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Black Horse Car Finance

Hi there, I am looking to buy a Suzuki Swift Sport on finance (worth about £15,400 with the extras I'd want to add) and I noticed they use Black Horse for their finance.

I did an Equifax credit score last night and it said my credit score was 451 (Equifax class that as good somehow, they must have a different scoring system). I currently have a Renault Clio that is upside down on the finance but I am looking to pay that off and start again with Suzuki.

My deposit for the Suzuki would be around £2,000. What are my likely chances on passing?

Posted by Aaron Alleyne-Wake on

Answer.

Hi Aaron, thank you for your question.

You do seem to have a good credit score with Equifax and as you have a large deposit we should be able to secure you car finance at a good rate. We don't deal directly with Black Horse finance but we do have other lenders that could offer lower rates if you were to get approved with them, so rest assured we'd try to get you the best possible deal.

If approved for finance with us, we provide a no obligation quote and you can get your Suzuki from any reputable dealership of your choice. Please make an application when you are ready. Kind Regards, Edwin

Posted by on
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Question.

Hi Edwin, Thanks for quick reply, what sort of finance would you be able to offer me? My Clio that I have currently is £230 per month and ideally I would want the Swift to be as close to that as possible. Regards, Aaron

Posted by Aaron Alleyne-Wake on

Question.

Also forgot to mention, I'm not on the electoral roll, would that make any difference? I wasn't on it when I took the Clio so probably not

Posted by Aaron Alleyne-Wake on

Answer.

Hi Aaron, thanks for the comments. £13,400 over 60 months would come out at £270 in the best case scenario. The fact that you're not on the electoral roll shouldn't matter too much either. If you do decide to make an application, please let me know the reference number and we'll help you through each step. Kind Regards, Edwin

Posted by on

Question.

Hi Edwin, sorry for the late reply, I've been trying to sort out things my end.

Right I've just done an Experian credit check and that says my score is 704 which is poor so I'm now rather confused to say the least! My wife is looking to take out a loan so she can pay off my loan and so I can pay the negative equity on my Clio and give it back to Renault. I will also look to get onto the electoral roll. Do you reckon this will improve my credit score?

The last thing I want is to give my Clio back and then fail a credit check for a new car! What I don't understand is that my score couldn't have changed much from last year when I took the Clio out on finance and I passed that fine...... Help! My brain is starting to melt!

Posted by Aaron Alleyne-Wake on

Answer.

Hi Aaron. Your credit score seems fair to me. Getting on the electoral roll will help improve your score and your chances of getting a car loan although this isn't a show stopper. Before you hand the Clio back to Black Horse, you could always make an application with us first to see if we can help.

I'd get everything sorted at your end and find out all the facts etc first. If then you wish to apply, we'll try our best to get you a great finance deal and guide you through the whole process :)

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