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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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Car Finance for a £10,000 Mini

Hi, I have been looking at buying a new mini for around £10,000 from a mini dealer. I am 25 and have just recently had a wrongful default removed from my credit rating.

I just wondered what you thought my chances of getting it on finance were?

Posted by nathan kiddle on


Hi Nathan, thank you for your question.

The amount you can borrow will totally be dependant upon your credit history and your income. The past default may also cause you some issues even though this is now removed. We do however have lenders that approve people with past defaults.

What other credit do you have in your name? Do you have any credit cards or store cards that are paid up to date? Also do you have a deposit to place into the deal as this will strengthen the application? Regards, Edwin

Posted by on

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I don't have a default as it has been removed as it was wrongly added so it now shows as a settled late payment. Everything else on my account is paid up to date. I have £1000 left to run on a loan and a £400 loan that I am going to repay early on Friday.

Posted by Nathan Kiddle on


Hi Nathan, thanks for the feedback. Have you paid your monthly instalments on time for the 2 loans you have? If so, great. Also, what's your income as this will enable me to inform you whether we can get you the £10k.

Posted by on


Hey Richard here again, I left a question last night about the £9000 finance for a £10000 car. I could save for another month and that will let me put a £2000 deposit on the car? I don't want to be scammed by people. I looked at loan places online and they took a broker fee that I never requested. Thanks for your quick response and I look forward to reading your reply to this.

Posted by Richard on


Hi Richard, we charge no up-front fees to you for our service. However, there may well be a fee to pay before the loan is completed but this will be explained to you on the initial call by your advisor and is refundable should the deal not proceed. Dependant upon which lender we get you approved with there may not be a fee to pay though.

The amount you can borrow depends upon your personal circumstances and income. The fact that you have a large deposit will help matters 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

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