What credit score do I need to be approved for car credit
Hi, I have an Experian credit score of 868 and need about £9000 to buy a replacement car. I'm on about £1300 per month, live with my parents and am on the electoral role.
I have one defaulted account for about £400 from 3 years ago, I don't know if this will hold me back? Other than the odd missed payment, there's nothing else major there. Do you think I'd get approved for finance? Thanks
April 28, 2014
Hi Jack, thank you for your question.
As you only have a few blips on your credit profile and an old default for a small amount i doubt this will prevent us from securing you car finance.
The only stumbling block may be the amount you need. On £1300 monthly income we may only be able to get you circa £7000 but this all depends upon which lender we can get you accepted with.
Please make an application and once approved you can choose a car from any dealer and we also provide a no obligation quote. Kind Regards, Rachel