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Car Finance Expert Q&A

Hi, I'm Edwin and I'm here to help you!
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Edwin Miles. Underwriting Manager

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Do you have a question about Carfinance247 or its services? If so, please complete the form below for a response within 1 working hours. I have over 7 years experience working for Carfinance247 and have the responsibility to answer all questions asked.

I'm 18 and need car finance without a guarantor. I also have bad credit.

Hello, i'm 18 and looking into getting car finance.

I have a pretty terrible credit rating and haven't got anyone as a guarantor. Sounds bad i know, but is there any way around this do you think? Many thanks, Jessica.

Posted by Jessica Dierden on

Answer.

Hi Jessica, thanks for using our Q&A.

There is a small chance we can get you accepted for car finance as long as you're employed, have a full UK licence, have a small deposit (cash or part exchange) and are on the electoral roll at your current address.

I'd be more confident if you had a guarantor who had better credit to apply alongside you but this isn't possible i know. We do however, have lenders that help people with poor credit so please make an application and once approved we provide a no obligation quote and you can buy a car from any dealer in the UK. Kind Regards, Edwin

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Question.

Hi, I'm 22 years old and have bad credit, mostly because I've only been on the electoral role at my current address for 3 months and I have 2 missed payments in the last year. There has also been 7 credit searches in the last 6 months in my name (as happens when you move home and get new energy suppliers etc...) Do you think there is a way of me getting finance without a guarantor? Kind Regards, Sam.

Posted by Sam on

Answer.

Hi Sam, thanks for using our Q&A. From what you have said we should be able to help you out. The good news is that you're now on the electoral roll as this is very important. Are you employed and do you have a full UK driving licence? You mention you have missed 2 payments - what was this on? A credit card, personal loan or something else? Do you have any other bad credit at any previous addresses as this will come up on your credit search? If not, then that's obviously better news. Lastly, do you have a deposit and how much do you need to borrow? Regards, Edwin

Posted by on

Question.

Hello, i'm 20 and i have bad credit due to a couple late payments with a mobile phone contract. However, i am employed but i'm unable to get a loan anywhere. My father who has perfect credit said he would get me a car via finance however, by him doing this will this put him at risk later if he wants to apply for a loan himself? I will be able to pay him four months in advance every four months. Will him taking finance straight from the dealership give him difficulty to get a loan out later? Thanks

Posted by Sam on

Answer.

Hi Sam, do you have any other form of credit other than your mobile phone contract? If so, have all the payments been made on time? If not it would be best if your father could get the car finance for you as he'll get a better interest rate as you say he has excellent credit. The fact that you are employed doesn't mean you should be able to get a loan. It just helps as you have a regular income but our lenders look at numerous things when assessing whether someone should be approved for credit or not. Also the fact that your father is taking the loan out for you will only strengthen his credit profile as he's displaying to finance companies that he can pay all his bills on time and without any problems so it won't effect your father in the future. You just have to make sure you continue paying your father back on time but that's to do with you and him. What car have you seen and how much is it? Also, what is your monthly budget? Kind Regards, Edwin

Posted by on

Question.

Thanks. I have been offered an Audi A1 1.4 sport for £270 a month with a low deposit through Audi.

Posted by Sam on

Answer.

Thanks Sam, is that for a brand new car?

Posted by on

Question.

Yes, i spent weeks trying to deal with many dealerships and found this one up north. Straight from the factory. Do you think it's a good deal? PCP at £270 a month. £300 deposit and finance over four years including 3 years breakdown, warranty & servicing. Also interior and exterior protection!

Posted by Sam on

Answer.

Hi Sam, it's a cracking deal but if i were you i'd leave the paint protection (you can get it done for a fraction of the price by an independent garage) which will cut down your payments even further. As we supply the car and the finance we won't be able to help but if the deal doesn't go ahead for any reason come to use and we'll be able to get you into a nearly new A1 with a few thousand miles maximum on which will also be cheaper. Regards, Edwin

Posted by on

Question.

