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Edwin Miles. Underwriting Manager

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Declined for car finance by Natwest

Hi, I have a CCJ and based on the Experian credit report a score of 762. Between me an my wife we take home on average £5000 net a month, however our bank, NatWest, won't give us a loan.

We have a part-exchange and a deposit. Would we be able to obtain finance? Thank you, Niko

Posted by Niko on

Answer.

Hi Niko, thank you for your question.

We have a great deal of lenders on our panel who help people with fair to bad credit histories, so we should be able to help. It's definitely of benefit to your application that yourself and your wife have a large joint income & you have a part-ex and a deposit available.

Please make a joint application when you are ready. If approved, you can choose a car from any reputable dealer and we also provide a no obligation quote. Have a good weekend and enjoy the sunshine! Kind Regards, Edwin

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Question.

Hi, I have an 08 Audi A3 which i have on finance - all payments up to date, however, since my marriage break down I have been left with a certain amount of debt and my finances are in a mess and my credit rating is now poor.

As the payments on this car are quite high I need to reduce this and the only way I can do this is by trading it in and getting something cheaper but with my poor credit history would I be able to do this?

Posted by Caroline Budd on

Answer.

Hi Caroline, thank you for your question.

You can indeed exchange your car for a cheaper one at a local dealership. The dealer will be responsible for giving you a part exchange valuation on your Audi A3 and they will also settle the existing finance.

Do you have any idea on what the car is currently worth (trade value) and what you owe (settlement figure)?

With poor credit history, we may be able to get you approved, but the interest rate you receive will be potentially higher than what you're paying currently.

I would suggest looking into this further, and if you would like to, please make an application and we'll see what we can do for you. If 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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