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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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Do you have a question about Carfinance247 or its services? If so, please complete the form below for a response within 1 working hours. I have over 7 years experience working for Carfinance247 and have the responsibility to answer all questions asked.

Can you do a joint application for car finance?

Hi, I have never had a car on finance before so i'm unsure how it works. Would it be best to get approved before viewing cars? And can we do a joint application.

Posted by Lorna Redfern on

Answer.

Hi Lorna, yes you can do a joint application on our website for car finance and yes it would be good to have an approval in place before you start looking for cars as we'll need to discuss your income and budget with you.

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.

Hello Edwin, I am looking to purchase a new vehicle. I have £600 deposit and would ideally like to pay no more than £220 per month over 5 years. I recently moved back from overseas and have some credit histroy, I also have a letter from a log book lender which has just been cleared stating I took a loan with them in Feb of this year and meet all payments of £47 per week and that the whole amount has now been paid. I also have a letter from my local authority confirming my inclusion on the electoral roll from July 2nd. I have a full driving license and full time job picking up on average £2,100 monthly after tax. My partner lives with me and she has been on the electoral register at her previous address for 3 years and also has a letter advising she is being added to this address on the same day. She only has a provisional license though. Would we as a joint application potentially qualify for finance? I have been recently rejected by Arnold Clark as well. Thanks, Matt Hubball

Posted by Matt Hubball on

Answer.

Hi Matt, how long have you been back in the UK and how long were you away for? Did you have any active credit accounts in the UK whilst you were away? It's tricky when people have been out of the UK for sometime to try and get them approved as the lenders don't have much information to base their decision on. However, we shall try our best to get you approved. Please make a joint application and we'll try and get you approved with the most suitable lender we have on our panel. You're earning good money which is great and you're getting on the electoral roll. I'd wait for confirmation that you're on the electoral roll before applying. Kind Regards, Edwin

Posted by on

Question.

Hello, can you please tell me if you think you can help. My credit score is 630 and my wife's is 330 and we want around £8500. Would i be better on my own or finance with my wife. Can you help?

Posted by Jo on

Answer.

Hi Jo, as long as you can prove your income and have a full time job i'd just make an application on your own as your score is significantly higher than your wifes. Edwin

Posted by on

Question.

Hi I have bad credit but I have a part time job my partner has excellent credit.

Would it better to do a joint application?

Posted by Jodi Lee on

Answer.

Hi Jodi, thank you for your question.

Yes it would be a good idea to make a joint application as adding your partner who has excellent credit will help your chances of an approval and also boost your joint monthly income.

We do have lenders that help people with bad credit and who have a part time job 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.

Hi, I have recently moved and will be on the electoral role from 1st September as I'm told from the electoral role office.

I have a pretty poor credit score of 505 but it is getting better. My partner has a great credit score, so would I be better applying with her, so to reduce my APR? Or would I get approved on my own?

Also, would i be better waiting until my electoral role status has been sorted out? Thanks.

Posted by Dougie on

Answer.

Hi Dougie, thank you for your question.

In short, you'd have a better chance of being approved if you added your partner to the application. However, if you don't want to do this we do indeed help people with poor credit get car finance.

Being on the electoral roll isn't mandatory to be honest - it helps but i wouldn't let this stop you from applying. Just make sure you place your new and old address on the application form.

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.

Hi Edwin,
My wife wants to buy a car and has good credit but i have excellent and we wanted to get £7500 towards our £5000, will she be able to use my credit rating to keep the apr down?

Posted by rio wilson on

Answer.

Hi Rio, thank you for your question!

You have a large deposit which is excellent, and will help us find you an approval!

You can do this but you would have to be the registered keeper, and the main driver on the insurance policy, with your wife as a named driver.

Since your wife's credit history is 'good', which isn't bad at all, the other option would be to apply with a joint application.

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 Edwin,
Thank you for your previous answers. Can you tell me how long it would take from making an application to receiving it in our bank account? We would prefer a joint application, but we are concerned that our credit ratings would go down when trying to find the appropriate finance, is this so?

Posted by Rio Wilson on

Answer.

Hi Rio, thank you for your response.

Typically, the funds are sent to the car dealership once you have chosen a vehicle. The only exception to this is if you obtain a Personal Loan from us.

When you initially apply, we carry out a soft search. This will not affect your credit score. If then we believe you have a good chance of approval with a lender, we will send across your application to them and they will then carry out a hard search which will be visible on your credit profile. We would not send your application across unless we though you had a good chance of approval.

Kind Regards, Edwin.

Posted by on

Question.

Hi there, I am wondering if at all it will be possible to get a HP agreement for a car for around £5,000. We have been refused by other companies previously so slightly worried about making another application. I am a homeowner so pay my mortgage each month, on time. My husband is retired with a good credit history bringing home a pension of £1,300per month and I bring £1,000per month – both of these after tax. We could bring a small deposit together, but it wouldn’t be much so I am not sure it will be that useful. We were thinking of doing a joint application to help strengthen our chances of getting an approval. We would love a more reliable car to use for our family! Do you think we will be approved?

Posted by Moe on

Answer.

Hi Moe, thanks for your question and interest in Carfinance247!

The fact that you have been declined could well be down to the lenders criteria where you have applied. However, as we work with a large panel of lenders, we are often able to help customers that have been retired elsewhere! It's good that you're making your current payments on time, the lenders will obviously see that as a positive sign! Your joint monthly income can be taken into consideration 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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