Do you have a number so i can call to get a quote for an audi a1 in my own name? As i would rather have finance in my own name than my fathers. Thanks

Posted by Sam on

Answer.

Hi Sam, please call Nick Gleave on 0800 019 7180 at 1:30PM.

Posted by on

Question.

Hi Edwin, I'm 24, and have a full time job earning £1300 per month. My credit however is bad, as I am owing money to 4/5 lendors (2 of which are bankoverdrafts). The debts have been there for a couple of years - poor money management on my behalf, but I'm clearing up my act now. I'm moving to a new job which will raise my income to £1800, but will need a car - with a guarantor with GOOD credit, will they overlook my current poor credit file? FYI the car will be about £14,000 and I have a deposit of about £300

Posted by Abbey on

Question.

Hi Edwin, Sorry i forgot to mention in my last comment, my aim is to pay off the money as soon as possible, so for example, if I were to take finance for 5 years, but pay it within 1 year, would I get charged for early repayment?

Posted by Abbey on

Answer.

Hi Abbey, £14,000 will not be possible as you have poor credit and only a £300 deposit. Even with a guarantor with good credit it still won't be possible unfortunately. You mention 2 bank overdrafts that you're paying off - what are the other loan/credit accounts? Are they in default and if so, how much is outstanding? If you could get a £1500 deposit there is one lender i have in mind which may be able to help. Kind Regards, Edwin

Posted by on

Question.

Hi, i'm 21 and have a permanent job and i'm trying to get finance but need a guarantor. The only problem is my parents won't do it, is there anyone or anything else I could do?

Posted by Jason on

Answer.

Hi Jason, as you're 21 and in employment who has told you that you need a guarantor? How is your credit history? If you have good credit we should be able to get you approved without a guarantor. If you have bad credit you could ask a friend or partner to act as a guarantor though. Kind Regards, Edwin

Posted by on

Question.

Well I'm not sure but the only direct debts I have is my car insurance and phone contrat which are both monthly?

Posted by Jason on

Answer.

Hi Jason, as long as your mobile phone bill is paid on time each month and you are on the electoral roll then we should get you approved. Please apply and i'll take a look at your application. Kind Regards, Edwin

Posted by on

Question.

I have just tried to apply for finance but it says I need a guarantor. This will not be possible, is there any way around this.

Posted by Johnh on

Answer.

Hi John, for now just input your details twice. Sorry about that.

Posted by on

Question.

Hi, I am 21 and in full time employment. I do not have a credit history because I have never had anything on credit before. I have just tried to get a £5,500 car on finance with a £400 deposit from a local dealership over 5 years and have been told that the finance company are asking for a guarantor. Unfortunately, I don't have anyone that could do this for me so I'm kind of stuck. Do I have any other options?

Posted by Rebecca on

Answer.

Hi Rebecca, yes - please apply with us as we have lenders who help people who have little or no credit history. With a 10% deposit as you have we should be able to get you a car organised. Are you on the electoral roll and can you prove your income if required with payslips etc? Regards, Edwin

Posted by on

Question.

Hello, I'm looking for a £3000 loan to buy a car. I'm 19 and have a poor credit history due to a mobile phone contract although I now pay that through direct debit each month. I earn around £1300 a month so do you think it's possible to get a car loan? I have a deposit of about £400.

Posted by Kerri on

Answer.

Hi Kerrie, there is a chance we could help you if the only bad credit you have is from your mobile phone contract. Are you on the electoral roll and do you have any other form of clean credit? The good news is you have a deposit and have a decent monthly income so this gives us hope. I look forward to hearing from you :-)

Posted by on

Question.

Hi, i'm 18 and want £10,500 for a car loan. I earn around £1150 a month and would like finance over 5 years. I have a Renault Clio with 70k miles on clock i could part exchange for a deposit. I have no late payments, a contract phone and a credit card with a £200 limit. Could i get finance? I have already applied. Thanks, Jason

Posted by Jason on

Question.

