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Car Finance Expert Q&A

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Edwin Miles. Underwriting Manager

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22 year old needs £14,500 for car finance

Hi, I have seen a car which i need £14,500 on finance for. I will be putting a £2000 deposit down and have a credit rating of 431 on equifax which it says is good. I'm 22, on the electoral register, have a full driving licence (had for 5 years) and have been at my current address for over a year. Am i likely to be able to get a loan for £14500? I'm petrified of applying and being declined! Thanks, Lauren

Posted by Lauren on

Answer.

Hi Lauren, we have every chance as you have a good credit score and a large deposit. The fact that you're on the electoral register is good news too. How much current credit do you have? Have you got other finance agreements or credit/store cards? Lastly are you employed full time and what is your Net monthly income as you may be asked to provide payslips etc. Kind Regards, Edwin

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Question.

Hi, i wanted to get a car on finance and i have good credit rating which scores up to 900 something but i am not working. Will i possibly be eligible to receive finance?

Posted by Sana on

Answer.

Hi Sana, if you're not working and you have a good credit profile there may be a chance of getting you approved. How much do you need and do you have a deposit? Edwin

Posted by on

Question.

About £13000 and i could put a deposit of £2750 down.

Posted by Sana on

Answer.

Hi Sana, that's great but do you have a good credit history or not? Edwin

Posted by on

Question.

Hello, i'm 22 nearly 23. I have a student loan and I am in full time employment. I am looking at getting a used car around £7k. I applied for a loan through my bank which got declined. I am living with my partner who pays rent on our house but I pay all bills and have never had a late payment. I also have a phone bill which I have had for 5 years and I have never had a late payment. I have my current car which book price is around £1000 which I would put down as a deposit. Is it likely I would get finance? or due to my lack of Credit is it unlikely? Thanks

Posted by Kerry on

Answer.

Hi Kerry, we can potentially help if you're active credit is in your current address and you're on the voters roll too. Is this the case? If so, please apply and i think we can help even though you don't have much credit. Kind Regards, Edwin

Posted by on

Question.

Hey, I'm 22, work full time, just checked my credit rating score and it is 673. It also says: Positive Attributes: No court judgements. On electoral role.1 clean account. Negative Attributes: Aged 22, Your Lender Score History: 673 - Your Landlord/Employer Score History: 806. Would I be eligible for car finance and if so how much?

Posted by Gary on

Answer.

Hi Gary, apologies for the delayed response. I'm confident we can get you approved for circa £5000 mainly due to your age and fair score. How much did you require and do you have a deposit? Edwin

Posted by on

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