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Car Finance Expert Q&A

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Edwin Miles. Underwriting Manager

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My credit score is ok. No defaults or ccj's. Can you get me a car loan?

Hi, My credit report is ok. No defaults or ccj's. I have a credit score of 680 with experian & all my bills are paid on time. But recently i got turned down for a mortgage because of my wife's credit rating. Would this stop me getting car finance?

Posted by Peter on

Answer.

Hi Peter, if you have a good credit file then there should be no reason why you won't qualify for car finance. If you make an aplication online with ourselves then we can look at it for you straight away. Just don't include your wife on the application as you say she has a bad credit rating so this won't help you. How much do you want to borrow and what's your monthly budget? Have you applied for a car loan anywhere else? Kind Regards, Edwin

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Question.

I have recently been turned down for a small loan because i have a credit score of 620. I also found out when I checked my file for the first time a couple of inaccuracies. 1: It stated that I was not on the electoral roll and I had to contact my local officer to obtain a certificate to the contrary (i have registered for over 30 years). 2: Checks made to an address where I never resided. I have been trying to resolve these with the various intitutions which is very laborius and somewhat stressful. In a previous relationship almost 8 years ago I was left to clear up a number of debts which I was unaware of by my then partner and struggled and defaulted on a credit card but made an arrangement to pay it off and was able to close it with a lump sum owed to me by my employer. I have been offered loans by some companies but they are at exorbitant rates. How long will this affect my financial status? Kind regards, Keith.

Posted by Keith Walker on

Answer.

Hi Keith, thank you for your question. When lenders look at your credit file they will usually look back over the last 5 years. If you've been in arrangements during this time then lenders will be able to see this information and will see you as a higher risk than someone with a perfect credit record hence why you have been offered loans with higher interest rates. The one thing to check regarding your electoral roll status is whether you have opted out of the national databases. This may or may not be causing the issue. With your credit score we would be able to help you and the rate you could expect would range between 12% and 16%. I hope this has helped you somewhat. Kind Regards, Edwin

Posted by on

Question.

Edwin, Your reply has clarified my electoral roll status as I have a faint recall of doing this not realising how it may affect me. Like most people circumstances completely outside of your control pop up and bite you on the proverbial. The interest rates you mentioned are by far the best I have been quoted and would be interested if any companies would consider me. Ironically I am better off financialy than ever as I recently received back pay (agenda for change ) from the Health Service where I have worked for over 35 years( with 2 more increments of £1000 per annum to follow). I was able to cosolidate finances with this. Unfortunately in this electronic day and age only the basic facts are considered. Your input was greatly appreciated Kind regards, Keith.

Posted by Keith Walker on

Answer.

No problem whatsoever Keith. I'm glad i could be of some help. Please apply at your own leisure and when you feel you're ready. Have a good afternoon. Edwin

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