Also i forgot to add that i'm on the electoral roll and have had a Full UK license for 7 months and can use my mum as a gurantor but she's not a home-owner.

Posted by Jason on

Answer.

Hi Jason, thank you for your question. You certainly tick all the correct boxes when coming to getting accepted for car finance. The only issue i can foresee if we get you approved is getting you £10,500. This is a large amount for an 18 year old and seeing as you only have a credit card with a £200 limit i'm sure you can see that this is a big risk from a lenders point of view. The good news though is that you have a part ex as a deposit. Is there any finance outstanding on this vehicle and if not have you had any trade valuations? I'm sure we can get you approved but £5000 - £6000 may be more realistic. Regards, Edwin

Posted by on

Question.

My car has no finance on it and it's a 1999 T Reg Renault Clio 1.4. I've never had a trade valuation although i could get a deposit of around £1500 together. To be honest the car is £8995 but i wanted the extra for my car insurance as it's high at my age.

Posted by Jason on

Question.

Also if my mum was a gurantor she has limits for £10k-13k on various credit cards?

Posted by Jason on

Answer.

Hi Jason, the £1500 deposit would be superb as i don't think we'd be able to give you much for your Clio. Possibly £500 to £750 depending upon condition etc. We would also only be able to lend you the money for the car as we can't finance car insurance. Please apply with your Mum as a guarantor. Kind Regards, Edwin

Posted by on

Question.

OK thanks. I've already applied last night - how does it work? Do you give me the money then i buy the car?

Posted by Jason on

Answer.

Hi Jason, it's not a personal loan so you don't get the funds in your account. Here at CarFinance247 we supply the car and the finance so if we can help you let us know what car you want and as long as you can afford the monthly payments we'll source the vehicle for you. As we've been established for over 12 years we have very close ties with most manufacturers and can source any car. Regards, Edwin

Posted by on

Question.

Ah right, so if I applied for £8995 and the car i want is at Eden Vauxhall in Exeter (15 miles from where i live) and had £900 deposit with my mum as guarantor would i get accepted and what apr?

Posted by Jason on

Answer.

Hi Jason, you got it. I can't guarantee an acceptance but the rate you'll pay will be between 10% and 15%. Regards, Edwin

Posted by on

Question.

I'm 19 and have a bad credit rating due to owing money to a bank of £650. I'm now repaying this money and looking at financing a car next month. I have a mobile contract which has mostly been paid on time. I do not know anyone who is a homeowner to be a guarantor! Can you offer any help?

Posted by Samantha on

Answer.

Hi Samantha, we'd perhaps struggle to get you approved on your own however if you could get a guarantor with a decent credit history that would improve your chances greatly. The guarantor doesn't have to be a homeowner :-)

Posted by on

Question.

I'm 20 and have a fair credit rating according to experian, but I'm still finding it dificult to obtain loans. I have a £500 credit card which gets paid off completely regardless of how much is on it, on time, every month. I have a phone bill that is paid every month and car insurance. All these are direct debits, but I've just been unsuccessful in getting a £4000 personal loan from Sainsbury's. I'm an engineering apprentice & earning £11,054 P/A. Looking for £4000 for a BMW Z4, can you offer any help?

Posted by Aiden on

Question.

Hi, I am a 21 year old student, however I am also employed and earn around 600-700 a month. I have 3 phone contracts in my name currently and have always made my payments on time apart from once or twice which were paid about a day late. I also have an account with an online clothing store which currently allow me to spend £1250 of which I have spent around £600. I have also made all payments for that account on time. However, I have an interest free student overdraft of which I have always been in, but never been over, not sure if that affects my credit rating. Finally I am also on the electoral roll. Will I be able to get a little hatchback on credit to get me to work on the weekends and uni during the week? Must be something that would be cheap to insure too. Thanks for your time

Posted by Daniel on

Answer.

