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Edwin Miles. Underwriting Manager

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Offered a car loan with a huge APR! Are there other options?

Hi, my husband and I have been car hunting.

We found a car & put down a £100 deposit to secure the car. We arranged a trade in for ours which they took off the price of the car. This left us with a balance of £4000.

My husband applied for the finance but has been refused apart from one company with a massive APR. Would we be eligible for a car loan without a massive APR? Thanks

Posted by Michelle on

Answer.

Hi Michelle, thank you for your question.

Without seeing your husbands credit file i don't know whether we'll be able to beat what you have been offered already. What is the rate you have been offered and what company has offered you the deal?

We do have access to may bad credit lenders who all offer different rates of interest. It really all depends upon how high a risk they see you.

Would it be better if you applied for finance or is this not an option? If approved the £4000 won't be a problem. Have you also considered making a joint application as this can sometimes improve your chances of getting a better deal? 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, my husband any myself have recently entered into a DMP as my husband was made redundant and I was on maternity leave. As a result we have ended up with 5 defaults on our file.

We now both have full time permanent posts bring in a joint income of around £3000 a month. I know that car finance would be almost impossible with this but we're hoping to have a £14,000 loan with a £9000 deposit. Do you think this may be possible? Thanks in advance!

Posted by Amy on

Answer.

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

As you say, getting you both approved won't be easy but we have many specialist lenders that help people with past credit problems.

Also, as you have a large deposit, a good income and as you both have full time jobs this will go in your favour.

Please make a joint 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.

Hello Edwin, I'm interested in getting finance but I have bad credit. I'm trying to increase my score at the moment but want to apply for finance so I can get a van for work. Do credit checks lower your credit score? I have been refused elsewhere so just worried about applying for finance again. Thanks, Shaun

Posted by Shaun davenport on

Answer.

Hi Shuan,

Because we are a finance broker we work with a panel of lenders in order to get you the best acceptance for whatever your credit circumstances are. We have various lenders that specialise in providing finance for customers who may have experienced credit difficulties such as; defaults, late payments and CCJs. We conduct a soft credit search to ensure your application is sent to the most suitable lender.

When you apply, it will leave a footprint but don't worry, as we work with a large panel of lenders, we are often able to help customers that have been refused elsewhere with finance, so we may well be able to help you.

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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Posted by TONY DYMOND on

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