Chances of getting car finance

stringbean

Was just at a dealers looking to buy a second and car. Thing is I would have a poor credit rating. I'm using my car as deposit of £1,900 plus a furher £300 cash as deposit, meaning finance of £5,100. What do you reckon the chances of being approved are?

Nonoperational

Not great if you have a poor credit rating I'd guess.

Anan1

It's really an impossible question to answer, how much someone can borrow is entirely down to the particular circumstances and negotiating skills of the individual. Even if you do get finance, though, a poor history will mean that you'll be paying a punitive rate of interest. Given this, and the fact that one can buy a reliable car for €1000 these days, are you sure borrowing €5000 is even a good idea?

Atlantic Dawn

UK is a lot easier than here, shouldn't be a problem getting finance, plenty of competition unlike here. Rate would be dodgy though if you have a bad record.

Henree

stringbean wrote: »

Was just at a dealers looking to buy a second and car. Thing is I would have a poor credit rating. I'm using my car as deposit of £1,900 plus a furher £300 cash as deposit, meaning finance of £5,100. What do you reckon the chances of being approved are?

Also depends on the book value of the car you are buying, Banks will only finance 80% approx of book value (not sale price)

johnos1984

Anan1 wrote: »

are you sure borrowing €5000 is even a good idea?

I have to agree 100% with this

Are you in the UK and where are you?

bazz26

Also some banks have other terms and conditions such as they will not finance cars older than a certain age and they need to be bought from a registered dealer.