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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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How can I help you?

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.

Is a finance companies decision based solely on a customer's credit score / rating?

Good Morning, Is your ability to agree a finance package for a vehicle, agreed solely on a customers credit score/rating?

My credit rating isn't so good due to silly mistakes as a student. However now i have full time permanent employment that pays well and I would be willing to make a significant deposit on a vehicle (£1000, £2000) and even provide a home-owner guarantor?

Is it worth pursuing a potential purchase further? Any help you could provide would be really appreciated.

Posted by Chris Hooper on


Hi Chris, in all honesty our panel of lenders look at many things when assesing whether to approve someone for a loan or not. Your past credit history is obviously a big factor however, they will also look at whether you are on the voters roll at your current address and you affordability. Basically, can you afford to pay the loan back or are you over committed?

We do however have lenders that help people with bad credit and the fact that you have a large deposit and a guarantor will help immensely. So, it is worth applying when you're ready and we'll try our best to get you approved asap. 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

Rate Edwin’s advice.

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Hi Edwin, I have been declined car finance at all the dealers i have been in the past two months and its very frustrating. I have a job paying more than £57,000 per annum before tax and my experian report shows 996 out of possible 999. I don't really understand. I know I wasn't on the electoral roll of my rented flat but i have now put myself on it and it's supposed to update after the 3rd of September. I am looking to buy a used car worth around £8,500 and i have a deposit of £2000 over 36 months. I can show my pay slips and many other documents as required. Can you help please?

Posted by E A on


Hi E A, thank you for your question. We'd definitely be able to secure you finance once you're on the electoral roll at your current address as you have a large income and a large deposit. Please apply after the 3rd of September and we'll get you approved within minutes. Edwin

Posted by on


Hello there I already have car finance with MotoNovo. I have no CCJ's and in full-time employment for 2 years plus.

But, I have not been on the electoral roll for 3 years plus I did gain finance for current car in this period. I wish to refinance for a newer car. What chance do I stand of a loan? Cheers, Brad

Posted by Bradley Keogh on


Hi Brad, thank you for your question.

As you have a stable job, no CCJ's and a clean HP agreement already with MotoNovo i'm confident we can get you accepted for a newer car.

Being on the electoral roll does help however, this isn't mandatory. 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

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