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Car Finance Expert Q&A

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Edwin Miles. Underwriting Manager

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Should I or shouldn't i apply for car credit?

Hi Edwin, I'm 21 years old, in full time employment, bring home on average £1700 a month. My Credit score via Experian is around 460.

Is it possible there's a lender out there for me? Would it be worth adding my mother to the application? Also, do you know of any finance companies that will offer finance with that credit score? Thanks

Posted by Daniel on

Answer.

Hi Daniel, thanks for your question.

As you're in full time employment with a good income and fair credit score i'm confident we could help secure you a car finance deal. Adding your Mum as a guarantor will certainly improve our chances though.

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

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Question.

Hi Edwin, I've had a few missed payments on phones etc in the past, all up to date now. I've previously had a car out on finance but that is now settled. I think theres 2 defaults on the report at the moment. My payday loan is due to be paid off tomorrow. I am on the voters roll. My mothers rating is 607, is there any way I can get finance? Regards, Dan

Posted by Daniel on

Answer.

Hi Daniel, thank you for confirming a few things. The good news is that you're on the electoral roll but i would advise you to stay away from payday loans as it looks bad when lenders asses your credit. Did you miss any payments on your previous car finance agreement and how much are your defaults for? The missed payments on your mobile phone bill are not that important. Regards, Edwin

Posted by on

Question.

Yeah, it was a matter of urgency, but I will ask them to remove it on my report if possible. I did miss a couple of payments on my car finance agreement. The defaults are for around £300 or so? But as far as payments go, Everything is up to date and paid. Regards, Dan

Posted by Daniel on

Answer.

Thanks Daniel, we may be able to get you approved but i can't guarantee anything. Please make an application and i'll get my manager to look at it for you. Kind Regards, Edwin

Posted by on

Question.

Hi Edwin, before I make the application, you never did answer my question about the guarantor? Is it worth putting my mother on the application?

Posted by Daniel on

Answer.

Sorry Daniel, yes - as long as you have her permission please add her onto the application.

Posted by on

Question.

Sorry to be a pain, but would it be possible to do a softprint search on my credit report? So it doesn't "leave a mark" so to speak? Regards, Dan

Posted by Daniel on

Answer.

Hi Dan, unfortunately not - we'd need to do a credit search to find out whether we can help you. Have you applied at any other internet brokers? If so, what was their decision?

Posted by on

Question.

I have, only a couple though and it seems a score of "460" is too low, which is fair enough. But I wish companies wouldn't base it on the score, I have more then enough to pay for a new car each month. This would be my first time with a guarantor having a score of "607", along with my "462", should I proceed?

Posted by Daniel on

Answer.

What companies did you apply with? If i know i'll let you know whether it's worth proceeding with us. Also did you apply with your mum as a guarantor?

Posted by on

Question.

Moneybarn was one of them. I know that's one of the lenders you use. And no, I have never used a guarantor before, this would be my first time.

Posted by Daniel on

Answer.

Hi Daniel, ok - we have other bad credit lenders that could help. Again - i can't guarantee anything but we shall try our best.

Posted by on

Question.

Hello, i owe one final payment on my car but because i have been late in paying a couple of times i now have a bad credit rating. Can i get credit for a car once i have paid my last payment?

Posted by Michael on

Answer.

Hi Michael, yes - we can still get you credit even though you've missed a few payments in the past. We can even take your part exchange in as full deposit. How is the rest of your credit profile? Do you have any other loans / credit cards where you have missed payments? Regards, Edwin

Posted by on

Question.

I'm employed full time but hold a provisional licence. My partner is currently out of work but holds a full driving licence for the past 9 years. Is there a way we could get finance at all? Thanks

Posted by Ellen on

Answer.

Hi Ellen, we could get you car finance even though you just have a provisional but we only have one lender that will look at your case and their rates are quite high - how is your credit history? If your partner has a good credit history then we could apply for finance in their name and get him/her approved on better rates as the finance companies won't ask for proof of employment or income and a copy of their driving licence is all that's required to proceed. Regards, Edwin

Posted by on

Question.

Hello, I'm looking to apply for a car loan in the next couple of months. I'm 21, have been in the same job for 3 years and have ran my current accounts flawlessly. I can easily afford £200 per month and have £3,000 in my savings account, £2,000 of which is my deposit money to put down on a car. I've seen a vehicle for around £9,000 and have been tempted to apply. However, I think my previous defaults from when I had to take a set of reduced hours for a few months at work might mean i'll be declined in the credit scoring process. In theory having a £2,000 deposit to put down before hand and then 5 months worth of payments should the worst ever happen (loosing a job), should make my proposition sound good on paper. I have had no credit searches in the last 12 months and have been running 8 credit accounts which have been opened in the past 12 months without missing any payments (all are 12 month contracts, which I took out to put something positive on my credit file). Is it worth me applying ? Many thanks ! Mike.

Posted by Michael on

Answer.

Hi Mike, thanks for the detailed question. We should be able to get you approved with no issue as long as your default(s) weren't on a previous hire purchase agreement and as long as it wasn't over £5000. If this was the case please apply and i'll get Alex our manager to look at your case. The fact that you have a decent deposit certainly helps your cause. Kind Regards, Edwin

Posted by on

Question.

Hi, I have a "poor" credit rating of 699 but only due to the amount of unsecured credit I currently have. I will be repaying about 50% of the debt on the 20th of this month due to a bonus payment. I was rejected about 4 months ago for a personal contract hire, not hire purchase. I'm looking now at a car for £8500 and will put £1000 deposit in. I don't want to be declined again so debating about waiting another month or so, or just applying anyway because i didn't think hire purchase took into account unsecured lending balances! I have no defaults ever, just 1 late payment last year which was due to a direct debit mix up. Can you clarify whether finance companies offering hire purchase look at other unsecured lending when deciding? Thanks

Posted by Nige on

Answer.

Hi Nige, apologies for the delayed response. It won't make a great deal of difference to be completely honest. Where did you get declined and did they give you a reason? We should definitely be able to help you out as if you've only ever missed one payment you'd be classed as a low risk in my eyes. Car Finance / hire purchase lenders do look at unsecured credit accounts when assessing an application. How much outstanding credit do you have? Just one thing i've thought of that may be causing an issue - are you on the electoral roll? Kind Regards, Edwin

Posted by on

Question.

Hi, My credit score on experian is currently 801 i also have a few defaults form a few years ago. Is it possible to get car finance with yourselves? Should i apply?

Posted by Danielle on

Answer.

Hi Danielle, your experian credit rating isn't far off good to be honest so i would definitely apply as i'm confident we can help. We do have lenders who take people on who have had past defaults so make an application when you have a few spare moments. Kind Regards, Edwin

Posted by on

Question.

Hi Edwin, I've got 11 defaults on my credit file, am on the electoral roll and presently earn £45k. I've started making payments on my defaults.

I have a deposit of £5000 and would like to find out if I can apply for car finance of £16000. Steven

Posted by Steven Bankole on

Answer.

Hi Steven, thank you for your question.

As you have a large deposit and a good income there is a slight possibility we'll be able to get you car finance. The fact that you have started paying off your defaults is also good news.

Would you be able to add anyone else onto the application (family member perhaps) to improve our chances? Either way 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

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