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Car Finance Expert Q&A

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Edwin Miles. Underwriting Manager

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£9000 for car finance

Hi, i was just wondering what are the chances of me obtaining a loan of £9000 for a car?

My credit rating is fair, around 750 and i am in full-time employment earning roughly £900 a month and i am on the electoral roll. I have £1000 ready for a deposit and an old BMW 318 for part exchange.

Posted by Manh kieu on

Answer.

Hi Manh, with a £1000 deposit, a part exchange and a fair credit score i'm confident that we can get you approved for the £9000 that you require.

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.

Hi Edwin, I'm after buying a new car. It costs £9,000 and i have £4,000 as a deposit and wanted to get the rest on finance. My credit score is 382 but i dont think i'll get anyone who will be able to help me.

Posted by Jermaine on

Answer.

Hi Jermaine, as you have such a large deposit you're in with a chance as we do have one lender who help people out with bad credit and large deposits. Are you employed, do you have a UK passport and are you on the electoral roll? If the answer is yes to these 3 questions make an application on our website when you can. Thanks, Edwin

Posted by on

Question.

Hi Edwin, I was wondering how to get car finance. My credit score is 807 with experian but yet I still can't get car finance. I am looking for around £9000 with a £1k deposit.

Posted by Duane on

Answer.

Hi Duane, you seem to have a decent credit score but it may be the amount you're trying to finance which is causing the issues. With your credit score and a £1000 deposit we could potentially get you £6000 to £7000. Would you consider other cars at all? Also where have you applied online and been declined? Regards, Edwin

Posted by on

Question.

I recently tried to apply for a loan of £5000 as I have £3000 for deposit but was declined right away.

Posted by Manh on

Answer.

Hi There, did you apply with us or another company?

Posted by on

Question.

Hello, I am looking for finance either £9,000 to £10,000 for a used Mini or I have looked at mini finance for a new mini but don't feel I would get it after an iva for 6 years. I have a good credit rating in the 900 mark. My take home pay is £1500 and I have no credit cards or any other debt. I am on the electoral list and I have been in my job over 6 years. But have no mobile contract as well . I am 37 years of age. Can you help?

Posted by Lucie Whelan on

Answer.

Hi Lucie, we'll certainly try and help get you in a Mini. Do you have a deposit at all and what active credit do you have currently as lenders will look to see if your current history is clean after your IVA? You seem to have a good credit score, earn a good wage and you are on the electoral roll so that is good news. Edwin

Posted by on

Question.

I have a credit score of 470 and the car i want to buy is about £9000. I have £2000 to put down as a deposit. What's the chances to get a loan?

Posted by Enver on

Answer.

Hi Enver, as you have a large £2000 deposit i'm confident we can get you approved for the £7000 that you need. Are you employed and are you on the electoral roll at your current address? Edwin

Posted by on

Question.

Hi there I have bad credit score around 430 and was wanting £9000 for a car i have a car to trade in I was looking at a corsa vxr. Can you help?

Posted by Shaun on

Answer.

Hi Shaun, your credit score doesn't seem too bad. We should be able to help, however you will need to make an application so our underwriters can have a closer look at your credit profile and hopefully place you with a lender. Your part exchange will definitely help. Are you registered on the electoral roll? as this will strenghten your chances of obtaining an approval. Have a good day - Edwin

Posted by on

Question.

I'm looking to finance a £9,000 car and I have £2,000 for a deposit I've got 2 defaults (fully paid) which were for £200 in 2009 and 2010 and several missed payments however for the last 19 months my credit-history is perfect with 3 credit cards and 2 phone contracts.I earn £18,500 a year and live with parents so I have plenty of money spare.I applied for car finance recently and got accepted but I turned the offer down as the APR was 34.99%, could I get a better rate?

Posted by Andrew on

Answer.

Hi Andrew, you would need to make an application so we can have a closer look at your credit profile to see which lender you would best be suited to. Until then unfortunately I would not be able to quote you on any rates. However rather than look at the APR it is best to look at the flat rate (the flat rate is a single fixed fee: the amount you will pay each year in interest). The APR varies each year according to what you have paid and how long you take the agreement over. Our lenders flat rates vary from 5-30%. I hope this helps Edwin

Posted by on

Question.

I have a credit score of 854 and a deposit of 1500 i am looking at a car that costs 8990 would i be able to get finance on this? thanks kate

Posted by Kate on

Answer.

Hi Kate, You have quite a good credit score and with that deposit I am confident we will be able to help you. We have previously helped customers with much lower scores. Please make an application when you have a moment. Thanks Edwin

Posted by on

Question.

My credit score has been around 550 since trust deed ended a couple of years ago. I earn £24k, would I get car finance for a car at £15k? I have only just acquired a credit card to help build credit

Posted by Ken on

Answer.

Hi Ken, if you needed £15,000 you'd have to have a £2000 deposit approx. Is this possible? Also, what spare monthly income do you have after you have paid all your other expenses. Financing £13k for example on a £24k wage may be a stretch. Edwin

Posted by on

Question.

Edwin, Deposit would be possible. I notice that you can apply with a joint application. My wife earns £19k, we have over £1k extra monthly. Would she help with the finance?

Posted by Ken on

Answer.

Yes Ken - please make a joint application as this will improve your chances. Regards, Edwin

Posted by on

Question.

Hi, I just wanted to ask - If I get a car on finance through carfinance247 does this mean the company buys the car off the dealer and I pay you every month? And would the car be hpi clear??

Posted by Junior Kumbi on

Answer.

Hi Junior, thank you for your question.

If you take finance out through ourselves we do indeed pay the dealer direct for the vehicle. You are then free to collect your car and start making your monthly repayments to the lender we get you accepted with. The car you choose will be HPI clear (we can check).

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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