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Hi, last year I defaulted on a finance agreement I had with Close Motor Finance.
I was making my regular payments until I couldn't afford it so I voluntarily terminated my agreement which was said to be fine. I work away a lot so I didn't realise I had a letter saying I owed them money, and by the time I did the agreement was defaulted.
My credit rating is slowly building back up although it is still at poor. What are my chance of being approved for bad credit car finance?
Hi Steven, good to see you're getting back on track and sorry to hear about your past problems with Close Finance.
We do have many lenders on our panel who help people with poor credit so there certainly is hope. As long as you can prove your income, have some current clean credit and are on the electoral roll, we should be able to gain you an approval. If it was possible, having a deposit or a part-ex would benefit your application too.
If you'd 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 dealership and we also provide a no obligation quote. Kind Regards, Edwin
I currently have finance on a car which I have had for 3 years in December. The agreement was a 4 year finance plan. How do I go about wanting to sell my car and is it possible because the 4 years are not up? Is it as simple as selling the car and paying off the finance in full?
Hi Alysha, you're spot on with what you say and we should be able to help you with this.
If approved with us, we'd ask you to find a new car at a dealership and organise what price they will give you for your current car. The supplying dealer will then settle any existing finance you currently have with the existing finance company. Do you know what your car is worth approx and how much you still owe? Kind Regards, Edwin