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Car Finance Expert Q&A

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Edwin Miles. Underwriting Manager

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Obtain car finance without a credit history?

Hi Edwin, I am 32, never had credit , no CCJ's, debts or anything bad. I only have a current account & I am very simple in how I work my life, basic all the way :) But now I want a car finance, how do I get this if I don't have any credit history?

Posted by Mark McAllister on

Answer.

Hi Mark, this is a question that gets asked quite a lot and there's no need to be concerned. We help people get onto the credit ladder all the time.

As long as you're on the electoral roll, have a UK driving licence and can prove your address with a bank statement or utility bill then we'll be able to get you into a car in no time at all. Do you have a deposit or part exchange?

Once approved with us we provide a no obligation quote and you can buy a car from any dealer. Please apply now. Kind Regards, Edwin

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Question.

Hi, I've never bought anything on credit. But, I have a good credit score of 882. I'm planning on putting down £20k and borrowing £28k over 60 months. I earn roughly after tax £500 a week. My outgoings are literally £40 a week, I'm staying at home which helps me save my money. What are the chances of getting accepted? I've never applied anywhere.

Posted by S Hussain on

Answer.

Hello S Hussain, thanks for using our Q&A. The fact that you have a very large deposit helps massively in this situation. I'm confident that we can get you approved as long as you're on the electoral roll at your current address and you have a UK driving licence. What is the car you have seen? We do supply the car and the finance but we can source literally any car. Is the deposit a cash deposit or made up of a part ex and cash? Regards, Edwin

Posted by on

Question.

The car is a range rover sport autobiography and the deposit would be a straight bank transfer. Does the money have to be in the account at the time of processing as I've put half in the account of which I intend on using?

Posted by S Hussain on

Answer.

Hello, thank you for your feedback. We would take 50% deposit once we have arranged the finance and secured the car you're interested in and then the remaining 50% on delivery.

Posted by on

Question.

Hi Edwin. I am 21 and I have absolutely no credit history whatsoever, I have no car insurance or bills that come out of my bank account. I have no direct debits coming from my bank either. I am self employed and earn around £1500 a month after tax. How would I go about getting a car on finance? Thanks

Posted by Leo on

Answer.

Hi Leo, with absolutely no credit whatsoever we may struggle to get you approved if i'm honest. The only way to get you approved is with a guarantor. Have you been to your bank and if so what have they said? How much do you want to borrow and do you have a deposit? Regards, Edwin

Posted by on

Question.

Hi, I have recently returned to the UK after living abroad for the last 15 years. I have no credit history and need a car. I earn £70K per year and want to know if you think we can get financing for an £11000 car. I have just applied for voters roll registration but it won't show on the register for a couple months. I have a bank account in good standing and a credit card.

Posted by Paul on

Answer.

Hi Paul, with your salary being so large and the fact that you have some credit history (in way of a bank account and a credit card) we should still be able to get you accepted even though you're not yet on the electoral roll. Could you come up with a deposit as this always gets looked upon favourably by lenders. Regards, Edwin

Posted by on

Question.

Edwin, I can come up with a 10% or 20% deposit.

Posted by Paul on

Answer.

Super news Paul. Please apply and i'll get our manager Alex to look at the application. Thank you.

Posted by on

Question.

Hi, I'm 18 and have no credit what so ever. I have no loans, Store Cards or contract phone's. Is there anything you guys at carfinance247 can do for me in terms of getting a car. Thanks, Mark

Posted by Mark Kavanagh on

Answer.

Hi Mark, if i'm honest to will be highly unlikely we'll be able to get you approved due to your age and lack of credit. However, if you have a full UK driving licence, are on the electoral roll and can prove your income (are you employed?) then we may be able to get you approved if you have a guarantor (a parent or other family member / friend). Lastly, would you have a deposit? Regards, Edwin

Posted by on

Question.

