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Car Finance Expert Q&A

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Edwin Miles. Underwriting Manager

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Can I get car finance if I am up to my credit limits?

Hello, I have a credit score of 650 my credit isn't great due to being up to the limit on all four of my credit cards. However, I do not have any defaults and i am up to date on all my credit cards and loan payments. I had slight mortgage arrears last year but this is all up to date now. I would like to buy a car for £4000 and have a deposit of £1500 do you think I could get help? I work full time on £30k pa wage and I am registered on the electoral roll. Thanks

Posted by Alesha on

Answer.

Hi Alesha, I hope you are well.

Being up to the limits on your credit cards can affect your credit score. However, many lenders manually underwrite applications so as long as you are keeping up to date on your payments then you are showing that you can manage your credit.
With regards to mortgage arrears, as long as they are not current arrears then we would be hopeful of being able to help you gain finance as you are showing intent to improve your profile.

Having a deposit does increase your chance of gaining an approval and your wage more than covers affordability for a £4000 vehicle, so please make an application when you are ready and we'll see what we can do for you. Thanks, Edwin

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