Can you get BMW finance with low credit score?

chelseablue

My partner (who at the moment I think is a complete idiot but that's another story!) has decided he wants to try and get a BMW 1 series.


Had a look online and a used one is about £12,000.


Last time I looked at his Experian file (who I've been told BMW use to check) his score was in the low 400's.


His salary is £27,000


He has a credit card with Capital One (only a £450 limit and the balance is currently a bit over this)


In January we applied for a better rate credit card for him, but this was declined.


Does car finance ever get declined? (I hope so as I think this is a bonkers idea)


Or do they always say yes?

TadleyBaggie

Credit score is irreverent, lenders do not see it. What's on the credit report is important, any defaults, missed payments, CCJs etc?

He is wanting to borrow close to 50% his salary, what other debts does he have?

Based on having a maxed out credit card and having being declined, I would say it is unlikely but not impossible that credit would be offered. If the loan was secured on the vehicle, then it might happen but be prepared for the vehicle to be repossessed if there are any missed payments.

Paully232000

In my experience it is easier to get finance than it is say a loan from a bank.
However saying that, given his credit refusals in the past, you/he have to ask what sort of interest rate/APR he is going to get, it could be eye-watering.

chelseablue

He has a default from 2011 (fully paid off in 2013)
He has 2 missed mobile phone payments from this year, not actually his fault, it was an issue with EE, but it still shows as 2 missed payments.


He has no other debts

Paully232000

chelseablue wrote: »

He has a default from 2011 (fully paid off in 2013)
He has 2 missed mobile phone payments from this year, not actually his fault, it was an issue with EE, but it still shows as 2 missed payments.


He has no other debts

just read your OP again, and he has a limit of £450 but he has gone over this, ie spent more than his limit. Is that what you mean?

chelseablue

Paully232000 wrote: »

just read your OP again, and he has a limit of £450 but he has gone over this, ie spent more than his limit. Is that what you mean?

Yes that is correct

Paully232000

chelseablue wrote: »

Yes that is correct

well, all i can say is I am glad you think he is an idiot and maybe can dissuade him from the idea of a £12K car on finance.:)

tomtontom

If he is over his credit limit, why has he not made a payment?

I think your opening sentence is correct.

chelseablue

Im hoping they say no


Is there a good chance of him being declined?

Paully232000

chelseablue wrote: »

Im hoping they say no


Is there a good chance of him being declined?

either that or a high APR which will hopefully put him off. Make sure he looks at the total payable not just the monthly payment.

chelseablue

Paully232000 wrote: »

either that or a high APR which will hopefully put him off. Make sure he looks at the total payable not just the monthly payment.

When you say high APR how high roughly? 25%? Higher?