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Hello, I have had bad credit and am currently still in an administration order. I have had this for nearly 4 years and always make my payments on time. I have never been able to get credit but a month ago i was accepted for a credit card. How likely is it that i will get approved for car finance and what would be a reasonable amount to wish to borrow? I have a large family so am looking for an economical 4x4 automatic and am wanting a low repayment so i can ensure the repayments are made on time, do you think i could get finance? I have had an email saying i have been provisionally approved by this company, what does that mean? Thanks
Hello there, if you're still in an administration order then your chances of being approved for a car loan aren't fantastic. However, that doesn't mean it's a no. You say you've had an email stating you've been provisionally approved. Have you heard from a sales executive? If we could get you approved in full i'd say £5000 to £7500 will be the maximum we'll be able to lend you. Have you applied for car finance anywhere else? If so, what has been the outcome? You say you were approved for a credit card - what was the limit you were approved for? You may struggle to get a 4x4 Automatic car for £5k to £7.5k but we can certainly locate a family vehicle if and when we get to that stage. Kind Regards, Edwin
Since you are under an administration order, your chances of approval aren't great to be honest. This doesn't mean to say I'm ruling out the possibility of you getting approved all together, we would still try our best if you decided to apply.
Please make an application when you're ready and if approved you can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Edwin