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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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£10,000 for a Car Loan

With the Car Loan on Finance, do you see the money?

As in if you request £10,000, do you get it in your bank account or is it just put against the car you choose at the dealer?

Posted by Tom on

Answer.

Hi Tom, thank you for your question.

The finance we offer is secured against the vehicle so the £10,000 you need would go to the supplying dealership direct and not into your personal bank account.

I hope that answers your question. Please make an application and once approved you can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Edwin

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Question.

Hey there, I have a credit score of 502. Will I get approved for credit for a car costing £10,000 with a down payment of say £1000? Thanks in advance.

Posted by Richard on

Answer.

Hi Richard, with a low credit score we'll struggle to get you the £9000 you need with just £1000 deposit. I do have a lender in mind that could possible help but you'd need £1500 to £2000. Would this be possible at all? Do you have any extra cash or a part exchange that you could use to boost your deposit? Edwin

Posted by on

Question.

Hi, I'm 19 and I've recently passed out of the Royal Navy as an Engineer. I have around £7,000 saved up and am looking to get a new car on finance. I'm earning £20k pa. Would I get finance over £10,000? Thanks in advance.

Posted by Liam on

Answer.

Hi Liam, due to your age you wouldn't get £10,000 without a guarantor. Is this possible? You do have a very large deposit though which certainly helps. I take it you have a full UK licence, can prove your income with payslips and are on the electoral roll? Please confirm. Edwin

Posted by on

Question.

Hi, I am looking to buy a car. My credit score was about 600 and I will be clearing all my o/s debts off. I have a £10,000 deposit and looking to borrow £8,000 over 3 yrs. I earn about £27k a year. Would I be able to borrow this amount?Thanks

Posted by Suzanne Turner on

Answer.

Hi Suzanne, with such a large amount of deposit we should be able to secure you the £8000 that you need. You seem to have an average credit score and a good income so we should be ok. Please apply and provide me with your reference number - we'll then go from there. Thank you.

Posted by on

Question.

My credit rating is a good score 886 and i have just finished paying a trust deed. I'm in full time employment with a salary of £37000 and looking to borrow £10000 over 60 months putting down a deposit of £3000. Would i get finance and at what apr?

Posted by Craig on

Answer.

Hi Craig, your past issues will still be on your credit profile so i don't think we'd be able to offer high street rates however i'm confident we could get you approved at rates between 12% and 16% as you now have a decent credit score and a large deposit. Please apply when you feel ready and let me know your reference number. Kind Regards, Edwin

Posted by on

Question.

Thanks edwin, be early next year before I am ready to apply but 12-16% apr sounds good to me. Thanks again

Posted by Craig on

Answer.

No problem Craig, have a good Christmas and all the best for 2013 :-)

Posted by on

Question.

Hi, I commented before. If I was to try and get finance for a car costing £3000 what deposit would I need? Credit score of 474, age 20, on electrical roll and working full time earning £1300 per month after tax. Thanks

Posted by Richard on

Answer.

Hi Richard, As you only wish to borrow £3000 you'd only need £100 deposit if we can get you approved. Please apply and we'll see what we can do. Edwin

Posted by on

Question.

Hello there, I'm 23 years old with a full UK licence. I have not got a very good credit profile i think but am not sure as never been in debt but have only been on the electoral role for 4 years and i am looking to get a £12,000 - £10,000 loan but i also have a £2000 - £3000 deposit. So all together i think i will need £10,000 maybe £8,000 thanks. Do you think you can help?

Posted by Louis on

Question.

Hi Edwin, I'm looking for a used car which will be worth between £9k and £10k, I have a few examples from several dealers already on my short list. I have £4000 deposit, 3 credit cards, used regularly, on 2 of them the bank just increased my limit and i have approx £400 on each, 3rd one has £8000 balance but has £4800 on it. I have several direct debits which never missed payments, on electoral role, own mortgaged house for over 1 year, I have been in the UK for last 7 years, my credit score is around 600, have earnings over £38k inc regular commission most of it guaranteed. What do you think? Is there a chance for an attractive rate? I have not applied for any credit loan etc for quite some time now. Many thanks

Posted by Kris on

Answer.

Hi Louis, as you have a large deposit and you're on the electoral roll i am confident that we can help you get approved for the £8-10,000 that you need. Please apply when you can. Edwin

Posted by on

Answer.

