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Car Finance Expert Q&A

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Edwin Miles. Underwriting Manager

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Car Finance with a low credit score

Hi there,

I have a low credit score of 331 from a few years ago and i'm desperate for a car on finance. I've been self employed for 2 years and earn £2,200 a month. Have i any chance of getting finance?

Posted by Des on

Answer.

Hi Des, thank you for your question.

Yes - you do have a chance of getting accepted even though you do have a low credit score but you'll need to apply first so that we can see the extent of your credit history.

Have you applied at any other internet brokers and if so what have they said? Do you have a deposit or part exchange as this will improve our chances? Your monthly income is high so as long as you can prove your income that is a box ticked.

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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Question.

Hi, i have a low credit score of 665 as i had a late payment on a credit card which was only 6 days late. I have no defaults and no ccj's - i am looking to purchase a jaguar at £25000 and require £18000 on finance. Will this be possible?

Posted by Karl on

Answer.

Hi Karl, your credit score isn't actually that low (i've see some down in the 100 range). However, the amount of finance you're after is significant. We do have one lender that will be able to help as they take people on who have large deposits but the interest rate you receive will be higher than those on the high streets. Where have you applied previously and what has been the outcome? Kind Regards, Edwin

Posted by on

Question.

Hi, I have a low credit score of 652 (on experian). This is due to just one default registered by t-mobile in June 2010 for £59.00, which I did not have knowledge of as it was to do with the termination of my contract. I had moved and therefore never got the letters. I have been with the same employer for 5 years and have a good income. I am on the electoral roll and have approximately £500-£700 as deposit along with an X reg Fiat Brava as part exchange. I also have 2 credit cards whose balance I always pay off monthly and have never had a late payment. One of these cards is only 2 months old though. My credit file shows that I have satisfied all my other credit agreements including a welcome car finance agreement satisfied in early 2011. I effectively have just 3 current credit accounts on my credit report (with the rest satisfied and clean except t-mobile). I wanted to get finance for a 2010 Ford Fiesta Zetec, which i guess is around £6500 but am worried about getting rejected due to my low credit score, and then further messing up my score. I would appreciate an informal view. Thanks

Posted by Amy T on

Answer.

Hi Amy, as the default is for a very small amount and the fact that the rest of your credit history is clean then i'm extremely confident that we'll be able to get you approved for finance. The fact that you have a decent deposit and you're in a secure job also helps matters. Please apply and we'll get you placed with a lender that best suits your circumstances :-)

Posted by on

Question.

Hi there, can you help? I'm waiting to find out my credit score but I imagine it to be low. I have missed payments in the past but always made them up and got back on track. My current car has failed its mot and isn't worth putting back on the road. I'm always working. I'm not on the electoral role and I don't have a guarantor. I don't sound very acceptable to me. I have a few smaller loans which are nearly paid off. I could probably get a deposit of £4/500 if i needed to swing it. I'm looking to pay over 4 years but I do like to repay my loans or purchases early. Do you think you could do anything for me? My phone which I use for internet doesn't let me apply to you hence why i'm mailing you as the phone number will cost a bomb from mobile and i'm always trying to be savvy with my pennies. Thanks for your time and I hope we can arrange something. I'm looking to borrow £4000 for a Renault Clio 04-06.

Posted by Jon Wood on

Answer.

Hi Jon, thank you for using our Q&A and apologies for the delayed response. We should be able to do something for you if you get yourself on the electoral roll. This will greatly improve your chances of being approved. We can even take your current car off you in part ex as a deposit and if you could get £400 that would be great too. If accepted the £4000 over 48 months wouldn't be a problem :-) It's good to see that if you get behind you make up your payments again. Regards, Edwin

Posted by on

Question.

Hi, i was wondering if you could help. Just looking for advice really. I recently applied for a car loan and was refused. I checked my credit score and it was 690 which is quite low. I had a very high score last year and was offered finance for a car for £20000 but i didn't go ahead with it. I was out of work for 6 months and have just got a permenant job (£22000) per annum. I will get my first payslip at the end of the month. I am desperate to get a new car but i'm not a home owner as i live with my parents. I have no outgoings and i have a phone contract and store cards which i pay in full every month. I have one credit card which i need to pay £2000 which i should be clearing by next month. I was thinking of going to my bank for a loan but don't want to be refused there also. Is there any other option you could suggest as i have a job and i am more than capable to make repayments? Are there any companies that only look at your payslips? Kind regards

Posted by Natasha Ahmed on

Answer.

