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Car Finance Expert Q&A

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Edwin Miles. Underwriting Manager

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Can i get car finance with missed payments?

Hi Edwin, I have been trying to get finance for a car but, as i have only been in my job for 6 months and was unemployed for 18 months prior to that i don't seem to be able to get any.

I am taking home between £900 - £950 a month. My wife gets about £1100 a month in child tax credits and about £360 a month disability allowance for our daughter. We are homeowners and our property is worth about £125,000 with a mortgage of £78,000 outstanding.
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Due to my unemployment for 18 months we have gone from a clean credit history to a few late payments etc. Our mortgage is all up to date but due to the problems before i started back at work we can't borrow on the house for at least 6 months with our lender. The car i own is now uneconomical to repair and i need a vehicle to get to work as i work nights and it is a 25 mile round trip. Do you think we have the finances to get finance?

Posted by Rob on

Answer.

Hi Rob, we'll certainly try our best to help you out and apologies for the late reply. How much finance do you need and do you have a part exchange or a cash deposit? You mention your current car - what is it worth approximately and is there any outstanding finance?

If you could let me know i'll be able to give you a clearer indication on whether we'll be able to help you or not. We do have lenders who help people who have had missed payments in the past so i am reasonably confident that we can help. There's obviously no guarantee at this stage but we do have a large panel of lenders whereby we'll search the market for the most appropriate deal.

Please make an application when you've done your research 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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Question.

I currently have car finance which I have never missed or made any late payments. I will be paying that off but I am looking to get finance on a another car but have made 2 late payments on other credit in the last 3 months. I want to know if this will stop me from getting finance this time round?

Posted by Laura on

Answer.

Hi Laura, the missed payments shouldn't stop you from getting car finance however the rate you receive this time round may well be higher than what you have on your current agreement.

The rate that you receive will be dependant upon the lender we can get you accepted with and the amount you can borrow will be dependant upon your income. I hope this helps.

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

Posted by on

Question.

Hi, I have recently been refused finance because of my credit file. I owe £3k and have a few missed payments (Clearly I'm a bad person). I have recently got a new job, because of the job I can't exactly turn up in a burnt out old fiesta. I need something business like, nobody seems to get this. So can you help or am I going to have to go work in a dam factory and throw a fantastic career away? Thanks

Posted by Adam on

Answer.

Hi Adam, we'd love to help but need to understand a little more on your circumstances. Where have you applied online already? Are you on the electoral roll and do you have any deposit (along with your part ex)? Look forward to your response - Edwin ;-)

Posted by on

Question.

I don't have a very good credit history but i am employed full time and have been for 3 years. I was just seeing what the likelihood is on me getting accepted on car finance. I have had late payments with a phone bill but that's because when my bank was changed over they cancelled the Direct Debit but it's all paid up to date now.

Posted by Jade on

Answer.

Hi Jade, we should be able to get you approved to be honest if you've only missed a few payments here and there. How much were you looking to finance? Do you have a deposit and are you on the electoral roll? Regards, Edwin

Posted by on

Question.

Hello, I have 5 missed payments from last year through O2. I have 6 creditors, one which is car finance and those have always been paid on time no problems, it's just the O2 one. All my bills will be paid off next year and I'm 22 and in full secure employment earning £1000 a month. My credit score is 313 once my credit has been paid off could you guys help?

Posted by Mike J on

Answer.

Hi Mike, we'll certainly try and help get you accepted once you've managed to get your finances in order. Just get a few good months of making payments on time under your belt and make sure you're on the voters roll when you apply. A small deposit would help things along too.

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

Posted by on

Question.

Hi, I have 2 overdrafts totalling £2100 all-together and a credit card with £500 (with a few missed payments which were over 6 months ago). I have a student loan which i repay each month too. All my direct debits e.g. phone bills have never been late. I would be looking for car finance, but would i be eligible? I earn £20,000 per year. Thanks

Posted by Aime on

Answer.

Hi Aime, as you've only missed a few payments i'm reasonably confident that we can help you out as you have a good income and some good clean credit profiles.

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

Posted by on

Question.

Hiim just wondering if i can get accepted even if i missed a few payments on my phone bill around 6-7 months ago? and if i get acccepted how long it would take for the loan to be received?sean

Posted by Sean on

Answer.

Hi Sean, Thank you for your question. It is hard to say without seeing an application. However, if you are now up to date on your payments and any other credit accounts then we should be able to do something for you as we have such a large panel of lenders.

It will also help if you are registered on the electoral roll. With regards to the time it takes it depends on how quickly we can sort things out. If you already have a car in mind then we can get the documents out to you usually on the same day. It usually takes up to 3-5 working days to complete the process and get you in your car.

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

Posted by on

Question.

5 and a half years ago I reduced payments of my credit card and then cleared it, it had a detrimental effect on my file as since I have been late on payments only 3 times in 5 and half years on different accounts otherwise my file is impeccable. My current car is worth £9000 by glass as trade in, with £3000 left to pay, I want a 16000k car, can you help....and does being on the electrol role make a huge difference as ive just applied to be put on it as I overlooked it when I moved in a year ago.

Posted by Sonia on

Answer.

Hi Sonia. Thanks for your question. The most important thing in your situation Sonia is that you have improved your credit score through keeping up to date on recent active accounts. Being on the electoral roll doesn't guarantee and approval but it can help. were you registered at your previous address? With regards to the amount you want to finance it is definitely a possibility and it helps that you have a deposit/part exchange. Please make an application so we can place you with an appropriate lender. Cheers, Edwin

Posted by on

Question.

Could you please tell me my chances of getting car finance? 7 months ago I was late a couple times paying my store card, in the subsequent months I've paid everything on time and in full and have seen my credit score rise 304 points to 790.

I have no other blemishes on my report and everything is showing green and satisfactory. Thanks

Posted by Thomas Mcdermott on

Answer.

Hi Thomas, thank you for your question.

As you only have a few missed payments on a store card and the rest of your credit history is good i'm very confident we can help you get accepted for car finance. Your credit score seems fair too.

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.

I currently have a trust deed that has another 3 years to run. Would i be eligible for a car loan?

My current car is falling apart and costing hundreds each month to repair. My garage advised to torch it!!

Posted by Hazel on

Answer.

Hi Hazel, thank you for your question.

The good news is that we can help people in trust deeds get car finance. There's no guarantee but we do have a few specialist lenders on our panel.

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

Posted by on

Question.

Hi there, I am trying to get a car on finance, but not sure on what my credit is like. I have had a couple of late payments on my phone bill. I am full time employed earning £20,000 a year and I was thinking of putting a £1000 deposit down.

Do you think I am going to find it hard to get finance? Thanks

Posted by Rosie Hyye on

Answer.

Hi Rosie, thank you for your question.

If you only have a few late payments on your phone bill and no other adverse credit history I am reasonably confident that we'll be able to get you approved. We do have a large panel of lenders, most of whom help people with a few past credit issues.

The good news is that you have a good income and a large deposit. 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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