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Car Finance Expert Q&A

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Edwin Miles. Underwriting Manager

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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.

I have a credit score of 467 & I'm looking for £5000 to £7000 to purchase a vehicle

Hi, I have a credit score of 467 but this is gradually increasing.

I am looking for £5-7k to purchase a vehicle. I have an income of approx £35k per year and have a small part ex, a small deposit on top of this would be no problem. Will you be able to help?

I loathe to make too many applications as this will adversely affect my score. I have been offered finance elsewhere but this is only to choose from the finance companies group stock and I would rather be able to search for my own vehicle myself.

Posted by Andrew Carr on

Answer.

Hi Andrew, from what you say you tick most of our required boxes however, as we act as a broker we try our best to secure you finance and without seeing your credit profile we've no way of determining whether we can help 100% or not.

I take it you've been approved at ACF car finance if they want you to buy a car from their own stock? If so, we can offer better rates and when accepted we provide a no obligation quote and you can choose a car from any dealer nationwide.

The fact that you earn good money, have a part ex and cash deposit is a great help. Please apply if you feel comfortable and we'll try our best to get you approved. Kind Regards, Edwin

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Question.

Hello, I have a credit score of 916 and I've had an application for finance rejected.

I have a car to part exchange, have been promised £16000 for the car with £8000 still to pay for current finance agreement. I am looking to borrow £10,000 to put towards new car. I make £36,000 a year. Please advise.

Posted by Del Brooke on

Answer.

Hi Del, thanks for the question and apologies for the delayed response.

As you have £8000 equity in your current car to use as a large deposit towards a newer car there should be no reason why we can't get you approved for £10,000 as you have a good credit score and a good income.

As long as you can prove your earnings (3 months payslips), have some current clean credit, a UK licence and are on the electoral roll there shouldn't be any issues. Please apply and once accepted you can choose a car from any dealer.

Posted by on

Question.

Hi, I'm looking to get another car as mine is nearing the end of its life. I have a credit score of 565 from experian. I have one remaining credit card to pay off. I am doing this through an installment agreement between myself and the card company. I would like to finance a car that will get me beyond paying both the car and card off.

I'm currently employed and have a basic salary £21000 but make more due to a large expectation that I will work overtime. Can you help me?

Posted by Maris Watson on

Answer.

Hi Maria, thank you for your question.

As you are paying off your debt, have a good income and have a reasonable credit score i'm confident we can get you approved. I take it you'd be using your current car as a deposit too?

Please make an application and once approved we provide a no obligation quote and you can buy a car from any dealer. Kind Regards, Edwin

Posted by on

Question.

Hello, I have a credit score of around 700. I am retired and my income is as follows:

1. Private Pension - £12,500 before tax. After tax £852.90 p/month.
2. State Pension - £6500. £138.18 p/month.
3. DLA High Rate Care of £3382.32 not taxed - £316.60 p/month.

Total Income of £1722.22 per month. Can you help get me car finance?

Posted by Ronald Cox on

Answer.

Hi Ronald,

We do have lenders on our panel that help retired people get car finance. You also have a good monthly income and a fair credit score so hopefully we won't encounter any problems.

Please make an application and once accepted we provide a no obligation quote and you can buy a car from any dealer. Kind Regards, Edwin

Posted by on

Question.

Hi

In the next few months im hoping to purchase a new vehicle, with a purchase price of approx £2500-£3000. I have a vehicle now worth approx £1000 and also approx £500 cash. So, I only require approx £1000 finance.

But I have an awful credit rating due to being in a debt management plan which I pay every month with no problems. I also have a credit card I also pay every month.

I have an annual salary of approx £25k. I can't get credit anywhere, what are my chances with yourselves? Regards, Stuart

Posted by Stuart Alexander on

Answer.

Hi Stuart, thank you for your question.

We can indeed help people in DM plans get car finance and as you now have some clean credit and a large deposit i'm confident we could get you approved. Your salary is also decent so this will improve your chances.

However, the stumbling block is the amount you wish to borrow. he minimum amount we lend is £2000. Would you consider a newer and more economical car? If so, please make an application here and once approved we provide a no obligation quote and you can buy a car from any dealer. Kind Regards, Edwin

Posted by on

Question.

Hi, I was wondering if i have an existing loan that i'm paying at the moment would that be an issue for me to secure car finance again? By the way i have a bad credit as well :) Cheers

Posted by Ant on

Answer.

Hi Edwin, thank you for your question.

The good news is that we do have lenders on our panel that help people with bad credit. The fact that you have an existing loan that you are paying off is good news.

Please make an application here and once approved you can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Edwin

Posted by on

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