Hi Daniel, as you're 21, employed & on the electoral roll we have a good chance of getting you approved. You also seem to have a few current credit accounts which is good to see as lenders will have some information to base their decision on. If approved getting you a small hatchback wouldn't be an issue. Apologies for the delayed response too :-)

Posted by on

Answer.

Hi Aiden, i'm sorry for the delay in responding to your question. Sainsbury's can be very fussy when it comes to approving individuals for loans and they only take on the very best candidates in the UK. However, from what you have said we should be able to get you approved for the £4000 that you need. I take it you have a full UK driving licence? Also, do you have a deposit? Regards, Edwin

Posted by on

Question.

Hi, I have a credit score of 727. I'm 23 years old and I am on the electoral role and have been for 6 years. I'm looking to get a car on finance but i'm not sure about how much the car is going to cost and how much i would need. I'm just wondering if i stand any chance with a "fair" credit score. Thanks

Posted by Scott Killaway on

Answer.

Hi Scott, with a credit score of 727 i'd be extremely confident of getting you approved for finance. That coupled with the fact that you've been at the same address for 6 years and been on the electoral roll will help too. Are you in employment and do you have a full UK licence? If so, please apply and we'll hopefully be in touch with an approval very shortly. Kind Regards, Edwin

Posted by on

Question.

I have a credit score of 628 and have defaults from 5 years ago. I have however got 2 small credit cards and 2 catalogue accounts. Can I get car finance for £10000 without a guarantor.

Posted by Lee Belcher on

Answer.

Hi Lee, thank you for your question. We could potentially get you the £10,000 that you need as your credit score seems average however you would need a £1500 to £2000 deposit. Is this possible? Regards, Edwin

Posted by on

Question.

Hi Edwin. I'm 19 and in full time employment. I earn about £1500 a month. My credit score is 999 and i have no overdraft/credit cards/finance. I'm looking to borrow about £14000 with a £1k deposit will i get accepted?

Posted by Jack on

Answer.

Hi Jack, i'd imagine we could get you accepted but to be honest you won't get anywhere near £14,000 due to your age and lack of credit history unfortunately. You have a good income and deposit but the most i think we'd be able to get you on your own is £5000. You could get more if you had a guarantor (family member or friend). Is this possible? Edwin

Posted by on

Question.

Okay, I thought that may be the case. Would I get the full amount with a guarantor? If I put a greater deposit in would that help?

Posted by Jack on

Answer.

Hi Jack, you'd need a £2000 deposit and there is a chance we could get you approved for the remaining £12,000 if you had a guarantor who has good credit. Regards, Edwin

Posted by on

Question.

Well the deposit is no problem. Would I be looking at a very high rate? Would I have more chance with a personal loan?

Posted by Jack on

Answer.

Hi Jack, good news. The rate you'd get would be a good one (9% to 12%) as long as your guarantor has a good credit history. It's highly unlikely you'd get a personal loan for the amount you need but you could try. Edwin

Posted by on

Question.

Hi Edwin. I'm 20, and have a full time job earning £1600 per month. I have a deposit of £2000. But would want to buy a car around £7000. I have really bad credit and currently paying 2 mobile contracts and and 1 credit card altogether under £1000. Do you think I will get accepted. Thanks

Posted by Siany on

Answer.

Hi Siany, we have a chance as you have a good wage and a large deposit. You also seem to have some current credit in your mobile phones and credit card. Are these up to date payment wise? Lastly are you on the electoral roll? If so, please apply and we'll try our best to secure you car finance. Edwin

Posted by on

Question.

Hi Edwin, I'm 20 and have been in full time employment for 4 years earning around £2200 a month after tax. I have a £500 deposit plus a p/x which I think I will get around £1200 for. I have a contract phone car insurance and account with catalogue all of which are paid on time every month. Would I be able to get £5500 for a car on finance. Cheers.

