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Car Finance Expert Q&A

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Edwin Miles. Underwriting Manager

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Car Finance WIth Late payments

Hi, I have a relatively good credit rating and have been at my property for 5.5 years, am on the electoral for 3 or more at the same address, am full time employed and I have an Equifax subscription to keep an eye on my credit activity.

I have 2 personal loans, 2 credit cards and catalogue accounts etc which I have maintained cleanly for 2/3 years but stupidly earlier this year I made an underpayment on one of the credit cards and this is showing on my credit report.

I need to change my car because it has broken and could scrape together the cash but would have to use all my savings. It would be easier to finance with a deposit of £500-£1,000 but am worried about the late payment causing an issue. Can you help?

Posted by Claire on


Hi Claire, thank you for your question.

From looking at the information you have provided, I think that we should be able to help you with car finance. You have a stable residential and employment history, a good sized deposit and some current clean credit, all of which are of benefit in terms of an application for finance.

We have many lenders on our panel that help people with late payments on their credit profile. So, if you'd like to make an application, we'll try our best to find you a great finance deal. If approved, we provide a no obligation quote and you can buy a car from any reputable dealership in the UK. Kind Regards, Edwin

Posted by on

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So, an interesting one (I think).

I now have a pretty high credit rating after sorting out some erroneous recordings on my Experian report. The score as such I know means little, but right now its 976 and was 996 last month. It skips between the two based on what I have on my credit card at any one time.

So, I have some late payments form a couple years ago from a student overdraft, besides that though, I'm spotless I think. My Experian report is good, but my Equifax one isn't. So, which agency do you guys use?

I was able to get a £1500 credit card with my report so, I'd just like to know if I can get a car. A tiny bit more information, I was looking at Lings Cars for a lease and was told VW were super strict so I wouldn't be able to lease a car with them. Any help would be greatly appreciated?

Posted by Domanic Smith-Jones on


Hi Domanic, thank you for your question and apologies for the delayed response.

From the detailed information you have given me in regards to your credit activity, we should be able to help you with finance. The lenders we deal with use both Experian & Equifax when assessing whether to lend money to a customer or not, so I wouldn't let the confusion over the varying scores put you off applying.

If the late payments are still visible on your file, then we do have lenders that can help anyway, and your recent clean credit history will certainly help things. We don't provide leases for new cars but we can offer some attractive PCP deals if you're interested. Please make an application and, if approved, we provide a no obligation quote and you can buy a car from any reputable dealership in the UK. Kind Regards, Edwin

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