Car finance application

Ftb1012

Hi there
I want to apply for car finance and was wondering if u think I would be approved. Details as follows:

Salary £35.5k pa
Experian credit score 'good' - 734
Equifax 'good' - 422
One credit card - limit 2k which I have used as interest free til July 2015 but have been making payments, re using etc
Homeowner - mortgaged
Two dfs credit accounts (creation finance) totalling about 2.5k but paying off monthly and up to date
No late payments in past year. Possibly one or two in past few years but if at all, only 1 month
All accounts up to date
No defaults
Car finance I am looking for is £11.5k

Grateful for any advice.

Many thanks

19lottie82

No one can tell you if you will be accepted or not. The only way to find out is apply.

The late payments are never a good thing, but car finance is usually more relaxed than most other forms of credits as the finance is secured against the vehicle.

Oh and ignore your "scores", they are totally fictional and useless. Lenders don't even see them when you apply for credit.

Ftb1012

Thanks Lottie. Yeah that's what I thought about scores. Re missed payments, I don't think I have any in past two years even, possibly one or two before that but all up to date. Hoping that will help. Just feel nervous applying fir credit. Got mortgage in feb of this year, not sure if that might impact. Worried the fact my cc is fully used won't help, despite making regular payments to it?

Thanks again

Ftb1012

Anybody else??

bargainbetty

£11.5k for a car? If you are concerned about your credit, you should seriously consider paying a lot less for the vehicle.

Why are you looking at such an expensive vehicle? Any reason?

thebritishbloke

You won't know until you apply, but as others have said, car finance is very lenient. I got a £20k car on finance and they never even asked me how much I earned, they just asked where I work.

A lot of people on here won't agree with you spending £11.5k on a car, since it's a money saving forum, but if it's the car you want and you've shopped around and you can afford to pay for it, get it. Remember, you can negotiate the cash price on a car and then tell them that you want to finance it and pay the same price.

SeanG79

Ftb1012 wrote: »

Hi there
I want to apply for car finance and was wondering if u think I would be approved. Details as follows:

Salary £35.5k pa
Experian credit score 'good' - 734
Equifax 'good' - 422
One credit card - limit 2k which I have used as interest free til July 2015 but have been making payments, re using etc
Homeowner - mortgaged
Two dfs credit accounts (creation finance) totalling about 2.5k but paying off monthly and up to date
No late payments in past year. Possibly one or two in past few years but if at all, only 1 month
All accounts up to date
No defaults
Car finance I am looking for is £11.5k

Grateful for any advice.

Many thanks

Based on the information you have provided, yes, you are likely to be approved for the finance.

Ftb1012

Thanks everyone. I suppose I should have said I can afford 11.5k on finance and repayments. Purely asking as I am nervous applying for credit, as I don't do it too often and wanted to suss things out. Yes I hVe a cc with 2k on it, that's quite low debt, but was just wondering if fact it us maxed would go against me. Made a purchase on it for 2k taking Advantage of interest free period. That's why just making min repayments.

I earn a good salary, just wanted to suss out how lenders would view me. Not asking any other question really, affordability isn't a problem - I'm not going to try to borrow more than I can afford.

You are right British bloke, I should have copped on to money saving subject of site!:) just posted here as a result of a google search on finance chances :-)

So - my question is - looking at my original post, is there anything I have listed there that would go against me??

I'm not planning on spending outside my means...

Ftb1012

SeanG79 wrote: »

Based on the information you have provided, yes, you are likely to be approved for the finance.

Many thanks Sean - all I wanted to know..

Ftb1012

bargainbetty wrote: »

£11.5k for a car? If you are concerned about your credit, you should seriously consider paying a lot less for the vehicle.

Why are you looking at such an expensive vehicle? Any reason?

I really like the car

Pixie5740

A maxed out credit card doesn't look great to lenders even though I can understand why you've done it if the interest rate is currently 0%.

Missed payments, although a year or so ago, won't give lenders a nice woolly feeling either.

Being a home owner is usually seen as a positive though.

Since the loan is secured against the car then you probably stand a better chance of being accepted for car finance compared with a personal loan.

Car dealers make more money selling finance than they do selling cars so if you're going for finance try and negotiate some money off the price of the car.