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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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Credit Score of 926 - I need a 10k Car Loan

I would like to purchase a car for £28,000, I have a deposit of £18,000 or thereabouts. My issue is, i already have finance of £9,000 (Black Horse) on another vehicle worth £30,000.

I earn just over £50k per year, will I be ok having more than one car finance deal at the same time? Am i better off paying off black horse first, but then I will need to borrow more? I'm a Home owner, never missed a mortgage payment etc etc. Regards, Mark

Posted by Mark Smith on


Hi Mark, thank you for your question.

It may be best to settle your Black Horse agreement first as we can typically lend you a larger amount at a better rate. The more you borrow the cheaper we can secure the funds. So, if you were to receive a better rate on your new loan with us it would save you money over having 2 live agreements.

Even with a £9000 deposit (after settling your black horse loan) we'd easily be able to secure you the £19000 you need as you say you have a clean credit history and a good income. Remember we deal with many lenders and will secure you the best deal for your circumstances.

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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