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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.
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
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?
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
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