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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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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.

I desperately need a new car on finance

I have a bad credit record, am self employed and have no deposit although I do have an X reg Fiat Punto as part ex.

Would you be able to help me or not as I desperately need a new car to allow me to run my business effectively? Thank you

Posted by Paula on


Hi Paula, the good news is that we have a few lenders on our panel that can help you even though you have no deposit (other than your part ex which may be worth £200 to £300) and you have bad credit.

However, as you're self employed we'd need 3 months bank statements so that you can prove your income. Would this be an issue? If not please apply when you get 5 minutes and let me know your reference number when you have completed the application. I'll then try and see if we can get you placed with the lenders i have in mind.

Once approved we provide a no obligation quote and you can buy a car from any dealer in the UK. Kind Regards, Edwin

Posted by on

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Hi, My names Paul, i currently am in desperate need of a car. Unfortunately being young and foolish i messed up my credit rating a couple of years ago and have been struggling to lend any money. I'm 22 years old and have a full UK drivers license, my credit rating is bad. I could get a guarantor if needed to. I need car finance and i'm looking to borrow about £4500 and i could afford £200 a month. I earn £1100 a month - What would my best route to go down be to get approved and also if i made an joint application and got turned down would this affect the other applicants credit ratings? Thanks, Paul

Posted by Paul M on


Hi Paul, you have hit the nail on the head. To get approved a guarantor would drastically improve your chances due to your age and past bad credit. If approved the £4500 wouldn't be a problem as you earn a decent monthly wage. You also seem to have a good sized budget too. Please make a joint application online asap and if approved you can choose your car from any dealer. If declined the credit search wouldn't effect your co-hirers credit. Please get their permission first though. Kind Regards, Edwin

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