Posted by Reiss on

Answer.

Hi Reiss, as long as you can prove your income with payslips or bank stats and you're on the electoral roll we should be able to get you approved for £5500 with no issues. Have you applied anywhere else online yet? Regards, Edwin

Posted by on

Question.

Yeah - I have pay slips from at least the last year and half. I'm not sure if I'm on the electoral roll. Also the car I want is a ford fiesta Zetec s which you don't have in stock. Cheers

Posted by Reiss on

Answer.

Hi Reiss, we could get you a few Fiesta Zetec options don't worry. Good news on the payslips but electoral roll history is important. Do you live at home with your parents? Edwin

Posted by on

Question.

I don't think I'm on the electoral roll as I've Moved house a few times. Do you have to be on that to get finance then.

Posted by Reiss on

Answer.

Hi Reiss, it's a huge factor. Which address is your current credit registered in? We can try and get you finance but without traceability lenders can decline applications on that basis. That's not to say it's a complete dead end though. Can you add a joint application (family member) on to the application? Kind Regards, Edwin

Posted by on

Question.

The address I'm at now is where my car insurance phone bill and catalogue account are registered to and have being for about 2 years now. And I dont think I would be able to get a guarantor. I applied for finance before about 18 months ago and they said I could get £4500-£5000 and that was when I first started with my phone contract so maybe i would be ok? Cheers for the help.

Posted by Reiss on

Answer.

Ok - we may still be in with a chance so make an application on our site when you get 5 mins. Edwin

Posted by on

Question.

Hi Edwin, I'm 20 years old and I have 2 mobile contracts in my name and bearing in mind I have really bad credit but I earn £1000 a month and I have £1500 for a deposit do you think I'd be able to get anything? And if so roughly how much? Lastly, would I need a guarantor? Thanks

Posted by Shani on

Answer.

Hi Shani, due to your age and credit history i'd advise to apply with a guarantor. If approved we could get you £4000 to £5000 as you have a large deposit.

Posted by on

Question.

Hi, I am 18 and have a good Job and a good wage but nowhere will let me buy a brand New car on finance even with my Mum as guarantor which I don't understand as it states you can buy a car on finance at 18? I have no bad credit - can you help?

Posted by Louise on

Answer.

Hi Louise, thank you for your question. We may be able to help if you are on the electoral roll, currently have some form of active credit and you have a deposit. Is this the case? Edwin

Posted by on

Question.

Hi Edwin, I'm 18 and have my heart set on a Seat Ibiza on finance. Sorted out a deal with Seat, but I don't have any credit history, but no bad credit, yet I failed the credit check. I can't use my parents as guarantors, do guarantors have to be in a working job? Anyway, I have just started my own phone bill in my name, and have a full time job earning £1000 a month. Is there any way I can get a finance deal? Thanks

Posted by George on

Answer.

Hi George, if you're on the electoral roll at your current address there is a chance we can get you approved for car finance even though your just 18. However, the maximum we'd be able to get you is approximately £4000 to £5000. Regards, Edwin

Posted by on

Question.

Thanks Edwin, I for some reason wasn't on the electoral roll, but have sent off a form for me to be added, but I'm sure the letter said I won't be added until the 1st of December. If I were to apply with a guarantor do they have to be in a full time working job? Thanks, George

Posted by George on

Question.

Hello, I'm Arjun, i want to get a loan for £6500 and i have a mobile contract in my name but i have missed a few payments. I have also got a gym contract and i've paid that every month on the right date. I am willing to put down £100 for deposit. Will i be approved to get finance?

Posted by Arjun on

Answer.

Hi George, i'm glad you've registered to be on the electoral roll. Are you going to apply after December 1st or before? Your guarantor doesn't have to be in full time employment but it would help if they had good credit. Regards, Edwin

Posted by on

Answer.

