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Car Finance Expert Q&A

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Edwin Miles. Underwriting Manager

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I have poor credit and a default but i need a new car for business

Hi Edwin, I have been offered a new job with a car allowance so need to borrow around £6,000 for a new diesel car for work.

However, I have a poor credit score and a default on a credit card so am finding finance difficult to obtain finance. I have a car allowance of £300 per month so can afford a loan but am finding it impossible.

I am concerned I will have to give up the chance of my dream new job unless I cam secure finance. I have no deposit and no car to trade in as I currently have a company car. Please help!! Regards, Steve

Posted by Stephen Alcock on

Answer.

Hi Stephen, thank you for your question.

We are experts in securing car finance for customers who have had a few issues in the past. We have many lenders who provide bad credit car loans and i'm positive we can help.

Don't worry about having no deposit or part ex as we have a lender who will let you finance the whole amount for the car but we obviously need to try and get you approved first. The budget that you have seems to stack up fine and getting a car for around £6000 won't be a problem.

Just one last question, how much was the default for on your credit card? If it's over £5k there might be a problem but if not we should be able to help. Please make an application and once approved we provide a no obligation quote and you can buy a car from any dealer in the UK. Kind Regards, Edwin

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Question.

I too have a balloon payment of £5,300 in March for my Golf. I've always paid the payments on my car and a few other debts, but most of my debt is in a DMP which I set up a year ago and have been paying into successfully. The DMP company have even said they would write me a reference. Will I be able to part ex my car next March. I'm really worrying about finance, as I'm not sure how asset finance is stacked up for people in a DMP. I need to have a car for work as it's a 50 mile round journey.

Posted by Karen P on

Answer.

Hi Karen, Thanks for your further comments. I understand your position and we can help. i need to know whether it's a lease deal you have or not. If it's a lease deal you'd have to wait to hand the car back in March to the leasing company. If it's not a lease then we can take the part exchange of you, settle the finance and get you into a new car and a new finance agreement. Are you looking to get a new car loan asap and if so how much are you looking at borrowing and over how long? It's great that you've kept the payments up to date on your car as this will look good on your credit profile. Regarding your other credit history don't worry as we have many lenders who help people that need bad credit car finance. Kind Regards, Edwin

Posted by on

Question.

Thanks for your response Edwin, it doesn't really say on my agreement, just that on the 48th month a final payment of £5,350 is due. I'm assuming, I can part ex it, it doesn't say anything about having to give the car back. Its a pretty rubbish agreement to be honest through Fortis Lease. I'm trying to pay off as much as possible, as I have the Golf will be worth more than £5.3k next March, possibly £7k. I might get my credit report and take a look at it. Is it worth asking Fortis Lease whether they would lend against another car, do you have any dealings with them? Do you have an email address I can contact you direct on? Thanks.

Posted by Karen P on

Answer.

Hi Karen, i know of Fortis Lease but we don't deal directly with them to be honest. From what you've said we would be able to take the car in part exchange and settle the existing finance with Fortis no problem. Yes it would be worth asking Fortis lease to see whether they would consider financing you again and see what they say. They may be able to get you a good rate but you won't know until you apply with us or ask Fortis the question. Hope that helps. Kind Regards, Edwin

Posted by on

Question.

Hi Edwin, since my last post, I've called Fortis Lease and they cannot re-finance as they are closing that side of the business. Thinking about it, I'd like to finance the balloon payment only which is £5,300. In the economic climate, I think I'd have more chance doing that, than going for a new car with part ex etc. Do you think I would be successful at financing the £5k. Would be able to afford £300 to £350 a month.

Posted by Karen P on

Answer.

Hi Karen, thanks for coming back to me. It's a shame Fortis can't re-finance the baloon but i suppose you'll have to look elsewhere as we couln't offer the £5k finance as you already own the car and we don't do personal loans. Have you tried your bank or local high street lender? If your credit history is ok you should be able to get approved at a half decent rate. Kind Regards, Edwin

Posted by on

Question.

Hmm I can't see me getting a personal loan, as that's more risk for the lender, as opposed to asset finance. I may have to trade in the car then. It'll definitely be worth more than £5,300, at least £7k I reckon. So if the figures are right. I'd like to spend £250 a month if poss, I could be in a position to have another car. We'll look into more nearer the time. Thanks anyway.

Posted by Karen P on

Question.

Hi, 2 years ago I was self employed and I got into a little financial difficulty. I have 2 defaults (one is settled and paid) the other I am paying per month fine. I have an arrangement to pay loan that will be settled in 6 months (£80 a month). And then 2 credit cards (Barclaycard) in arrangement to pay (both being paid off per month at £45 a month.) Other than that I have 2 overdrafts that are cleared every month (250 each on a joint and sole account with Santander.)And a LLoyds credit card in normal measures paid per month at £50.Can I still get car finance with you guys? Daniel

Posted by Daniel on

Answer.

