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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.

I have no Credit Rating. Can i get car credit?

Hi, could i get a car loan for £9,000 or £10,000 for 24 months.

The car i'd like is £14,000 to £15,000 and i have a deposit of £4 to £5,000 minimum. My credit rating is low as i have paid cash for most things. I earn £45k plus a year. Can you help?

Posted by Bruce on

Answer.

Hi Bruce, with a deposit of £4k to £5k i'm confident we'll be able to get you car credit.

Just a few questions - Do you have any trace of credit at all at your current address? A mortgage, credit card, bank account, personal loan or contract mobile phone? Our lenders look for trace-ability you see. Are you on the voters roll at your current address as that is also important?

Lastly do you have a UK licence and can you prove your income with payslips or bank statements (3 months)? If you can add anyone on to your application to make it a joint that would also help (as long as the other person has a good/fair credit rating). Please make an application and i'll look at it straight away. Kind Regards, Edwin

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Question.

I have just returned to the uk having lived in the USA for the past years. I haven't applied for credit anywhere yet. What are my chances?

Posted by Peter on

Answer.

Hi Peter, if you've only just returned to the UK that chances of getting you approved are slim. I'd advise the following before you apply: obtain a full UK driving licence, open a UK bank account, get yourself registered on the electoral roll at your current residence & make sure you can prove your income with payslips - if you have a job already, great! These are minimum requirements. Have you had any credit running in the UK at all whilst you've been in America? Do you have a deposit as this can improve your chances of being approved. Kind Regards, Edwin

Posted by on

Question.

I have recently just got a credit card 2 months ago. I've just passed my test today but am concerned about applying for credit so soon after getting my credit card.

Posted by Sharon Wilson on

Answer.

Hi Sharon, well done on passing your test. We'd need to see your licence before approving you for car finance so please go through the process of applying for that which can take a few weeks. Then you'll be ready to apply for car finance. Don't worry too much about just receiving a credit card. This is actually a good thing as lenders can see that you are credit worthy. Are you on the electoral roll and would you have a deposit? Regards, Edwin

Posted by on

Question.

Edwin, I have very little credit history over the last 10 years and I am finding it difficult to get a car loan. I have no CCJ, defaults and have a decent earning job £2100 net pm but still cannot get finance.

Posted by Phil H on

Answer.

Hi Phil, how much are you after and do you have a deposit? I'm confident we can help as you have a good income. Are you on the electoral roll at your current address? Regards, Edwin

Posted by on

Question.

I am on the electoral role at my current address. I need £6,500 but have a deposit of £1,500

Posted by Phil Houghton on

Answer.

Excellent Phil, the deposit shows commitment which is great. Please apply and let me know your reference number. Have a good day. Edwin

Posted by on

Question.

Hi Im 18 i have held my licence for nearly seven months and i really want a ford fiesta. But i will need it on finance is this possible. I have no credit history and i easy £838 a month but it will increase over the next couple of months can you help me?

Posted by Lizzi on

Answer.

Hi Lizzi. It is possible to gain vehicle finance at 18 however you would need to meet the lenders criteria. Our lenders require that you have at least a current account registered to your address and you have been registered on the electoral roll. If this is the case then we may be able to obtain you finance for around £3-5K. Unfortuately due to your age you would struggle to gain anymore as you are seen as a higher risk to lenders. I hope this helps

Posted by on

Question.

Hi, I am 18 years old I work and currently earn £1200 a month. My credit is 720 I have built a little bit of credit up but not much.

I was wondering would I get excepted on a car finance of £7000 with just 200 deposit?

Posted by jade dale on

Answer.

Hi Jade, thank you for your question.

You have a good income, a small deposit and some current credit which is good news. I can't guarantee an approval at this stage but i'm reasonably confident we could get you an approval. It may not be for £7000 but we'll certainly try our best.

Adding a parental guarantor could also aid your chances if this is a possibility. Please make an application when you've reviewed your options 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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