Hi Arjun, due to your lack of credit history it may be an issue to get you approved but we'll certainly try - are you on the electoral register at your current address? If so, please make an application and we'll go from there. Kind Regards, Edwin

Posted by on

Question.

Thanks Edwin, I was hoping beforehand, because the quicker the better! Obviously, if I cant get finance before, then I would have to apply after. Thanks for the information about the guarantor. George

Posted by George on

Answer.

Hi George, it's up to you. You can apply now and if declined you can always try in the New Year when you'll be on the electoral register. Let me know your reference number if you do decide to apply. Kind Regards, Edwin

Posted by on

Question.

Hi, i'm 18 years old and have been working full time for 7 months now bringing in around £1500 a month. I have got an ipad on contract which i have been paying off on time for the past 3 months and have no bad credit history. I only have a debit card and a savings account which I am taking money out of everyone month to save for my car, will I be able to finance a car?

Posted by Aimee on

Answer.

Hi Aimee, there is a chance we can get you £4000 approx as you have a good income and have some clean credit history. Are you on the electoral roll and do you have a deposit?

Posted by on

Question.

I would like to apply for finance on a car but cannot get a guarantor. I am in full time employment and have a deposit and take home at least £1200 a month. What are my chances of getting a car loan of up to £3000 over 12 \ 24 months?

Posted by Sam on

Answer.

Hi Sam, as you have a good income and only require £3000 i'm confident we can help. Please apply when you get a few minutes and we'll have a decision within 1 working hour :-)

Posted by on

Question.

I'm 18 and I have about £700 coming every month from work + £400 bursary from college (full-time student) i was looking at a deal where i put £100 deposit and have monthly payments of £300-£350 for 3 years.? thanks

Posted by Thomas on

Answer.

Hi Thomas, do you have any current active clean credit and are you on the electoral roll at your current address? Regards, Edwin

Posted by on

Question.

Hi I'm 20, I run my own company and have been in business for about 4 months now, I'm earning around £4000 profit a month and I'm looking to get an Audi a3. I need to loan around £10,000 to purchase an £18k car but I'm not sure if i would get approved as i don't have alot of credit history. I have my old Audi a3 to trade in worth around £7-8k so i have that as a deposit.

Posted by Daniel on

Answer.

Hi Daniel, we'll certainly try but £10,000 is a big ask given your age. However, if you can prove your income with bank statements or payslips we may have a chance. What current form of active credit do you have? Also are you on the electoral roll at your current address? Regards, Edwin

Posted by on

Question.

Hi, i have been quoted a really good deal but the finance company will only approve the deal if i get a guarantor to sign - however my dad says, if all things went sour he just wouldn't be able to afford it. I think my credit rating is pretty poor, but this is down to a few missed gym memberships and phone contracts, maybe going over my overdraft limit once or twice whilst i was unemployed. Is there any way around this?

Posted by Jon on

Answer.

Hi Jon, how much finance are you looking for? We may be able to get you approved and passed without a guarantor. Edwin

Posted by on

Question.

Hi Edwin, I'm after a total of £14500. My credit score is 809 according to Experian if that helps at all. Cheers!

Posted by Jon on

Answer.

Hi Jon, sorry for the late reply. Do you have a deposit to place into the deal? £14,500 is achievable as long as you can show affordability.

Posted by on

Question.

No worries Edwin. I have a £1000 deposit as-well as my 55 reg 1.2 Clio to part exchange.

Posted by Jon on

Answer.

Great - please apply when you get 2 minutes and add your part ex value to the deposit amount on the application form. Hopefully we can get the deal underway tomorrow AM. Edwin

Posted by on

Question.

Hi, I'm 27 and have just got my license back (i was revoked for a few year due to medical issues) - Now i have the licence back i would like to get a modern car on finance - to the sum of around £8000. I don't have a good credit history and credit score so I know that I will not be able to get the finance approved - however my partner has very good credit - she was on the electoral roll for 9 years at her previous address and has recently moved in august this year so electoral won't be updated as of yet for the current property. We are also both in full time employment, I earn between £290 to £430 a week depending on the shift pattern I have, I have 22 weeks of payslips since starting with this employer and my partner is full time employed and earns around £1400 a month. Do you think I would be able to get the finance?

