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Car Finance Expert Q&A

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Edwin Miles. Underwriting Manager

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£4000 car loan

I have a poor credit rating and would like finance for £4000.

I work part time only and earn £835 a month. I had been approved for finance with another company but was declined when I produced wage slips because I was not earning £865? Could you assist me ?

Posted by Wayne on

Answer.

Hi Wayne, we'd love to be able to help and I'm fairly confident that we can as we do deal with lenders that help people who work part time.

Where did you apply and get approved only to be turned down? If you can let me know, it would be greatly appreciated. Your income should just about allow us to get you the £4000 that you need which is positive and if you have a small deposit that will help.

Please make an application when you're ready and, if approved, you can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Edwin

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Question.

Hi Edwin, I have a default of my account due to the fact that i missed some payments in 2009/2010 whilst i was working away. However, i have been paying this off since i returned back. As things stand now, my current credit rating from Experian is 780. I am looking at buying a car of around £4000 and i have a deposit of £1200. Please, do you think i will be able to get a car loan with my situation? Thanks

Posted by Moses on

Answer.

Afternoon Moses, I hope you are well. From what you have told me I am fairly confident that we should be able to help as it is clear that you are trying to improve your credit profile and this is what our lenders like to see. If you'd like to see if we can help, please make an application when you are ready. Thanks Edwin

Posted by on

Question.

Hi, my credit score is around 549 as i have a few old defaults on my file but everything has been paid on time in the last few years. I am on the electoral roll and currently earn around £22,000 per year. I will be looking for a car price range of £4000-6000 and have £1000 available for a deposit. Do you think i would be approved and if so what interest rate would i be looking at. Thanks

Posted by James on

Answer.

Hi James, although your credit score is fair to poor, you do have a healthy income and are on the electoral roll, with are both benefits to your application. We do have lenders that help people with past defaults. If approved, the minimum of £4000 should be fine. Please apply when you are ready. Kind Regards, Edwin

Posted by on

Question.

I am looking to finance a new car for £4000 over 48 months and wanted to know what the monthly payments would be?

I've had finance before but have given the car to my sister who is paying the finance although it's still in my name. My income is £1400 per month.

Posted by Kealan Watters on

Answer.

Hi Kealan, thank you for your question.

With a healthy monthly income of £1400, we'd be fairly confident of being able to get you approved for the £4000 needed. The amount you repay will depend upon your credit history but as a rough guide if you have a good credit history you'll be paying £100 per month over 48 months for £4000.

Please make an application when you're ready and, if approved, you can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Edwin

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