Hi, I was refused car finance by Ford recently due to having no credit history. I have a credit score of 694, no defaults or bad payments, just never had credit and I'm not on the electoral roll. What are my chances of getting car credit with a guarantor and will I have to pay a higher rate? I'm 28 and self employed. Thanks, Andy

Posted by Andy on

Answer.

Hi Andy, i'd advise that you get yourself on the electoral roll before applying for car finance with us. This allows the lenders to trace your credit activity. As you're self employed would you be able to prove your income with bank statements? If so, great! If approved the rate i'd expect you to pay would be between 9% and 14%. Regards, Edwin

Posted by on

Question.

I have no monthly payments to be able to build any credit scores. I am 18 and have a full time job on a permanent contract and i need to get a new car. Will i be able to get car finance? Thanks, Amy.

Posted by Amy on

Answer.

Hi Amy, we'd struggle to get you car finance without a guarantor as you have no credit history. The good news is that you're employed however lenders can't base their decision on anything as you have no history. Please try and get a guarantor (family member, friend etc) and then apply. So you know if you're on the electoral roll at home? If so great as this helps! Just a bit of advice too - to build your credit history up get yourself a contract mobile phone and a small credit card from your bank with a small limit. You must however keep all your minimum payments up to date at all times to give yourself the best chance in the future. You don't have to spend on your credit card but it's wise to place a few small purchases on it each month and then pay it off in one go when you get your wages etc. I'd always advise setting direct debits up to so that you can pay your bills on time and never forget :-)

Posted by on

Question.

Hi there, my name is Kurt, i'm 19 and i earn around £1800 a month. I have no credit history but i am on the electoral role and tenancy agreement and i've just got myself a contract phone. I could get a guarantor but parents have got bad credit. Is there any chance id be able to get £5000 loan for a newer car? Thanks

Posted by Kurt Smith on

Answer.

Hi Kurt, as you're on the voters roll at your current address and have a good income i'm confident we can get you £4000 to £5000 to help build up your credit history. Please make an application when you're ready. If approved you can select your car from any reputable dealer or choose a car from our website :-)

Posted by on

Question.

My experian credit score is 773 and I have no defaults or late payments, and i have been on the electoral role at my present address for 11 years. I have held a full UK driving licence for over 30 years. My problem is my limited credit history due to being unemployed for a number of years, during which time I never took out any credit. I am now in permanent full-time employment earning £20k a year, and I have a car that I could trade-in, recently valued at £3,800. I was recently turned down for a Barclaycard, which is making me slightly nervous about applying for a car loan in case a) I am refused and b) it creates another search on my credit report. What are my chances of success? I would be looking for around £6k.

Posted by Suzi on

Answer.

Hi Suzi, as you have a good credit score, a stable job with a decent income and a strong residential history i see no reason whatsoever why we wouldn't be able to help get you approved for car finance. The £3800 deposit in your part ex will also help strengthen your application. Please make an application when you feel ready. Kind Regards, Edwin

Posted by on

Question.

Hi Edwin, I was refused car finance about 3 weeks ago due to a lack of credit in my previous addresses. I have some credit in my name on my current address (one upto a year now and another 8 months) and my name is on the electoral roll, both at my current address and my immediate previous address, but they said they required more whilst they ignore my "now settled" phone contract and Bank Accounts in the previous years. I don't know why, even with no defaults, CCJs or late/bad payment. Due to recent searches on my credit file I now have a credit score of 725 (Experian). I am in full time employment and have a UK driving licence. I will be making a deposit committment between 12 - 15% of the total amount. What are my chances with your company? Thanks, Sam

Posted by Sam on

Answer.

Hi Sam, thank you for your question. You seem to tick all the relevant boxes required for obtaining finance (electoral roll status, good deposit, full time employment & UK licence). Can i ask where you applied and git turned down? This will help me asses whether we can help or not. Regards, Edwin

Posted by on

Question.

