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Car Finance Expert Q&A

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Edwin Miles. Underwriting Manager

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Car Finance With a Low APR

Edwin, I have a score of 800 on Experian but one satisfied default status from a student account. I am aiming for a £7500 loan, which I can put down approx £2000 deposit. I wish to finance the remainder but do not want to get a loan with an APR over 8%. Currently with my credit profile I'm looking at 19%. Can you help?

Posted by Graham on

Answer.

Hi Graham, with a default on your credit profile and an average score of 800 you'd be incredibly lucky to get anywhere near 8% APR. Sorry to be blunt but wouldn't want to get your hopes up. We'd be able to help i'm sure but you'd be looking at 14% - 16% depending upon which lender we can get you approved with. Your large deposit certainly does help matters though. Are you employed and are you on the electoral roll? Edwin

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Question.

Edwin, I was afraid of that. I am on the electoral roll and I'm in employment with a reasonable salary of approx £35k. I think if the APR is as you say it may be I think my best option is to save for a few extra months and buy outright. Thank you for the correspondence and your time.

Posted by Graham on

Answer.

No problem Graham, i understand. Just remember to strengthen your credit file take out a small loan or credit card and keep payments up to date at all times. This may already be the case but i thought i'd mention it. Kind Regards, Edwin

Posted by on

Question.

Hi, before I applied for vehicle finance last week, my credit score on Experian was 825. Now with the various searches that have been done it has dropped to 754. I was rejected for prime finance and refuse to pay 25%APR. If I applied through you, do you think I could get a better deal? Many thanks, Megan

Posted by Megan T on

Answer.

Hi Megan, apologies for the delayed response. I know we could get you accepted but the rate you'll pay will be between 15% and 20% of i'm honest. This isn't too bad to be honest as you could re-deal after 12 months into a better deal after your credit history has improved. Would this be sufficient? Kind Regards, Edwin

Posted by on

Question.

Hi there, i have seen your website for car finance, i don't mean this to sound rude or anything, but it almost seems to good to be true with the Apr % being so low. How does it all work in terms of me buying a car, i have seen one i like but it involves a part exchange, cheers

Posted by Daniel B on

Answer.

Hi Daniel, the 6.9% APR is our headline rate that we advertise and to get that rate you have to have an excellent credit history. Obviously if you have a fair or poor credit history you won't get that rate. In terms of how our service works it's pretty simple. All you have to do is apply, get approved and then go and choose your car from any dealer nationwide. We facilitate all the paperwork and once signed the funds get released to the supplying dealer. You then go and collect your new car. We also have cars to choose from on our website so feel free to take a look. Delivery is free and the cars come with 12 months MOT and 6 months warranty. Regards, Edwin

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