Posted by Daniel on

Answer.

Hi Daniel, please make a joint application with your partner and we'll hopefully be able to get the finance approved in your name with your partner as a co-hirer. You both have good incomes which is great and as your partner has a good credit score there should be no reason as to why we shouldn't be able to help. Please make an application when you're ready :-)

Posted by on

Question.

hi i have quite bad credit but i do have a mortgage that is up to date my wage is about 1200 a month would i get accepted

Posted by Karen on

Answer.

Hi Karen, It is hard to say without having a closer look at your credit profile, however a mortgage is one of the strongest pieces of credit you can take out and it will definitely increase your chances of an approval if you are keepin the payments up to date. It will also help if you are employed full time and registered on the electoral roll. I'd advise that you put an application through so we can see how we can help you. cheers, Edwin

Posted by on

Question.

Hi i'm 18 and hoping to get a car on finance, the reason for this being i put most of my money into a car i bought and its now not working. i have a full time job but no credit rating just wondered how i go about this. Thanks

Posted by Elli on

Answer.

Hi Elli, Ok due to your age and not having any credit you may struggle to obtain finance as you are classed as high risk to lenders. Those who will lend to 18-21 year olds will require that you are registered on the electoral roll and have some form of credit. This can be anything from an overdraft on a bank account or a mobile phone contract. You would also need to ensure that your payments are being kept up to date. If you are able to do this then we could look at placing you with one of our lenders one you have a bit of credit running. Alternatively you could see if you have a family member who would be willing to take out the finance for you. However they would be 100% liable for the vehicle. I hope this helps. Edwin :)

Posted by on

Question.

Hi, im 18 with little credit history, i only have a contract phone and santander card. i'm looking to finance a car but have no guarentor but can put a deposit down. can you help?

Posted by Julie on

Answer.

Hi Julie, i'd imagine we could get you accepted however due to your age and lack of credit history you would be looking at around no more than £5k. Are you registered on the electoral roll as this will definitely help? Additionally the credit that you have would need to be kept up to date. I hope this helps, Kind regards, Edwin

Posted by on

Question.

hi, im 20 years old with poor credit. i have many recent searches on my credit report due to trying to get finance and i have been refused for loans for £7000+, i have no guarantor due to my parents being declared bankrupt a few years ago. right now im looking for a loan of about £2000 and i have £1500-£2500 myself, is there any way this would be possible? i currently only earn £700 a month in an apprenticeship but i do have a phone contract in my name and a credit card with a limit of £250 and i am also on the electoral roll! thanks

Posted by Patrick on

Answer.

Hi Patrick, Unfortuantely we would not be able to help you at the moment. The lenders we work with who will finance customers under the age of 21 require you to have very good credit which is being kept up to date. You may wish to wait until you are 21 when we should be able to help. If your parents bankruptcy was discharged over 12 months ago we may be able to get them vehicle finance for you. However they would be solely liable for the vehicle and would be paying much higher interest rates . Kind regards, Edwin

Posted by on

Question.

Hi i am 21 and looking into getting a car on finance but i got declined today. i am full time employed earn 23 thousand a year and have good credit history but i am not on the electroal roll. will this be the reason behind it? Thanks

Posted by Stevie on

Answer.

Hi Stevie, Were you declined by us? If you havn't then I would advise you put an application through as we should be able to help. If you were declined by us then it could be partly to do with the fact that you are not registered on the electoral roll and possibly due to your age as you are seen as a higher risk to our lenders. I would advise that you contact your local council and get yourself registered. I hope this helps. Edwin

Posted by on

Question.

