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Car Finance Expert Q&A

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Edwin Miles. Underwriting Manager

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Car Finance with Tax Credits & Child Benefit

Hi, i am a single parent who works full time 40 hours per week, which achieves £212 net per week. I also receive £820 per 4 weeks tax credits for my two year old and £81 per 4 weeks child benefit.

I live at home with my parents and i have a poor credit history. Would a finance application take into account all of my income £1749 per 4 weeks or only the income from my employment?

Posted by Christopher on

Answer.

Hi Christopher, we do have lenders that will take tax credits and child benefit into account so that's good news. The only obstacle we need to overcome is your poor credit history of which i'm confident we can as we do have access to specialist lenders that help people with past credit problems (CCJ's & Defaults etc).

When you're ready please make an application and if approved we provide you with a no obligation quote and you can buy a car from any dealer in the UK. We'll certainly try our best to get you approved. Kind Regards, Edwin

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Question.

I have a credit score of around 660 and but want to apply for car finance. My income is £470 a week from child tax credits. I can afford the repayments, and can put up maximum of £1000 deposit. I am looking at cars priced approx £3000 max. Do I have any chance of being accepted? Regards

Posted by Claire Ambrose on

Answer.

Hi Claire, some of our lenders do take working / child tax credits into account when working out affordability but if you don't have a job we won't be able to get you approved unless you have an A1 credit history. Are all your current loan / card payments up to date? Regards, Edwin

Posted by on

Question.

I have poor credit but am a self employed courier. Although I receive benefits to top up my income my fortnightly wage is minimum £450. My girlfriend doesn't work and only holds a provisional licence. She is in receipt of benefits of around £300 a week. Affordability is not the problem and whereas my credit is poor hers is ok. Would doing a joint application destroy her good credit? Also what is the likelihood of me getting approved? Regards, Chris

Posted by Chris on

Answer.

Hi Chris, it wouldn't help to add on your partner on the application as she doesn't work and only holds a provisional licence. The only lender that we have access to that helps people with provisional licences also needs to see proof of income so that's out of the question. We may be able to help you as we do have many bad credit car finance lenders that also take tax credits into account when calculating affordability. If we can get you approved can you prove your income with bank statements etc? Kind Regards, Edwin

Posted by on

Question.

Yes I can provide bank statements to prove my income and I am also on my partners tax credit claim and have an award notice with my name on it also. Do I have a good chance of getting approved? Regards

Posted by Chris Boyle on

Answer.

Hi Chris, it really all depends upon your credit history. Do you have any CCJ's or defaults? If so, please let me know the amounts. We will certainly try our best to get you approved though. Have you applied at any other internet brokers? Edwin

Posted by on

Question.

Hiya, my partner and I are in receipt of job seekers allowance and we also receive child tax credits of £424 every week. We desperately need a car as at the moment we have 8 children living with us. We are also in receipt of their child benefit. We have more than enough income and left over money to finance a car, but no one is able to offer us any help with regards to being accepted for car finance. We can provide evidence in the form of letters and bank statements to show how much money we have coming in. Are you able to help us please? Best wishes, Dawn and Stuart

Posted by Dawn Banks on

Answer.

Hi Dawn, apologies for the delayed response. We'll be able to help if either yourself or Stuart have a good credit record. Is this the case? If not then we won't be able to get you approved as you'd be classed as unemployed in the eyes of our fair/poor credit lenders and they won't accept you unfortunately. However, as i have said if either of you have a good credit history then please apply and we'll be able to get you approved for car finance :-) Have a good weekend. Edwin

Posted by on

Question.

Hi there, just wondering if there's anyway you can help me secure some finance for a car? I have previously poor credit rating and also have just started working part time, i earn around £700 per month. Plus we receive partial family tax credits.

Posted by Mark on

Answer.

Hi Mark, as you're working we can take the tax credits into account when working out your affordability. Please make an application when you get 2 minutes and we'll am to have a decision within 1 working hour for you. Kind Regards, Edwin

Posted by on

Question.

I do not have brilliant credit and always get refused when i apply for anything credit related. I have a good income but this is based on wages and tax credits, would a lender take this into consideration or would it just go off my wages. i have only 1 outgoing. and nothing else. what are the chances of me getting finance?

Posted by Mel on

Answer.

Hi Mel. Thank you for your question. The good news is that some lenders will take tax credits and other benefits into consideration when calculating affordability. The main issue would be your credit profile. What is it that makes you think it isn't great? are you currently in arrears? do you have any outstanding defaults? Maybe put an application through so we can assess your profile and try out best to place you with one of our lenders. We do deal with a large number of lenders and many of these will help customers who have previously experienced credit issues. Thanks Edwin

Posted by on

Question.

Hi I am not currently working, I am widowed and live off pensions, widows allowances and money for my children including dla for one of my children. This totals £2300 per month. With no rent or mortgage or credit cards. Would I be eligible to apply ?

Posted by Rebecca on

Answer.

Hi Rebecca, thank you for your question and I apologise for the late reply. The good news is that we do have some lenders who will finance customers who are in receipt of DLA, Pensions etc. You would need to make an application so we can take a look at your credit profile to assess whether we think you would be approved with one of these lenders. Please make an application when you are ready. Thanks

Posted by on

Question.

Hi i'm married and on disability and my son is also disabled. My wife and I have a joint income of 3995 per month and need £13000 car finance.can you help please please as our car is dying as we speak

Posted by Leonard on

Answer.

Hi Leonard, It really depends on your credit profile. We do have lenders who will finance customers who are in reciept of benefits. However it would increase your chances if you have someone who is full time to go on the application.I hope this helps, Edwin

Posted by on

Question.

My wife only works part time not full time but is willing to go on with me if that's a possibility that is.thanks for your time

Posted by Leonard on

Answer.

Hi again Leonard, I cannot guarantee anything but having your wife on the application may help. I would advise that you put both details on the application so our underwriters can advise on the best option for you. Thanks,Edwin

Posted by on

Question.

Hello, I am wondering if you will be able to help me? I have a credit score of 773 and I have recently re-joined the electoral roll at my current address but it had not yet updated on Experian. I have lived at my current address for around 7 years, I work part time (24 hours p/week) and earn £900 per month.

I also receive £860 per month in tax credits and £81 child benefit. Therefore have a monthly income of £1841. I am looking for a car loan of around £13000 is there much chance of me being approved?

Posted by Jessica Lewis on

Answer.

Hi Jessica, thank you for your question.

From what you have said i'm confident we can get you approved as you have a fair score and a good combined income. The stumbling block may be the amount you wish to borrow (£13,000).

Do you have any deposit to place into the deal (cash or part-ex) as i think we may only be able to get you approved for £8000 approx. If that is ok please make an application and once approved we provide a no obligation quote and you can buy a car from any dealer. Kind Regards, Edwin

Posted by on

Question.

Hi, I have a credit score of 660, all of my accounts have been up to date for over a year and I currently have no arrears.

I'm after a car of about £6500. Would I be approved? I should add that I earn about £700 per month and also receive £500 tax credits. Thanks

Posted by Sarah Quinn on

Answer.

Hi Sarah, thank you for your question.

You seem to have a slightly below average credit score but one that we can certainly work with. As your combined income is circa £1200 per month i'm confident that we can get you approved for the £6500 that you need. The fact that you have no overdue payments is great news too.

Please make an application and once approved we provide a no obligation quote and you can buy a car from any dealer in the UK. Kind Regards, Edwin

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Question.

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