DMP. Paying £215. I have phone contract and a small credit card that I pay back each month. But have several defaults on file that are about 3 years old. I earn £40-45k a year. And have £2k deposit. And want to borrow about £6k for a car. Do I have any chance of being accepted?

Posted by Ibrahim on

Answer.

Hi Ibrahim, Thank you for using our Q&A .We do have a few lenders that may be able to help as they lend funds to people who have experienced credit issues. However it is likely that you will need that deposit you have. It will increase your chances of an approval if you are on the electoral roll and you will need to prove your income with payslips or bank statements. If so, please apply and we'll try and get you approved. Regards, Edwin

Posted by on

Question.

Hi, i want get a loan of £2,500. The car cost £5,000 so i got deposit of £2,500 but the thing is that the car is over 100,000. That's a mercedes e320, im full time employed, am i able to get the loan for that car? thanks

Posted by Chriss on

Answer.

Hi Chris, £2500 would be fine as you have a 50% deposit however most lenders we deal with are funny when it comes to financing cars over 100,000. Can you find one under 100,000?

Posted by on

Question.

Hi, I've got £1,500 deposit, with bad credit for £25k. Would I be able to get finance??

Posted by Jess on

Answer.

Hi Jess, this is possible but you may need closer to a 10% deposit so, £2500. Would that be ok? If so, please apply. Kind Regards, Edwin

Posted by on

Question.

Hi there, I don't have the worst credit - no CCJs, just one default which i am attempting to resolve from over 5 years ago when i was young and silly. All my current credit is up to date with only one late payment and i am on the electoral register being at my property for over 3 years. I am still finding it difficult to get credit and am in desperate need of a car following a serious accident fracturing both my heels. Sharing a car with my partner is no longer an option, I have approx £2000-2500 deposit and looking for roughly £8000 for a reliable car to aid my circumstances. Am i eligible? Thank you for your time, Ms Gemma McKee

Posted by Gemma Mckee on

Answer.

Hi Gemma, from what you say we should have no problems in getting you approved as you have such a large deposit and your credit history is getting back on track. The fact that your default was 5 years ago will be looked on by our lenders but if things have been positive since they will take a lenient view. Please apply when you get 2-3 minutes. Regards, Edwin

Posted by on

Question.

I have a very poor credit score and I am unable to get credit. However with a large deposit of £1000 would I be able to secure finance for a car of any cost?

Posted by Mick B on

Answer.

Hi Mick, you do have a large deposit and we do have lenders that help people with poor credit. We can't promise an approval however we will try our best. If approved you can choose any car from any dealer and the amount you can borrow will depend upon your income. Edwin

Posted by on

Question.

Hi, my credit is very bad as I never paid things on time in the past. I really really regret it now as i don't get accepted for any loans or credit cards. I'm 23 years old and I've been self employed for 2 years now.

I've just passed my driving test and I'm interested in a £12,000 car - i have £3000/£4000 to put down for the car and the rest i would like to do on finance. What would be the rough amount that i would need to put down for a £12,000 car with a bad credit?

Posted by Patricia Rodrigues on

Answer.

Hi Patricia, thank you for your question and apologies for the delayed response.

The good news is that we can help people who have bad credit and are self employed as long as you can prove your income with 3 months bank statements. You seem to have a large deposit which is great news and i'm confident that if you put in £4000 we could get you the remaining £8000 on finance as long as you can show you can afford the repayments.

Once approved we provide a no obligation quote and you can get a car from any dealer. Please apply asap. Kind Regards, Edwin

Posted by on

Question.

Hi Edwin, I'm in a debt mamagment plan but have a £1200 deposit. Is there any chance that i can get approved?

Posted by G Mcrobert on

Answer.

Hello G. Mcrobert,

Thank you for your question. The good news is that we do have lenders on our panel that approve people in "DM" plans and as you have a large deposit that will go in your favour.

As long as you are employed, can prove your income and have a UK licence we should be able to get you approved for car finance. Please apply when you get a moment. Once accepted you can buy a car from any dealer.

Posted by on

Question.

Hi, I have £3000 to £4000 deposit and looking to buy a car for around £8800 ! I have lived at same address for over 15 years but as it's my parents I'm not on electoral role since 98! I have no CCJ'S or defaults could i be accepted??

Posted by Steve Ingram on

Answer.

Hi Steve, as you have a large deposit and a stable residential history i'm confident we can get you accepted for car finance. As you have no past credit issues that's obviously positive news too. I take it you have a UK licence and a UK bank account?

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, Edwin

Posted by on

Question.

Hi, I want to finance a car worth £6,500 and I have £700 for a deposit. Do you think it's realistic that I can get approved?

Posted by Randy kabson on

Answer.

Hi Randy, thank you for your question.

As you have a 10% deposit this will show your commitment to the lender so this may well improve our chances of getting you approved for car finance. However, the decision our lenders reach will ultimately depend upon your credit circumstances and your income.

If you're employed, have a full UK licence and some current active credit please make an application and if approved you can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Edwin

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