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Car Finance Expert Q&A

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Edwin Miles. Underwriting Manager

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Car finance for £20000

I have a credit score of 406 which is steadily rising each month. I have £5k deposit for a car but want a loan of £20k over 1 year. My take home salary is around £5500 per month. Can you help?

Posted by Harry on

Answer.

Hi Harry, thank you for your question.

Your credit score doesn't seem too bad and as you have a £5000 deposit and a healthy monthly income, we'd be should be able to get you an approval for the £20000 needed.

We work with a large panel of lenders, so we'd be hopeful of being able to find you a great finance deal at a great rate. Please make an application and if approved, we will provide a no obligation quote and you can buy a car from any reputable dealer in the UK.

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Question.

Hi I am in Part time employment and I clear £700 a month would I be able to get a £13000 loan I'm 19 years old.

Posted by Kieran on

Answer.

Hi Kieran.
Whether we are able to gain you an approval for such a large amount will depend upon your credit profile. Your age makes it harder for us to secure you an approval as you may not have yet built up much of a credit history, and this is what our lenders will look at in order to determine both suitability of the loan and risk.

If you have some current clean credit, such as mobile phone contracts, car insurance, bank accounts etc, we may well be able to help. In this case, we'd be looking to secure you approx. £5000-6000.
Without a large deposit, we would definitely struggle to get you approved for the £13k you require.

Kind regards, Edwin

Posted by on

Question.

Hi, I'm in full time employment taking home around £23,000 per year and my partner is a part time teacher taking home an average of £2000 p/m. I haven't been able to get car finance due to poor credit score from ccj's a few years ago. Would it be possible to get funding for £20,000 on a 5 year payment plan of around £350-400 p/m?

Posted by Joe on

Answer.

Hi Joe. From the information you have given me, I think that we should be able to help.

We work with a number of lenders that specialise in providing finance to those with previous credit issues, including CCJs. In regards to the amount you are looking to finance, I would suggest making a joint application with your partner as our underwriters can then take her income into account, meaning we may find it easier to get you approved for the amount requested. When you're ready, please make an application and we will see what we can do for you. Kind regards, Edwin

Posted by on

Question.

I'm 30 years old. Having graduated and worked a few years back, I went back to studies to do medicine and due to qualify this summer. I've pretty much got a guaranteed job as an NHS doctor from this summer (starting salary around 31k). Its very secure profession and the salary goes up on average 15k per year. I've not had a job for the last 5 years though being at medschool.I'm a bit tired of driving bangers now. If I was to apply for a cheeky 20k car loan/finance as soon as I started working, what are the chances I'd get it? I've had a 3 loans taken out in the past (ranging from 3000 to 6000) with no repayment problems, though I'm still in the process of paying one of them back. No credit problems as far as I am aware.* ALSO - if I'm not eligible, what need to change in terms of my employment for me to become eligible?Thanks again.

Posted by Saj on

Answer.

Hi Saj, thank you for your question and I apologise for the delayed response. Your chances of obtaining 20k vehicle finance will increase once you are full time employed. I would advise that you wait until you have been employed at least 3 months as many lenders require 3 months payslips/bank statements. Meeting affordability for £20k should not be a problem with your future salary. How is your current credit? have you been keeping up payments? are you registered on the electoral roll at your current address? If the answer to these is yes then we should have no problem securing you an approval I hope this helps. Edwin

Posted by on

Question.

Hey guys, I have fair credit and want to take a loan of £20,000 for my new car. I don't have a deposit and my income is around £1500pm. Is this realistically something that could be done?Thanks

Posted by Marcus on

Answer.

Hi Marcus, Unfortunately with a fair credit profile and no deposit you will struggle to gain finance for such a large amount. We do deal with a few lenders who would be willing to finance such an amount to customers who don't have perfect credit but they would require a deposit (of at least £1000). Additionally you would need to meet affordability in which case you would need to have a net monthly income of about £2000-2500. I hope this helps. Kind regards, Edwin

Posted by on

Question.

Hi, im 23 years old i have a poor credit rating due to miss payments when i was unemployed around 6 months ago . Ive recently got back on track im looking for a car loan of £13000 but im able to put a deposit of £2000 i'm currently employed would this be possible ? Thanks

Posted by Scott on

Answer.

Hi Scott. You would need to make an application so we can look into your credit profile. We do have a lender who will finance customers who have previously experienced credit issues up to £15-25k. However some form of deposit will be required. I hope this helps. Edwin

Posted by on

Question.

Hello, I have a credit score of 650 and my yearly income is £28,000.

I'm looking to get finance for a car of £22,000 and can pay a deposit of £4,000. Would i be accepted?

Posted by Lewis Taylor on

Answer.

Hi Lewis, thank you for your question and apologies for the delay in responding.

You seem to have a fair credit score, a decent income and large deposit so i'm very confident we can get you approved. However, obtaining you £18,000 on finance will be a push but we'll certainly try - £10,000 shouldn't be an issue though.

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

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