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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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Typical APR for car finance

Hi, I have found the car I want and need to obtain finance for £27k. I will put the rest towards the car.

The problem is although I earn a minimum of £70k per year and have never missed any payments on my last car, I have a default payment from 5 years ago for £168 which is ridiculous but it's effected my score and it's currently only at 677.

Will I be able to get finance and if so, what type of Typical APR will I be looking at? Thanks

Posted by Janine on


Hi Janine, thank you for your question and apologies for the delayed response.

I wouldn't be overly concerned about your old default as it's from 5 years ago and is only for a very small amount, and for many of our lenders, defaults are not too much of an issue. On that note, and due to the fact that you have a healthy income and a decent deposit, I'm fairly confident that we'll be able to get you approved for the amount you need.

The typical APR for someone in your situation should be between 8% and 12% depending upon the lender, but please bare in mind that this can vary. I hope this helps and i look forward to receiving your application. Kind Regards, Edwin

Posted by on

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Hello Edwin, I went bankrupt in 2008 so this will be cleared off my credit file in 7 months. What interest rate would i get now or after it comes off? Is it worth waiting?

I checked my file with Experian and was pleased to see my score at 925 with the bankruptcy on! Also can you arrange a loan then hunt for a car after it has been approved? Could you get a loan to cover a car and caravan? Thanks Neil.

Posted by Neil Sykes on


Hi Neil, as you went bankrupt such a long time ago, I shouldn't think that this would affect your chance of approval too much.

It seems like you now have a good credit score, and you can indeed get approved first before you go and find a car or caravan for that matter to buy.

I'd approximate the interest rate you receive to be in the region of 9% to 13% when approved, but please remember that this is just an estimate and can vary. Please make an application when you are ready. If approved, we provide a no obligation quote and you can buy a car from any dealer. Kind Regards, Edwin

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