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Car Finance Expert Q&A

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Edwin Miles. Underwriting Manager

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£2000 for a car loan

I have found a used car valued £2000 at a car dealership. Can I apply for finance through Carfinance24/7?

Posted by Hayley Gilman on

Answer.

Hi Hayley, yes the £2000 wouldn't be a problem as long as the dealer is reputable and has a consumer credit licence (the finance company will need to see a copy of this - but don't worry about that for now). How many cars does the dealer have? Would you have a deposit and how is your credit rating? I look forward to hearing from you. Edwin

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Question.

I need to know if can get £2000 loan for buy second hand car

Posted by Lucy on

Answer.

Hi Lucy, please make an application on our website and we'll find out tomorrow whether you've been successful. As you can imagine there are lots of factors that our lenders will look into. Edwin

Posted by on

Question.

My car finance has been approved with yourselves but I only wanted to borrow around £2000 which I stated on the application. I received a telephone call from your team saying that you would only lend me £6000 plus to buy a car, and we have to put the first £400, this is not stated on your website and why is this when we don't need to borrow so much?? Many thanks, Melanie

Posted by Melanie on

Answer.

Hi Melanie, thank you for your question and apologies for the delayed response. Unfortunately the lender you have been approved with does have some minimum criteria that has to be met. As they are financing the car (the asset) they need to be sure they are financing the money they are lending against a good quality car to protect their exposure. The £6000 is the minimum lend and the £400 is required but if you stretch the £6000 over 4-5 years for example you can get the same monthly payments as say borrowing the £2000 over 2 years and you can also be assured of getting a car that is perhaps still under manufacturers warranty. You can also swap your car after 2-3 years so you don't have to keep the vehicle for the full term. I hope this makes sense and i'm sorry about the current situation but we'd still love to deal with you if we can work a deal out. Have a great evening. Edwin

Posted by on

Question.

Hi Edwin, thank you for your reply. What kind of cars do you have that we could consider, we are looking for a small family car like a ford focus or seat leon which is economical and cheap to maintain. We didn't really want to spend too much on another car but with my partner getting another job and us both having to travel to get to work we now need a second car. What kind of deal/car could you offer us? Many thanks Melanie.

Posted by Melanie on

Answer.

Hi Melanie, you can either choose a car from our website (under the cars section) or choose a car from any reputable dealer. Our cars come with 6 months warranty, 12 months MOT and free delivery. In terms of payments you'd be best to discuss that with your sales agent. Can you remember his/her name? I can find out if not :-)

Posted by on

Question.

Hi, I've got bad credit, that i wont deny, but do have an expendable income of in excess of £1000 4 weekly. Is it possible to get a small loan for a used car of around £2000 - £2500?

Posted by D Holstead on

Answer.

Hi D Holstead. Well firstly your income should more than cover you for that kind of advance in terms of your affordability. However we gain approvals based upon your credit profile. What is it that makes you think your credit is bad? do you have defaults? late payments? arrears? If the answer to any of these is Yes then we can still help. We deal with most of the lenders on the market and we do manage to secure 90% of our customers an approval. Please make an application at your leisure and we can try our best to get you an approval. Thanks, Edwin

Posted by on

Question.

Hello, i am currently unemployed but have a good credit ratting as i have been offered many personal loans recently and got one credit card. I am on benefits at the moment. I wonder if i can apply for £2000 to £2500 loan to get a used car, any advice would be appreciated. Many thanks, Ali

Posted by Ali on

Answer.

Hi Ali, as long as you have a good credit score, come clean active credit, a UK licence and are on the electoral roll at your current address we should be able to get you approved for £2000 even though you are unemployed. If this is the case please apply. Kind Regards, Edwin

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