Thanks Edwin for your reply. I applied with carloan4u. it was initially approved (i guess based on my score of 854 (now 725) and income) but on finding my choice of car and to finalise the finance, it was claimed that they couldn't find any credit in my name at my previous addresses, even though my name was on the electoral register in one of my previous addresses. I applied for 4K and that's what i still intend to apply for with you if my chances are high. Thanks.

Posted by Sam on

Answer.

Hi Sam, thanks for the feedback. We do have one or two more lenders on our panel that can potentially help and as you're after £4k i'm confident we can get you approved. Please apply when you get a moment. Regards, Edwin

Posted by on

Question.

Thanks Edwin. Just to confirm again before submitting my application. Carloan4U used 4 lenders who did a full search on my credit file, thereby reducing my credit score. Can you confirm this won't be a problem as your lenders may see the recent searches by those of Carloan4U (3 weeks ago)? If this is fine, i will submit my application now. Thanks.

Posted by Sam on

Answer.

Hi Sam, our lenders will see the recent searches however, this won't be an issue with the other lenders we plan to use. Please let me know your ref number when you have applied. Edwin

Posted by on

Question.

Hello, I recently moved to the UK from overseas and wanted to borrow 25,000 GBP for a car. I've been living in London for just 9 months and don't have electoral roll or credit history.

I have a bank account and clean credit history from my overseas bank (Citibank). I have an EU driving license with clean 9yr driving record. I'm 28 and make £110k per year working full-time at a large corporation.

Is there a chance I can get a loan? It seems that all providers are turning me down because I have such a short residency record in the UK.

Posted by David on

Answer.

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

Unfortunately due to your lack of time in the UK we won't be able to get you car finance. All lenders we deal with state you must have been in the UK for 3 years before obtaining a car loan.

Have you tried getting a loan from your bank? If you're planning on staying in the UK for a few years it does make sense to get on the electoral roll too as this will improve your credit history. Have a good evening. Edwin

Posted by on

Question.

Hi, I'm looking to get a new car. I'm 21 and fairly new to credit, have had a phone contract for 2 years, paid car insurance for one year and now paying for a broadband package monthly.

I have had a credit card for the past 4 months with a £300 limit on. I am a full time student and full time employed, bringing home roughly £800 a month after tax.

What are my chances of getting around £6000 using my existing car as part exchange? Thanks

Posted by Andrew on

Answer.

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

As you have a decent income, some recent clean credit and a deposit in your part exchange i'm confident we can get you accepted. £6000 may be a stretch but we'll try our best to get you the amount you need.

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, Edwin

Posted by on

Question.

Hi, I have had always had great credit and no problems getting credit cards etc when i lived at my parents address.

However, since moving out, always having a job and never missing a payment, i still have trouble getting loans etc based on my current address - perhaps because of previous tenants. Will this affect me getting car finance?

Posted by Kerry Hetherington on

Answer.

Hi Kerry, thank you for your question.

The thing that instantly springs to mind is have you changed all of your personal details on your loan / credit card agreements to your new address yet? If not this could be a reason why you are being refused. Also, are you on the electoral roll at your new address too?

As you say you have good credit, are employed and haven'r missed any payments recently i'm very confident we can help. 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.

Good day

My wife and I have recently emigrated to the UK, and both have permanent jobs totaling 56000 per year. We have a bank account and a credit card, and are on the electoral register. We have been here for nearly 6 months, and have purchased 2 cars cash. I would like to sell one of them and get a new one. What are my chances of getting finance? I can do a part exchange as well as a bit of a deposit.

Thanks

Posted by Brandon on

Answer.

Hi Brandon, thank you for your question!

Our lenders do require you to have been in the UK for more than 3 years for you to be approved for credit, however we may still be able to help if you can provide us with a guarantor. A guarantor can be anybody who has lived in the UK for 3 or more years, and has an excellent credit rating.

Please make an application when you're ready and if approved we provide a no obligation quote and you can buy a car from any dealer. Kind Regards, Edwin

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