Hi Natasha, thank you for your question and unfortunately all finance companies will look at your credit history rather than just taking your income into account. The good news is that you're now in employment and have a good income. This will help your cause massively. If i'm honest with your current credit score your bank will decline you for a loan. However, we have access to many niche car finance lenders that help people who have had a few problems in the past so i'm confident we could get you an approval. How much finance do you need and would you ahve a deposit? Kind Regards, Edwin

Posted by on

Question.

I could pay £1000 deposit. I'm looking for £10000 to £13000. Regards

Posted by Natasha on

Answer.

Thanks Natasha, please apply and we'll try our best to get you the amount you need :-)

Posted by on

Question.

Hi, i have a very poor credit history and my credit score was 603 but has now gone down to a low of 575 as i have just been refused car finance. I aslo have a default for £695. I really need a new car - I have a VW Golf that i want to part exchange currently. Do you think i would be approved?

Posted by Lynette on

Answer.

Hi Lynette, thank you for your question. We specialise in helping individuals like yourself and we have many bad credit car finance lenders so please make an application and we'll try our best to get you approved today (before the weekend). The good news is that you also have a part exchange that you can use as a deposit. I look forward to receiving your application. Regards, Edwin

Posted by on

Question.

I have a low credit rating and my mums is hovering between good and low. I am wondering if she can be my guarantor on car finance?

Posted by Pamela Carpenter on

Answer.

Hi Pamela, adding your mother to the application would certainly improve your chances :-) Please make an application with your Mum added on as a joint hirer (with her permission obviously) and then let me know your reference number. Edwin

Posted by on

Question.

Hi, I'm in employment and I receive £850 after tax every month. I have a credit score of 614 and I have a deposit of £200. Will I be able to get car finance for 4500?

Posted by Numan Ali on

Answer.

Hi Numan, with your credit score, deposit and earnings we should be able to do something. Please apply when you have 5 minutes.

Posted by on

Question.

Hi Edwin, I have a credit score that is currently jumping from 300- 350 due to bad history from 2-5 years ago when I lost my job. I am currently on the electoral roll and have 2 credit cards and several catalogues which have been upto date for the last 1-2 years . I have started to clear all old defaults some now show as satisfied but some arent at that point yet . I am wanting to know if i have chance in getting accepted as I dont want to apply if theres no chance as the search will affect my credit score. I have full proof of employment and income etc i would be looking at around £7k for a car with a £1k deposit

Posted by Louise on

Answer.

Hi Louise, The good news is I am confident that we will be able to help you as it is clear that you are showing intent to improve your credit profile which the lenders like to see. Please make an application when you have a minute. Edwin

Posted by on

Question.

Hi, myself and my husband are looking to get finance for a new car in the range of £7-8k. I have an Experian credit score of 755 (fair) and I have previously had bad credit with a store card etc.

However, I now have two current catalogues which are showing as green (satisfied and up to date) on my file but it is showing negatives as I haven't had current credit for over a year, i'm not on the electoral roll (we moved in sept), and I haven't had a credit that's been paid off yet.

My husband has good credit other than going over his overdraft once or twice over the last few years. I'm just wanting some advice on weather it's best to make a joint application or not and the chances of getting approved.

Also, both our driving licences are still registered to old address - does this matter? Lastly, we have an 04 BMW to part exchange too. Sorry for so many questions, hope this all makes sense. I don't want to apply if we're going to get refused as I know that doesn't do credit score any favours. Thanks :-)

Posted by Felicity Woolley on

Answer.

Hi Felicity, thank you for your detailed question.

As you have a fair credit score and your husband also has a good credit history i'm very confident we can get you approved for the amount you need. We also have lenders on our panel that help people with a bad past credit history get approved for finance.

As you have a part exchange in your BMW that is good news as that can be used as a deposit towards a newer car. I wouldn't be too concerned about being on the electoral roll at your new address either - this helps but isn't a show stopper.

To give yourselves the best chance of being approved please make a joint application on our website 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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Question.

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Posted by Victoria Padmore on

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