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Car Finance Expert Q&A

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Edwin Miles. Underwriting Manager

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I have a bad credit rating - Can i get car finance over 5 yrs and at what rate?

Hi, I know that my credit score is quite low at 431. What kind of rates could I expect for a £7000 car loan to buy a £7500 car with me paying a £500 deposit? I would prefer to take the finance over 5 years also.

Posted by Ed on

Answer.

Hi Ed, your credit score of 431 is by no means the lowest or the worst we've ever seen. I'm more than confident that we could get you accepted for £7000 over 60 months and as you're putting in a £500 deposit that looks good from the lenders point of view.

As your credit history isn't spotless you'd be paying in the region of 14-16% for your car loan. Please make an application when you can and once approved we provide a no obligation quote and you can buy a car from any dealer. Kind Regards, Edwin

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Question.

Hi Edwin, i have been trying to get car credit but have been turned down on several occasions. This is due to my bad credit rating. The thing is i am now earning quite a good wage and i can afford to pay off a car on finance but no lenders will accept me. My girlfriend has a good credit rating but is unemployed and only has a provisional licence. She wants to get a car on finance. Although she is unemployed, with me paying for the finance will this possible?

Posted by Jem on

Answer.

Hi Jem, even though your girlfriend has a good credit rating she only has a provisional licence so we have no lenders that could help her. Also as she is unemployed this does not work in her favour. If you need a car now you'd have to apply yourself. Where have you applied and been turned down? Kind Regards, Edwin

Posted by on

Question.

Hello, Can you get a car loan if you have an IVA?

Posted by Ray on

Answer.

Hi Ray, thanks for using the Q&A.

You can indeed still get car finance even though you're in an IVA. You'd just need permission from your practitioner but this never tends to be an issue.

Please make an application and once approved you can choose a car from any dealer and we also provide a no obligation quote. Kind Regards, Edwin

Posted by on

Question.

Hi, I've recently been turned down for a car loan as I am in a debt management arrangement.

Can you tell me what the likely APR is that I would pay on a loan of £5000? Thanks, Darren Keddle

Posted by Darren Keddle on

Answer.

Hi Darren, thank you for your question.

Firstly, the good news is that we do have lenders on our panel that help people in debt management plans get car finance.

The APR would be approximately 29% though as lenders see you as a higher risk. It does really all depend on where we can get you accepted though. £5000 if accepted won't be a problem.

Please make an application and once approved you can choose a car from any dealer and we also provide a no obligation quote. Kind Regards, Edwin

Posted by on

Question.

My credit rating is 727 and I've just paid all my debt off in full last week I'm looking to get a new car.

Would I be better waiting till my credit rating goes up a bit before applying? I'm looking to take £8000 over 4/5 years.

Posted by Sean warden on

Answer.

Hi Sean, thank you for your question.

That's great news about paying all of your debts off. I'd leave it 1 month for your credit profile to update all accounts to "settled" then i'd make an application for car finance.

As long as you can prove your income then £8000 over 4/5 years shouldn't be an issue. When you're ready 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 such a bad credit rating I can't seem to get anymore form of credit. Would I still be able to get car finance with a guarantor?

Posted by Ben symons on

Answer.

Hi Ben,

We actually work with a number of lenders that specialise in providing finance to those with bad credit, including to those with defaults, CCJs and/or in IVAs, so we will try our best to help you. A guarantor may help your chance of securing finance, this needs to be somebody with excellent credit, who has lived in the UK for 3 or more years.

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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Posted by Danny on

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