Car Finance - am I likely to be accepted?

paulmcerlean

econthought wrote: »

Sure. Earnings of approx £450 a month at the moment (as a student), no overheads (living at home), an untouched overdraft with £1500 limit and a credit card with a £200 balance and a £4000 limit.

Em, this shows NO ability to repay a £7000 loan. None. You have credit exposure of £5500 and a £450 per month salary. Car repayments are likely to be around £150-200 so how do you expect any bank/lender to accept that you can live on £200 a month. Do you not have a social life? Fuel for the car? Insurance?

Your £4000 limit credit card and overdraft will be seen as a hindrance to your application with your salary, not a benefit.

If your bank have declined you, expect the main finance houses to do the same based on your figures above.

Gothicfairy

econthought wrote: »

A banger isn't really an option with the number of miles that I need to do.

This is just not true though, I got an Audi A4 with 100k on the clock for £450 and could have put another 200k without much problems.
Just got a transit for under a grand with less then 40k on the clock and no faults at all.

You can find some really good cars for cash if you know what you are doing and if you don't ask someone..it will work out much cheaper in the long run.