Hi Kris, apologies for the delayed response. As you have a large £4000 deposit and a good income i'm ultra confident we can get you approved for the amount you require. Your credit score does seem fair so i don't think we'll be able to get you a market leading rate but somewhere between 9% and 12% if i'm honest. You see to have plenty of active credit which is great and as long as you're on the electoral roll (which you say you are) we shouldn't have any problems. Please apply asap. Edwin

Posted by on

Question.

Hi I have a credit score of 771 I'm in full time employment uk driving licence and on electoral roll I have a 4000 deposit and looking to borrow 12000 could you tell me the monthly repayments over 49 months and apr I have no ccj or anything like that and earn 26000 a year single and home owner no mortgage

Posted by Richard on

Answer.

Hi Richard, Thank you for using the Q&A. Firstly from what you have told me I am confident that we will be able to help you gain the amount you are looking for. With regards to the APR we don't tend to focus too much on this as this involves a lot of calculations and it is affected by the agreement term and many other factors. We tend to focus on the flat rate which is the percentage of the total amount you will pay back each year (this is fixed whereas apr isn't). We deal with most lenders on the market and their rates are anything between 5 to around 25%. Which lender we can get you approved with will depend on your credit profile and circumstances but we will work our hardest to find the best lender for you. In order to get a definite idea on payments you would need to make an application. Once we have an approval your personal finance advisor will be able to tell you any exact figures you require. You are not committing to anything by putting an application through. Cheers, Edwin

Posted by on

Question.

I am looking to apply for car finance and am looking for around £10,000, i have not got very good credit history though and i have been knocked back by a few finance companies, is it possible for me to get finance, plus i have a part ex also.

Posted by Adam Wilkinson on

Answer.

Hi Adam, you would need to make an application so our underwriters can have a closer look at your credit profile. We do deal with most lenders on the market, many of which will finance customers who have experienced credit issues. The fact that you have a part exchange as a deposit will definitely help. Kind regards Edwin

Posted by on

Question.

Hi, I'm looking to buy a used car for around £9,000 -£10,000 as my car i use for work has just expired suddenly. I employed full time and earn £54,000 a year and have been with the same company 3 years plus and at the same address 11 yrs plus. I have a credit score of 625 and have been rebuilding my credit slowly, i have one CCJ which i have been paying off from 2 years ago (but the debt was actually 6 yrs old when it was listed against me, came out of the blue) i have several accounts all satisfactory with no defaults, some of my accounts are over 5 years old with never a missed payment. I have been trying to use your calculator to check the cost of the loan but there is such a large difference between fair to bad and also i'm not sure where i fall. I know my credit is in the poorish sector but is it BAD? I have £750 - £1000 deposit can you guys advise?

Posted by Phil on

Answer.

Hi Phil, thank you for your question. As you have an improving credit score, a large income and a stable residential history we should be abl;e to secure you finance. As you want £10,000 you will need a 10% deposit which it seems as though you have. We do have lenders that help people with fair/poor credit so the rate you get will depend upon which lender approves you. If you let me know your reference number after you apply i'll get straight onto it for you. Have a good evening. Edwin

Posted by on

Question.

Hi, I'm 20 years old I am an undergrad and work part time. My annual income is around £18k. I have an 970 credit rating, have a credit card, phone contract and I am on a tenancy agreement with no guarantor. With a £3k deposit how easy would it be to borrow £10,000 over 3 years? Thanks, James

Posted by James K on

Answer.

Hi James, as you have a good credit score and a large deposit i'm quietly confident we can get you the £10,000 you need. The only stumbling blocks i can see is your age and income. It really all depends upon which lender we can get you approved with. If we got an an approval for say £7k to £8k would that be ok too? Edwin

Posted by on

Question.

Hi yeah, a £6k or £7k loan would be okay. Just to clarify the deposit is deductible from the cars cost? i.e. if the car costs £6000 and put a deposit of £2000 then I'm only borrowing £4000? If I wanted to pay it back over 2-3 years how much roughly would it cost overall and per month — with the info you have could you gauge the rate? Does car finance count for second hand cars? Also I get a £6500 from a trust each year paid in 5 instalments could I pay down the debt in chunks along with monthly repayments? Thanks, James K

Posted by James K on

Answer.

Hi James, yes - if the car is £6000 and you put down £2000 then the amount to finance is £4000. £4k over 3 years would make your payments £135 p/month approx. Depending upon what the lenders T&C's are you could well pay chunks off the finance. Kind Regards, Edwin

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