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Hi, i have recently been keeping an eye on my credit score, which has increased from around 500 to 731 on Experian, since the beginning of this year.
I have no outstanding debts, however, I have a default on my account of £139 to Lloyds TSB, which was issued last year and is due to only being partially settled at the time (however i'm going to pay the remaining £139 off this week). I have previously been declined car finance and also declined a personal loan of £6000 with my bank (even though i have a superb history with my bank and on a risk band 4, which is quite good).
I would ideally like £6000 and willing to put a £1000 deposit down, but am worried about applying again as I don't want to be declined and my credit be affected again. What are my chances realistically? Also, I have a full UK driving license and on the electoral roll, but don't have anyone to co-sign with me. I am hoping to get finance also as this will make my credit go up further, when i make regular repayments.
Hi James. As you have a large deposit, a UK licence and are on the electoral roll, we should be able to help you with car finance.
Also, your default was for a fairly small amount and we do have lenders on our panel that can help people with defaults. The fact that your credit score is improving also helps matters.
If you'd like to see what we can do for you, please make an application when you're ready. If approved, we offer a no obligation quote and you car choose a car from any reputable dealership in the UK. Kind Regards, Edwin