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Edwin Miles. Underwriting Manager

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Obtain a car loan while on disability benefits

Hello, If I apply for finance and get approved do I have to buy a car from you or can I buy from other dealers or a private people? I would like to borrow around £8000. Is it possible to get approved if my credit score in the fair category (750 on Experian)? The only negative factor being my total credit card outstanding balance is a little high at present.

The other problem is that I am not working and my only income are the benefits i receive during my illness. I can go back to work for my previous employer within three months, but I would like my car a bit sooner. I may get someone as a guarantor if required but this would be the last option. How likely is it that i'll get approved and what are the requirements if I need a guarantor? What are the applicable interest rates under my conditions roughly? Thank you

Posted by Gabriella on

Answer.

Hi Gabriella, than you for your detailed question and for using our Q&A.

With a credit score of 750 i am confident we can get you approved for car finance without a guarantor however, adding one onto your application would strengthen your chances. The only issue i can foresee is the £8000 that you require. I'm not saying that we can't get you the £8000 but £5000 to £6000 may be more realistic. If however, you have a deposit or part exchange to place into the deal we may well be able to secure you the funds required.

When approved you can indeed buy a car from any dealer in the UK and we provide a no obligation quote. The only thing holding us back is the fact that you're not currently receiving a wage from your employer. Some finance companies need to see proof of income & employment to go ahead with the deal and others don't so i'm just hoping that we can get you approved with a good credit lender who won't require proof of income. Please make an application when you feel ready. Kind Regards, Edwin

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Question.

Can you obtain car finance if you are registered with a disability with good credit? If so is there a guide to how much credit you can get? Thank you.

Posted by Marco on

Answer.

Hi Marco, if you have good credit we can help even though you're on disability allowance. Please apply and provide the reference number. Have a good evening. Edwin

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Question.

Hi, I'm Disabled and have been for over 17 years. I receive £1763.56 a month in various benefits. My award is for life. I've been offered 2 loans both for £4000 over 4 years.

BUT I believe they are related to Mr Robin Hood, why? Because the both want OVER £8000 to be paid back, that's 100%. I don't mind anyone making a profit but surely this is well over the top, isn't it. Does anybody know of a company that will accept DISABLED PEOPLE or is this the norm?

I have a bank account and two credit cards (with very little on them). Anybody got an ideas for a loan company that is reasonable towards Disabled people, or is this the norm? Kim

Posted by Kim Turner on

Answer.

Hi Kim, thank you for your question.

There are indeed finance companies that accept disabled people who receive benefits as their sole form of income. Who are the 2 companies you have applied with to receive the high rates of interest? Have you tried with your bank?

As you have a bank account and 2 credit cards you have some credit history which is great. The rate you usually receive is determined by your credit rating. Have you checked this lately or have you missed any payments in the past? If not, we'll be able to help you and as we have many lenders on our panel i'm confident we'd get you a good rate. However, as previously stated this all depends upon your past credit.

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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