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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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Why can't I get the amount of finance I want?

Hey Edwin, I'm wondering if you could help. I was about to buy a car on HP and upon getting quotes was told by the dealer the fiannce company would only finance me up to 4.5k, the car is on sale for 6k. Why would this happen? Because the lender thinks the car isn't worth 6k? And if I were to default payment, they would loose money? Or am I clutching at straws here and its my credit file that's the problem? Hope you can help.Thanks

Posted by brian on

Answer.

Hi Brian, Thank you for you question.

The amount you are approved for is decided by the lender and will most likely be based on your credit profile and income & what they deem as a suitable loan for you.
In this case, the lender would require you to find the rest as a deposit, should you still wish to finance this car.

Here at Carfinance247, we work with a large panel of lenders, so we'd be hopeful of finding you a great finance deal, hopefully one that could provide the £6000 needed.
If you'd like to see what we can offer you, please make an application. If approved, you can choose a car from any reputable dealer and we'll give you a no obligation quote. I hope this helps. Edwin

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