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Car Finance Expert Q&A

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Edwin Miles. Underwriting Manager

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Can i get car finance with outstanding payday loans?

Hi, I am currently paying off a payday loan what I missed various payments on, but I am now in a payment plan to get this paid off. I also had a mobile phone contract that I never paid on time but have recently paid that off.

What would be the chances of getting finance while paying off the payday loan or would I be better waiting until I have paid this off before I apply for finance?

Posted by Clarke M on

Answer.

Hi Clarke, if i'm honest you'd be best waiting until the payday loan has been cleared before applying.

Most lenders we deal with don't like the fact that people take out payday loans as you are seen as taking out more high interest credit to pay off existing debts.

This isn't to say we couldn't help but i would wait at least 1 month until your credit profile has been updated. Also, make sure that you can prove your income (3 months payslips) and that you are on the electoral roll.

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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Question.

I tried to get car finance about a year and a half ago with Arnold Clark but was refused due to very poor credit, I have had previous payday loans and a phone bill that was defaulted but i have been paying in Payment plans which are all nearly cleared.

My question is would it be likely I would be accepted? I have had promotion with a larger amount of salary. The debt is all in the past. Please advise.

Posted by Allan Leishman on

Answer.

Hi Allan, thank you for your question.

As your debt is in the past and you have been keeping your current credit history up to date i'm confident we could get you accepted for car finance. The increased salary will obviously help our cause too.

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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