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.

£14,000 for car finance

Hello Edwin,I am looking to get finance for a round £14,000. I have a monthly income after tax of £2200. I have a CCJ which is 4.5 years old and is satisfied and 2 satisfied defaults. No other arrears. Unfortunately I took out a number of Payday loans late last year / early this year, but paid them off gradually over the past 9 months, rather than in one go. As a result of this i have multiple Paydayloans on my credit file (all settled). Will there be a chance I could get finance with this on my file and with my previous history? I do have a mortgage with imppecable history.

Posted by Bruce on

Answer.

Hi Bruce, we could help you but you'd need a minimum of £1500 deposit. Is this possible? Car loan lenders don't look kindly on people who have taken out payday loans as they seem to be taking out one loan to re-pay another. However, as you have a clean mortgage this will certainly help. If you have the deposit required please apply on our site and respond to me with your reference number so that i can look into your case. Kind Regard, Edwin

Posted by on
5/5

Rate Edwin’s advice.

image description

Question.

Hello Edwin, £1500 deposit won't be a problem, but will take me a month or so to sort out. The payday loan thing is annoying as I didn't realise that the company would record a "new" loan every time I made a partial payment, rather than a full one. Do you have any experience of dealing with people who have previously taken out a PDL ?

Posted by Bruce on

Answer.

Hi Bruce, yes it is still possible to help you but some lenders won;t accept you due to taking out payday loans but there are other options - it just narrows them down somewhat. Looking forward to receiving your application when you have your deposit ready.

Posted by on

Question.

Thanks Edwin, will start saving now. Incidently, do I have to purchase one of your own stock of used cars or can I locate a car and you sort the finance on that?

Posted by Bruce on

Answer.

Hi Bruce, both are options to be honest. We have over 500 cars to choose from and if we don't have anything you fancy we can source you the exact car you want through our supply network. If that fails you can choose you car from any dealer. Edwin

Posted by on

Question.

Thanks Edwin. Do you generally work then at a 10% deposit ie £18000 finance = £1800 deposit etc? Or does that depend on the lender / credit history etc ?

Posted by Bruce on

Answer.

Hi Bruce, yes - it all depends upon the lender and your credit history. But if your credit history isn't great you'll need a minimum of 10% deposit.

Posted by on

Question.

Hi Edwin, I have been turned down for finance on a £13,500 car. I was putting in a deposit of £7,700 but I have a really bad credit rating due to a messy divorce. I am in full time employment on around £44K. Do you think I might be able to help? Thanks. Brian

Posted by Brian on

Answer.

Hi Brian, It is hard to say without seeing an application but we do deal with a subprime lender who will lend up to £15-25k. However you will definitely require a deposit. Please make an application so we can see what we can do for you. Thanks

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