Hi Edwin, My daughter is 18 and looking to buy a new car. She has a fair credit score of 750 she has a full time job earning 14k per year. She has a bank account and is on electoral roll she has 1 credit card which she has just got to try to build credit history and has lived at this address for the last year and previous to that the same address since birth she lives with me so has no bills to pay so has a good dispisable income, would she be able to get car finance? Thanks Sue

Posted by Sue on

Answer.

Hi Sue we should be able to help your daughter as long as any credit she has, has been kept up to date. However due to her age and weak credit profile we would only be able to secure her an approval of circa £5k. It may help if you put yourself on the application. I hope this helps

Posted by on

Question.

Hi Edwin, I tried arnold clark and got declined, should i try else where? Im only 18 earn a good wage for my age. I have checked my experian credit score and it is currently sitting at fair.

Posted by Grant on

Answer.

Hi Grant, Thank you for using our Q&A. Most main dealers such as Arnold clark use mainly prime dealers who require you to have perfect credit including comparable credit such as large advance credit cards, a mortgage or previous HP agreement. Thus they probably declined you due to your age and your weak credit profile. However don't worry as here at CF247 we deal with a broad range of lenders who will finance customers in your situation. It will help if you are keeping up to date on any active accounts and if you are registered on the electoral roll. However due to your age and credit it is likely that we wouldn't be able to secure you an approval of more than £5k. I hope this helps.

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Posted by Sarah on

Question.

Hi, after carrying out research online, it looks like car finance will be ideal for me, considering I want to pay off my 1st year insurance upfront (£1500), leaving me short on funds to buy the car.

My credit is poor i presume. I have 2 defaults, 1 from student credit card, the other from Littewoods account. I also have debts from Argos around £280 which I have received a CCJ on. I got in this mess through silliness and now I am in agreement with all these lends and making payments on them to sort things out. I am on the electoral register to vote and have 2 mobile phone contracts which are always paid. I have been with these phone companies for over 5 years.

I want a fairly used Audi A3 or a VW Golf costings between £3 - £5K. I have started my job over a month ago, taking in around £800 a month. I'm 24, have a full UK licence and I have a monthly budget of £110 - £150 towards the car over 36 months.

Also, I could get a guarantor who has a good credit history should it help. What are my chances?

Posted by Kobi on

Answer.

Hi Kobi, thank you for your in-depth question.

Firstly, adding a guarantor with a good credit history to your application will improve your chances of being approved but this isn't mandatory. Next, as you have a decent monthly income, are on the electoral roll and due to the fact that we have lenders who help people with past credit problems i'm confident we can get you accepted for circa £4000 - £5000.

Please make an application and once approved we provide a no obligation quote and you can buy a car from any dealer in the UK. Kind Regards, Edwin

Posted by on

Question.

Hi, my partner is a self employed carpenter. He has a fair/good credit rating and he is hoping to get a van on finance however doesn't have a guarantor that is a home owner. He is able to pay a deposit of up to £1000, he has proof of earnings but they aren't always at the same time each month, this has been a problem for one company.

I am happy to apply with him (I do not drive) and my wage is paid at the same date every month. Between us we take home £2800 a month and could afford to pay back £400 per month in repayments. Based on all of this do you think you could find us a van?

Posted by Jodie Borley on

Answer.

Hi Jodie, thank you for your question.

We can indeed help self employed individuals get van finance and as your partner has a fair/good credit history and a large deposit i'm confident we can help. The fact that you're willing to act as a guarantor is great news too. This enables us to take your income into account also. There's no guarantee we can help but i am very confident. What was the other company you had trouble with?

Please make a joint 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,
Im looking to get a car i have good credit and money up front deposit of 1000 to pay however i don't want a guarantor.

Posted by Emmanuel on

Answer.

Hi Emmanuel, thank you for your question.

With good credit, and a deposit, there is a good chance you will not need a guarantor anyway, so we may well be able to help you without one!

Please make an application when you're ready 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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