Skip to content

Car Finance Expert Q&A

Hi, I'm Edwin and I'm here to help you!
image description

Edwin Miles. Underwriting Manager

Car Finance Calculator

Calculate your loan immediately


How can I help you?

Do you have a question about Carfinance247 or its services? If so, please complete the form below for a response within 1 working hours. I have over 7 years experience working for Carfinance247 and have the responsibility to answer all questions asked.

Buying a car on finance from BMW dealership

Hello there, I have seen a car I like at a BMW main dealership. When you say you can buy any car from any dealer would this include main dealers?

Also if I agree a part ex price with that dealer do you pay them the difference between the deposit and the agreed price of the car ? I.e. I have £3000 deposit and the car is £13000. You will pay the dealer £10,000 is that correct? Paddy

Posted by Paddy on


Hi Paddy, apologies for the delayed response.

Yes - you can get a car from any reputable dealer nationwide including a main dealer. And you're also correct in saying that the difference between the cash price of the car and your deposit will be sent directly to the supplying BMW dealership. We are able to offer our customers some great rates, and would love to provide a quote for you.

Please make an application when you're ready and if approved, we provide a no obligation quote. Kind Regards, Edwin

Posted by on

Rate Edwin’s advice.

image description


Hi, I want to buy a BMW 3 series and wanted to get a car finance. The problem is I already have a Barclays unsecured loan of £15,000 which I got in October last year. I have a very good income and am currently saving at least £500 a month after all my expenses and the monthly loan repayment of £314. So I can easily afford to pay for car finance. My credit rating is 879 according to Experian.

I am thinking of buying a used car around £8,000-£11,000 and I can put in a deposit of £2,000. I have not selected exactly which car I want as I want to see how much I can get approved with a repayment of no more than £200-£230 for 60 months so I can continue saving as well. My questions are:

1) Do you think having an existing loan will have a bad effect on the interest rates of car finance even though i have been making regular payments and I can prove my income?

2) Do you think you its possible to find out how much finance I can get with maximum repayment of £200-£230. Or do I have to select the car first and say how much I want. Not sure which way it works.

3) I am not planning on keeping this finance for 5 years so can I repay early if I want to? What are the charges and conditions for that?

4) I have read your answers to other question and not sure if having a Guarantor is a requirement or how it helps having one.

I have no CCJ's, no late or missed payments and I can prove my Income. I have a credit card of £7,500 and I use an average of £1,000 a month which i pay off by the end of month. Not sure if that has a good or bad effect.

Apologies for so many questions. Thanks for your help. Regards, Shahid

Posted by Shahid on


Hi Shahid, thank you for your detailed question.

By the sounds of things you have a very good grasp on the importance of maintaining your credit profile to a high standard. I am also pretty confident that we can help as you have a good income, a large deposit and a good credit score.

In answer to your questions:

1) Having a personal loan which is paid on time will only improve your chances of being approved. This will be seen as a good signal from the lenders perspective.

2) With a good credit score you should be able to borrow circa £11,000 over 5 years with a monthly payment of £230. Please note that this is quote is an illustration only.

3) If you wanted to settle the finance before the 5 year term ended you could certainly do so. Small charges may apply but these will be determined by your lender.

4) A guarantor isn't mandatory but can aide your chances of being approved if the guarantor has a better credit history than yourself.

Please make an application when you're ready, and if approved, we provide a no obligation quote and you can buy a car from any reputable dealer in the UK. Kind Regards, Edwin

Posted by on

Do you have a question on this topic?

Ask a question or leave a comment on this topic below

Back to Car Finance Expert Q&A

Back to top