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Car Finance Expert Q&A

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Edwin Miles. Underwriting Manager

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Car finance with a company allowance

Hi, I have found out that I will be receiving roughly £300 a month after tax for a company car allowance and I require a car quickly.

I applied for a loan last week through Tesco Bank and was refused. I have no credit history to speak of as I have no loans, credit cards or mortgage repayments. I had a CCJ back in 2006 which has been satisfied. Would you be able to offer my car finance?

What amount would I be able to receive based on repayments of ideally no more than £300 per month? Ideally I would be looking for a diesel executive type car, so a BMW 3 Series, Audi A4, Vauxhall Insignia....but I would also be interested in a BMW 1 series diesel or an Audi A3 Sportback diesel. Thanks, Jamie

Posted by Jamie Worrall on

Answer.

Hi Jamie, thank you for your question.

You say you have no current credit but i take it that you have a UK bank account and perhaps a contract mobile phone. If so, this gives you some active credit for lenders to view.

We do have lenders on our panel who help people with past credit issues so i'm still confident we can help. You seem to have a reasonable budget and if you have a deposit that will boost your chances. Also, being on the electoral roll at your current address helps but isn't mandatory.

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

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Question.

I am on a debt management plan but have paid my creditors regularly for the past 3 years, albeit reduced payments.

As part of my salary I get £500 car allowance a month and now need to renew my car due to high mileage. The car company tried to get finance and it was declined.

My company know nothing about my debts and need to resolve the situation. Would you be able to help?

Posted by Sue on

Answer.

Hi Sue, we'll certainly try and help. Please apply when you have 5 minutes and we'll hopefully be able to get you approved.

Posted by on

Question.

Hi, I am joining a company who is paying me a car allowance of £375 per month. Will your lenders take this into consideration if and when I apply.

Posted by Ashley on

Answer.

Hi Ashley, yes - the lenders will take your allowance into consideration. What do you have your eye on and do you have a deposit?

Also, do you have a good, fair or poor credit history? Kind Regards, Edwin

Posted by on

Question.

Hi Edwin, I am looking at either a Kia Sportage, or a Skoda superb and just in the throws of organising test drives.

I would say I am in good to fair credit history and am looking to put a minimal deposit down so around £1000.

Posted by Ashley on

Answer.

Hi Ashley, that's good news regarding your credit score. The £1k deposit will certainly help get things moving too.

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.

Hello, I have just been offered a job that pays £3k a year allowance for car but I've have got a poor credit history. Can you help?

Posted by Mark Gomersall on

Answer.

Hi Mark, thank you for your question.

We can indeed help people with a poor credit history get car finance. 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

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