Skip to content

Car Finance Expert Q&A

Hi, I'm Edwin and I'm here to help you!
image description

Edwin Miles. Underwriting Manager

Car Finance Calculator

Calculate your loan immediately

close

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.

I have bad credit and am looking to borrow £5000 over 36 months for a car loan

Hi Edwin, I had a trust deed which was discharged in 2006. My current credit score is 481, I am a homeowner, in full time employment and have been on the voters roll for 7 years at my current address.

I am thinking of purchasing a for approx £5000 (over 36 months) and would put down £1000 as a deposit (£4,000 to finance). Am i wasting my time in applying. If not what kind of rate would I be looking at?

Posted by Bobby on

Answer.

Hi Bobby, thanks for using the Q&A.

Do not worry in the slightest - i'm extremely confident we can help get you approved for car finance even though you've had a bad credit history. We have many specialist lenders who help customers in your position but the rates will be between 14% and 20% as you are seen as a bigger risk than people with perfect credit records.

The fact that you have a 20% deposit is also a huge boost as we have one lender in particular that pretty much takes anyone on if they are a homeowner and have a 20% deposit. So you wouldn't be wasting your time at all in applying.

Please make an application and hopefully we'll be able to get you back on track and into a Lexus in no time. Once approved we provide a no obligation quote and you can buy a car from any dealer. Kind Regards, Edwin

Posted by on
4/5

Rate Edwin’s advice.

image description

Question.

I have a poor credit rating and have applied a few times with various lenders but they keep turning down self employed people like myself which doesn't help. Do you have any ideas as i want £6000 for a used car to use in my business?

Posted by Allen on

Answer.

Hi Allen, thanks for your question. We do have bad credit car loan lenders on our panel that help self employed customers like yourself. Please make an application and we'll see if we can get you approved. Edwin

Posted by on

Question.

hi, i have a poor credit score of 484. I need a new car and have my old car as a deposit which has a value of about £1000. I'm looking for about £5000. im in part time work but have help with tax credits, what is the likelyhood of me getting help please.

Posted by Sadieleigh on

Answer.

Hi Sadileigh, until we see your credit profile i can't give you a decision on whether we can help or not. As long as you're earning over £600 p/month and can prove your income along with your tax credits that's great but it all comes down to how bad / poor your credit history is. If we can get you approved we can take your part exchange off you as full deposit and get you into a new car within days. Please make an application and we'll see if we can get you accepted. Kind Regards, Edwin

Posted by on

Question.

i am18 years old with no credit history in full time employement i have been refused car credit the car i have is only worth about 200 pounds do u think i could be given credit?

Posted by Mccallion on

Answer.

Hi McCallion, if i'm honest your age and the fact you have no current credit is a big stumbling block. It's highly unlikely we'd get you approved on your own. Can you get one of your parents to act as a guarantor? If so, we'd have a better chance of giving you a loan. We can also take your current car in part exchange also. If you can't get anyone to help my advice would be to get a small loan or credit card from your bank and build up your credit profile. Edwin

Posted by on

Question.

hi i am looking to borrow £5000 over 36 months for a nissan note i have poorcredit history from about 7/8 years i have £3.500 to put as a deposit and have just been refused through a dealer i do not own any property and rent privately and have been with the same employer for the last 7 years is there any company who can help me where the interest rate is not to high

Posted by Gill Shaw on

Answer.

Hi Gill, thanks for using our Q&A. We'll be able to help no problem if your bad credit period was over 5 years ago. Just a couple of things - do you work and are you on the electoral roll at your current address? The finance rate obtained will all depend upon the company you get approved with. You will expect to pay slightly higher rates as you're seen as a bigger risk to lenders. Please make an application and we'll get it processed immediately.

Posted by on

Question.

I'm looking to buy a car for my business using a loan, I have £1000 as a deposit and I am looking to borrow £5000 over 36 months. I don't have bad credit, but simply haven't needed credit. I'm 30 and self employed (IT) and apart from a Current Account I haven't got any other credit cards which apparently can be a negative thing in terms of credit history. What's the % of success for people in this position from your experience?

Posted by James on

Answer.

Hi James, we should be able to get you approved as we do have lenders who help people with little to no credit. Are you on the electoral roll at your currenta ddress? As you're self employed you'll need to provide 3 months bank stats to prove your income - would that be an issue? Realistically the rate you'll receive will be between 10%-15%. Kind Regards, Edwin

Posted by on

Question.

Hi Edwin am looking to barrow £5000 with bad credit to by a car.i would like to pay it back in 3 years.can you help me to get that loan please.

Posted by Allan on

Answer.

Hi Allan, you've come to the right place! Car Finance 247 are the bad credit specialists and if we get you accepted for a car loan £5000 won't be an issue. Do you have a deposit or part exchange also? Lastly i'd say everyone's credit is different and while we cannot 100% guarantee you an acceptance i would say we have access to a vast majority of sub prime lenders on the market. Good luck and i'll be on the look out for your application. Thank you, Edwin

Posted by on

Question.