Hi Daniel, it's a tricky one to answer without looking at your credit profile. We do specialise in helping people with an impaired credit history and i'd love to help. But we need you to apply so that we can see your credit profile and assess whether any of our lenders would take a chance with you. Hopefully they will as we do have strong relationships with them. Edwin

Posted by on

Question.

Hi, i have two defaults on my credit score, one for £81 and one for £400. both are now satisified but i know this stays on your account for 6 years? how badly will this affect my chances?

Posted by Louise Henry on

Answer.

Hi Louise - as your defaults are only for small amounts the chances of getting you approved for finance are quite high. Do you have a full uk licence and are you employed? If so, your chances are even greater. How much money are you looking at borrowing and over how long? Do you need the car for work or for social purposes only? Thanks, Edwin

Posted by on

Question.

Yes i work full time, and have a full license. I'm not sure on the amount, not expensive its just my current car is on it's last legs. i use my car for everything i work somewhere where there is not a very good bus route so without a car it would be hard for me to get there. Thanks

Posted by Louise on

Answer.

Thanks for the response Louise. Please make an application and we'll try our best to get you approved.

Posted by on

Question.

Hi I was accepted by another car finance company a few months back but lost their details! Anyhow I had 6 defaults totalling £32k following redundancy a few years back but thet were all settled 10 months ago. Since then I've had 2 cash builder credit cards which I use and pay regularly although I went over the limit by a few pound twice. I am a home owner (mortgaged) work full time with an annual income of approx £30k and have a part ex passat tdi s reg worth about £1k do you think you could help pls and what would the interest likely be? Also what amount do you think I would be allowed to lend please? I would like a 2006 Audi Quattro diesel convertible - dream car! Thank you!!

Posted by Anna on

Answer.

Hi Anna, it'll be difficult to tell you how much we can lend you until we've seen your credit report and got you approved with on eof our lenders. We can't guarantee an acceptance but we'll certainly try and get you approved. How much are you looking to finance? If you have a poor credit history and want to finance a significant then it always helps to have a 15% deposit. Is this the case? Are you on the electoral roll and can you provide proof of income and a proof of address? Kind Regards, Edwin

Posted by on

Question.

Thank you for being honest. My credit score is 592 I am on the electoral role have 6 months pay slips and can provide bank statements etc my car is worth around £1k which I could sell and add some to but on basis of a £6k car yes just about lol! I can also provide proof of address (which I rent) but I also co-own a mortgaged property if that helps? Thanks again!

Posted by Anna on

Answer.

Hi Anna, your credit score isn't the lowest we've seen by a long way. I'm confident that we may be able to get you approved and it's great that you can get all the relevant documents. £6000 wouldn't be an issue and a £1000 part ex can be taken as full deposit. Please make an application and we'll see what we can do. Good luck ;-). Edwin

Posted by on

Question.

Hi there, i applied online to see my credit profile and there were 2 defaults on there. One for a mobile bill back in 2007 for £300 and a catologue bill for £1,143. I have a credit card which i pay every month so what are my chances of getting a loan?

Posted by Tayyibah on

Answer.

Hi Tayyibah, as your defaults are under £5000 and one was way back in 2007 i think there's a good chance that we can help. Have you paid back your catalogue debt or not? If so, that's good news. Do you work and if so can you prove your income with payslips, are you on the electoral roll and do you have a full UK driving licence in your current address? Lastly, do you have a deposit or part ex and how much are you looking to finance? Regards, Edwin

Posted by on

Question.

I need to get a new car for a new job I am starting as don't like the company cars on offer. I will be putting down deposit of around £5400 and my work supply me with £550 per month to put towards a car. I had bad credit in the past but I have repaid everything and have got myself a mobile phone and credit card to build up my credit score. However, i still can't get a prime lender loan. Can you help?

Posted by Bill Clint on

Question.

Hello, i'm looking to purchase a car for work but I have a poor credit rating (713). I am too scared to apply for finance incase I get rejected. I am looking to buy a car for about £10,000 (with £3,000 deposit). I need this car for work so it has to be relaible. What are my chances?

Posted by Tolu Williams on

Answer.

Hi Bill, as you've had bad credit in the past we wouldn't be able to get you accepted with a prime lender. However, we do have lenders on our panel that may be able to help get you into a new car. The fact that you have a large deposit is obviously good news too. The rates you'll pay are between 12 and 15% approx. What cars are you interested in? Edwin

Posted by on

Answer.

Hi Tolu, with a credit score of 713 and a £3000 deposit i'm more than confident that we'll be able to get you approved for car finance. Do you have a UK driving licence and UK passport? Regards, Edwin

Posted by on

Question.

I am looking for an Audi A4 or A5. I can also stretch my deposit to £6000.

Posted by Bill Clint on

Answer.

Thanks Bill, please apply and we'll see which one of our lenders we can get you approved with to obtain the best rates to meet your circumstances. Regards, Edwin

Posted by on

Question.

Hi, I have a £400 per month for a car allowance with my new job. I have a credit score of 625 and I'm in a debt management plan. I am moving into a new house in June and I'm currently not on the voters role, although I am in full time employment and I am paying the bills on time now. Is it possible to arrange any finance? I have tried with another loan company and it was unsuccessful.

