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Car Finance Expert Q&A

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Edwin Miles. Underwriting Manager

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Car Finance with Average / Fair Credit Rating

Hi, i'm looking into getting car finance and i have an average credit score of 749. I have a few red marks on a mobile phone account, which should not be on there, and also i have a default on some finance i had on a motorbike that got stolen 2006.

I'll have about £500 deposit and also a guarantor. My wife and i earn approx £100k between us, do you you think i could get accepted? We have just finished paying a car finance agreement off with no missed payments. The price of car i'm looking at is £13k. Graham

Posted by Graham Owen on


Hi Graham, thank you for your question and apologies for the delay in responding.

Your credit score of 749 is a little bit better than average if i'm honest and i am confident that we can get you approved for the £13,000 you require. If possible would you be able to up your deposit by £500 to £1000?

This would certainly give yourself a better chance of being approved. As you have a guarantor and earn very good money we will have a lender on our panel to get you approved however the rate you receive may well be higher than those seen on the high street. Lenders also look for clean hire purchase agreements so the fact you've just finished an agreement with no missed payments is excellent news.

Please apply and we'll underwrite your application asap. Once accepted 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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Hello, I have a fair experian score of 705. I have a £40,000 a year job and i moved house this week. I have a mortgage in my name but my ex wife pays it even though shes six months behind. I have no ccj's but i am imdenified against the mortgage. as they won't release me. Could i get a loan for 5 to £6000 if i have £1000 deposit and part exchange?

Posted by Tom on


Hi, I have just stumbled upon your website and wanted to find out if my circumstances would be acceptable for financing. I am a full time employed individual and I have an Experion Credit score of 644 due to one default from two years ago of £59.00 with T Mobile. I was not aware of this as I closed my account and moved house. I have only recently just seen this default and paid it off. I have no outstanding loans or debts but have two credit cards which I have obtained in the last 6 months and I only use these as a means of credit score building by making very small purchases and paying off balances within a few weeks. I have had a car on finance (with Welcome Finance) and this was paid up early 2011. I am also now on the electoral roll, but because I have moved house a few times in the last 5 years as a private tenant, I feel this may reflect badly on my credit score. I would like to borrow upto £6000 and can put forward a part exchange or £1000. I would appreciate a view on my prospects as | don't want to further damage my credit score but a large number of negative searches by lenders. Thanks

Posted by Amycee on


Hi Tom, we may be able to help as long as the rest of your credit, other than you mortgage obviously, is up to date. The fact that you have a £1000 deposit is fantastic. If approved £5000 to £6000 won't be a problem. Are you trying to transfer the mortgage into your ex wife's name? Is that where the problem has arisen from? Regards, Edwin

Posted by on


Hi Amycee, as the default you had was for only £59 which has since been cleared and the fact that the rest of your current credit is clean I'm confident that we can get you approved for £6000. Regarding your credit history please just ignore any previous addresses where you have lived and never applied for credit whilst at those addresses. Hope that makes sense :-)

Posted by on


I have an Experain credit score of 705 with no late payments and would require a loan for £6000 for a car. Is this feasible? My score dropped recently due to a number of credit searches. Thanks

Posted by Mandi English on


Hi Mandi,

As you have a fair credit score and no recently missed payments i'm confident we can get you approved for the £6000 that you need as long as you are employed.

If this is the case please make an application here. Kind Regards, Edwin

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Posted by Brian Harrod on

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