Hi Edwin, I'm currently looking to get my own car as i've been using a car my parents bought recently. I would want to borrow £2500 and pay it back over 4 or 5 months as i'm in temporary work. I would also like to get a car sorted asap, preferably before summer this year. I have a bad credit rating because of a mess up at Barclaycard and the only up to date proof I have of paying bills on time is for my mobile phone which is direct debited each month. Would i be wasting everyones time by asking for finance or is it a possibility? Thank you for your time.

Posted by John on

Question.

Hi, I'm looking to get a vauxhall corsa on finance. I'm 20 and I have a bad credit history due to having a credit card and the fact that i didn't pay everything back in time due to losing my job. Any way you can help? I'm employed by tesco and I work 23 hours a week plus overtime.

Posted by Sarah on

Answer.

Hi John, if you only wanted £2500 over 4 to 5 months we wouldn't be able to help as our minimum lend is £3500 and the minimum term is over 24 months (you could settle early though). Kind Regards, Edwin

Posted by on

Answer.

Hi Sarah, we'd love to help and thank you for your question. We can help people who work part time and have bad credit so there is certainly hope. Do you have a deposit or part exchange to put into the deal or not? Also, how much do you want to borrow and over how long? Have you applied anywhere else online yet? Kind Regards, Edwin

Posted by on

Question.

Hi, I have really poor credit due to a previous relationship. I am on the electrol roll, i am working and am in the process of repaying my debts. I have a car currently so would have around £3000 deposit. My parents would also be happy to be guarantors. Can you help?

Posted by Georgina on

Answer.

Hi Georgina, thank you for using our Q&A. We specialise in helping people with bad credit but as you can appreciate we can't guarantee an approval so it all depends upon how bad your credit actually is. The great news is that you have a large deposit. This is always a massive help as it shows commitment to the lenders from your part. If one of your parents has a good credit history please add them onto the application as a joint hirer to give yourself a better chance of being approved. The fact that you're in employment and on the electoral roll is a big help too. Please apply and we'll try our best to help you get the finance you require at a rate that meets your circumstances. Kind Regards, Edwin

Posted by on

Question.

I have a current credit score of 657. Can i still get car finance for about £5000?

Posted by Aaron Mcdowell on

Answer.

Hi Aaron, with a score of 657 i'm quietly confident we'll be able to get you £5000. Are you employed, on the electoral roll and do you have a deposit at all?

Posted by on

Question.

I have a credit rating of 749 but can't get finance for a car. How much of a deposit would i need for a £5000 car? I have missed a few payments in the last year on credit cards and loans etc!

Posted by Blair on

Answer.

Hi Blair, a 10% deposit of £500 would see you in a healthy position to obtain a loan through us. Please apply when you feel you're ready. Regards, Edwin

Posted by on

Question.

Hello, I'm in need of car finance for around £5000, I have around £600 deposit to put down. My car has completely died and will cost far too much in repairs more than what it's worth, so I need a really good reliable car that is big enough for all of my equipment for work. Ideally a 4x4 i'm looking at the Rav 4, 5 door. The Big problem is, I moved in April, and applied for credit for a new sofa, I was declined even though my credit score is excellent. I then phoned experian and they explained that i'm not on the electoral roll at my current address. I sent off the form but apparently its not due to be updated until October 15th. It's impossible for me to work without a reliable car. I don't want to apply for a loan and be declined again, which will then affect my credit score even more. Can you help?

Posted by Dawn Findlay on

Answer.

Hi Dawn, have you changed your address yet on all of your current active credit accounts into your new address? If so we may be able to help but i can't promise anything as being registered on the electoral roll is very important. If you haven't changed anything over yet it may well be worth applying for finance in your old address if you're desperate as you'll still be on the electoral register and that's where all your credit is stored. If approved the £5000 for a Toyota Rav 4 shouldn't be an issue as you have a decent deposit. Regards, Edwin

Posted by on

Question.

Hello, yes I have changed my bank account over and mobile phone and sky phone, internet etc, but I don't have any other credit to change over. However, I do still own the house that we have recently moved from but we have a tenant in there and I'm pretty sure he will off put himself on the electoral roll. Is there anything else I can do? Dawn

Posted by Dawn Findlay on

Answer.

Hi Dawn, until you're on the electoral roll at your current address you will struggle to get finance. Can you speak to your local council to speed up the process? There's not really anything more you can do. Kind Regards, Edwin

Posted by on

Question.

Hello, I need to change my car. I have got a Renault Clio 03 reg as a deposit. Not sure how much it is worth though. Also not sure about my credit rating as I haven't asked for any credit recently. I have credit cards and live at the same address for 6 years. I would be looking for £5,000. I earn £35k per year. What are my chances?

Posted by Claudia on

Answer.

Hi Claudia, as you have a good income, a deposit in your part ex and a stable residential history i have a good feeling we'd be able to get you approved. Please apply when you get 5 minutes and we'll have a decision for you within an hour. Kind regards, Edwin

Posted by on

Question.

