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Car Finance Expert Q&A

Hi, I'm Edwin and I'm here to help you!
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Edwin Miles. Underwriting Manager

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Would I be accepted for finance?

Hi Edwin, Would I be accepted for finance? I had an IVA which started nearly 4 years ago but completed when I was laid off work 2 years ago. My payments at that point were up to date and I used my redundancy as full and final payment. I have been debt free since only holding one credit card which has the full balance paid every month. Thanks

Posted by Andy on

Answer.

Hi Andy, there's a good chance we can get you approved for car finance as your IVA was completed 2 years ago and since then you've maintained a good credit record. Do you have a deposit, are you employed now and are you on the electoral roll? Please let me know asap and sorry for the delay in getting back to you. Edwin

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Question.

Hello. I have a very bad credit score of 532. I am not on the electoral role. Would I be able to get car finance for around £5000? I can provide wage slips, and have had the same bank account for around 3 or 4 years.

Posted by Amy on

Answer.

Hi Amy, i'd advise to get yourself on the electoral roll before applying as that will strengthen your score and improve your chances of being approved. Do you have a deposit at all as that would also help? Have you applied anywhere else online yet and if so where and what has the decision been? Regards, Edwin

Posted by on

Question.

I have a £500 deposit and no I have not applied anywhere else as I have tried to apply for credit cards and been refused so I don't think I would get accepted for car finance anywhere else. Thanks

Posted by Amy on

Answer.

Ok - the deposit is good news. We could try and get you approved now as we do have many lenders but getting yourself on the electoral roll would certainly help. It's up to you - how desperate are you for the car?

Posted by on

Question.

I can wait. I have got the form for the electoral role and will send it off tomorrow. Hoewever I will probably only end up on it around December / January. I will wait and come back to you when I am on it. Thanks

Posted by Amy on

Answer.

Thanks Amy :-)

Posted by on

Question.

Hi Edwin, I have made an application for finance with a leading car dealership, i am not on the electoral roll, but i have requested to be added within the recent weeks. What is the likelihood i will be rejected for credit based on this fact? I am trading in a car, and have recently updated all my addresses so that they are correct. My experian credit score is 978 and my equifax is 486, will i get rejected? Or will the credit company ask for proofs of my address?

Posted by Goofbot on

Answer.

Hi Goofbot, as you have a high credit score and the fact that you have changed all of your active credit accounts over to your new address you should be approved to be honest. Electoral roll status is a big signal but if you have traceability at your old address and they can see you have just moved then you should be fine. If you don't get approved come and apply with us and we'll get you approved - we can even take your part exchange in swap if you purchase a car from us or we could just supply the finance so you can buy a car from any dealer. Kind Regards, Edwin

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