Posted by Tim on

Answer.

Hi Tim, we can potentially get you approved for car finance but as you're in a DM plan would you need authorisation from your creditors? Also not being on the electoral roll does have an adverse effect on obtaining car finance. Where di dyou apply and get declined and lastly would you have any form of deposit? Edwin

Posted by on

Question.

I have very bad credit rating and am currently in a debt management program. However, I have also just started a second secure job and my income is around £1300 per month. I need a car with this new job - what are my chances of being accepted for around £7000? I am on the electoral roll and have a full UK licence.

Posted by Ryan on

Answer.

Hi Ryan, we'll certainly do our best to help you out bit it all depends upon how bad your credit actually is when we take a look at your credit profile. The good news is that you now have a decent income, are on the electoral roll and have a full UK driving licence. If accepted the £7000 may be an issue without a large deposit of say £1500. Is that possible or do you have a part ex? Lastly, have you applied at any other companies on the internet and if so who were they and what was the outcome? Regards, Edwin

Posted by on

Question.

Hi there, I too have just got a new job with car allowance of £5k. I moved back in with my mum about 3 months ago, so I am not on the electoral role and do not have bills in my name as they are in my mum's. I have bad credit and at most, could get a deposit of about £300 at a stretch. Is there anything you could do for me? I am worried I have no options left :( Thanks.

Posted by Lori on

Answer.

Thanks for the question Lori, have you applied elsewhere online? If so, can you tell me where and what he outcome was? We could potentially help you but it would help if you were on the electoral roll at your Mum's address. Where is all your current active credit registered? Kind Regards, Edwin

Posted by on

Question.

I haven't applied anywhere else as I am doing my research first. Am I able to give you a call to discuss please? Thanks

Posted by Lori on

Answer.

Hi Lori, yes of course - please call and speak to Alex Hurst and ask any other questions you may have. The best number to call is 0800 019 7180. Kind Regards, Edwin

Posted by on

Question.

My husband has recently started a new job and has been given a company car allowance of £300 per month. However, we both had to declare bankruptcy and were discharged in sept 2011 therefore no dealers will be able to help due to the credit file stating this for 6 years.Would you be able to help my husband get finance on a newer and more reliable car?Thanks

Posted by Kelly Nelson on

Answer.

Hi Kelly, we can certainly try as we have more lenders than your average dealer on our panel and we can help people who have been bankrupt in the past. Please make a joint application when possible. Have a great weekend, Regards, Edwin

Posted by on

Question.

I have a poor credit rating but i am in a new job with better pay and am sorting everything out. I need a reliable car to get to and from work. Can you help?

Posted by Edward S on

Question.

Hi Guys, i have a great job paying £40,000 pa and my car has over 170,000 miles and worth about £1000. I would like to buy a Vauxhall Insignia SRi TDi as I travel a lot with work. Will you be able to help me ?

Posted by Andrewt on

Answer.

Hi Edward, yes we'd love to help. We specialise in helping people with poor credit and i'm sure we can do something for you. Do you have a deposit and what amount of finance are you looking for? Congratulations on the new job too. Have a good evening and we look forward to receiving your application. Kind Regards, Edwin

Posted by on

Answer.

Hi Andrew, as you have a good income and a decent deposit amount in your part exchange i'm confident we can get you approved for finance on a Vauxhall Insignia. Have you located one at a local dealer. If so, great - if not, take a look on our site as there's some choice on there. You have the choice to have one of our cars or find your own. Kind Regards, Edwin :-)

Posted by on

Question.

Hi, I am looking to buy a decent car. My current status is that i have a good income earning £44000 per annum but my credit rating is 400 and i have a default for £20000 on a managed loan since i am paying a minimum amount. I am looking for a second car for £2500. I was declined before for finance. Any chance a getting a car finance.

Posted by R. Cruz on

Answer.

Hello R. Cruz, we do have lenders that help individuals with past defaults get car finance. As you have a large income and only require £2500 i'm confident we can do something for you. As long as you can prove your income, have a full UK licence, have some current clean credit and you are on the electoral roll at your current address we have a good chance. Please apply when you're ready. Kind Regards, Edwin

Posted by on

Question.

Hi, I lost my full time job of 10 years due to cutbacks and struggled to find suitable flexible employment around childcare so I set up my own business.

I already have a car on hp and never missed a payment on this or my mortgage; however my other debts I defaulted on and pay arranged minimum payments each month. My current car is not suitable for my new business as I need a 5 door; if I haven't defaulted on my HP loan but have on other debt can I change my car? Thanks

Posted by Danielle Harford on

Answer.

Hi Danielle, thank you for your question.

As you have some clean credit history with your current HP agreement and mortgage i'm confident we can find a lender to suit your circumstances. We do have lenders on our panel that help people with past defaults.

As you're self employed we'll need to see 3 months bank statements proving your income so hopefully this isn't an issue. 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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