Hi, I am looking to try and borrow between £4-5000 to buy a car. I have a credit rating of 850 but i have a default on my report for around £3000, but i have been paying this and i have now paid off the full amount. Will I be able to get a loan or borrow the money on my mortgage (as my monthly mortgage payment is only small) any advice would be much appreciated?

Posted by Graeme on

Answer.

Hi Graeme, we only provide car loans so we couldn't add the amount you wish to borrow for a car onto your mortgage. I am however confident in getting you a car loan for £4000 to £5000 as you have a decent credit score (in the 800's). As the default is now settled that is good news too. Please apply when you feel ready and we'll go from there. Kind Regards, Edwin

Posted by on

Question.

hi am looking to get £5500, I have a default on my credit report for an unpaid contract phone in 2007 but debt has since been settled, my experian report says credit score is fair at 776, what's the chances of being accepted?

Posted by James on

Answer.

Hi James, Your credit score is quite good and I am confident we will be able to help. Defaults do limit the number of lenders we can look towards for an approval however it will help that this is now settled. It will also help if you are registered on the electoral roll. Kind regards Edwin

Posted by on

Question.

Hi, I'm 21 I have poor credit due to a couple of missed payments on a credit card/overdraft. I was looking for finance or a loan around £5000 over a few years for a car i require to work.I am employed full time earning around £1500 a month net. Can you find anything for me?

Posted by Cameron on

Answer.

Hi Cameron, thanks for using the carfinance247 Q&A. We should be able to get you approved as we do have lenders who help people who have previously had a little trouble with credit. However a few missed payments doesn't sound too bad. It will help if you are registered on the electoral roll and it may be possible that you will require a deposit. I hope this helps. Edwin

Posted by on

Question.

Hi, i am self employed with poor credit. I am after a £2000 loan to secure a better van for my business. I have a van which has been valued at £350 to help with a deposit. Will i get approved?

Posted by Richard Rushby on

Answer.

Hi Richard, we do have a chance of getting you approved as we do have lenders that help people with bad credit. Your deposit will help too. Please apply when you can. Edwin

Posted by on

Question.

Hi, I would like to borrow £7000 for a car as our car is not suitable anymore.

We have moved 2 times in last year, I have just signed up to the electoral roll and i have been full time employee for 2 years. My partner (not married yet) has been employed in the same company for 14 months now. We both earn around £30k a year.

I have a credit card that i owe £1.3k on and all the bills are in my name. Now the question is that my partner does not have any credit cards or contracts and she came in the country 2 years ago. We would have a deposit of £2500 - £3000 for that £7000 loan and would like it to be repaid in -20-24 months.

PS: all the bills are on my name my partner does not pay anything from her card. Let me know thanks.

Posted by K Lolza on

Answer.

Hi K. Lolza, thank you for your question.

Unfortunately as your partner hasn't been in the UK for 3 years it wouldn't be worth making a joint application with her. Also, you mention all of the credit you have is in your name.

As you have a good income and a large deposit there's no reason why we can't get you approved on your own for the £7000 that you need. Please apply when you get a moment and we'll aim to get you approved within minutes. Kind Regards, Edwin

Posted by on

Question.

Hello, I have just completed a Scotland DAS scheme and now have no credit.

My Experian score is 712 and i have been in the same council house for 5 years. I work full time on £25000 year, am on the electoral roll and have part exchange of about £1000 and £800 cash deposit.

I am looking for about £6000 for a new car over 3 years. What will cost be and what are my chances of being accepted? Thank you

Posted by Neil Davies on

Answer.

Hi Neil, thank you for your question.

As you have a fair credit score, a good income, a large deposit and a stable residential address i'm very confident we can secure you £6000 over 3 years.

The cost would be circa £210 per month. Please make an application asap and once accepted you can buy a car from any dealer. Kind Regards, Edwin

Posted by on

Question.

Hello, I have not got any credit arrears or unpaid debts, but the age of my accounts result in me having a bad credit rating.

I'm looking for car credit of £6000 - £7000 with £500-1000 deposit. I'm full time employed for over 2 years, my wife may be a joint applicant. We earn about £40K annually.

What rate may we get in case if we will be able to get car loan? Thanks

Posted by Andrejs on

Answer.

Hi Andrejs, thank you for your question.

As you have a good joint income, can add your wife to the application, & have a decent sized deposit i'm confident we can help get you accepted. The good news is that we do have lenders that help people with bad credit scores too.

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.

Hello, i am 21 and have bad credit due to missed payments and a old phone contract which i was disputing the bill for.

Though everything now is all paid off. I am looking to borrow £3000 over 12 months with a 10% deposit. I am in full time employment and on the electoral role. What are my chances?

Posted by Sarah on

Answer.

Hi Sarah, i hope all's well. Apologies for the delayed response.

We do have lenders on our panel who help people with missed payments and as you are employed, have a large deposit and are on the voters roll i'm confident we can get you £3000.

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

Do you have a question on this topic?

Ask a question or leave a comment on this topic below

Back to Car Finance Expert Q&A

Back to top