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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.

Does applying for a car loan leave a footprint on your credit profile?

Hello, I have a credit rating of 736 as per credit expert and my car has today failed its MOT.

I do not have any savings or a deposit but wondered what the likelihood of me being accepted for credit is as i will probably not apply if there is not a great chance. Please also confirm if applying will leave a footprint on my credit report? Thanks

Posted by Laura on


Hi Laura, yes - applying for a car loan does leave a credit search / footprint on your credit profile but we only carry out a maximum of 2-3 searches when you apply.

As you have a fair credit score I'd be fairly confident that we could get you approved for car finance as long as you are employed and can prove your income.

If approved, we provide a no obligation quote and you can choose your next car from any reputable car dealer in the UK. They would obviously take your current car in part exchange from you. Have a great evening and please apply when you feel ready. Kind Regards, Edwin

Posted by on

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Hi, I have just gone self employed this week working a contract that guarantees an average of £688 pw after tax. I have a credit score in the mid 700s and I'm living with parents at the moment.

I need to buy a reliable estate car for work as I am currently relying on a colleague for travel. What are my chances of finance for a vehicle around £8000 with under 80k miles and is around the 2006-2007 year? Finally, does applying for car finance effect my credit score?

Posted by Cameron Douglas on


Hi Cameron, thank you for using the Q&A and apologies for the delayed response.

Applying for finance for any product does impact your credit score slightly as you're applying for a new credit agreement. The more times you apply for finance, the worse it looks, so when you make an application for car finance please just use our company to start with. Hopefully we'll have you approved with one of our lenders in minutes anyway.

The only stumbling block I can foresee is that you won't have 3 months' bank statements yet to prove your income. Is this the case? As you're self employed with a fair credit score this is what we'll need to send into the lender. If approved, the £8000 shouldn't be an issue.

Please make an application when you're ready, and keep all your payments up to date while you're collecting the 3 months bank statements. Kind Regards, Edwin

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