We really hope so.
We need you to live in our area* and to be able to show that you can afford the repayments. If we can sort that, we're pretty much there.
Poor credit history:
With us, it's never just about credit score or the problems you might have had in the past.
And if you have got a dodgy past with your finances, if you can show that things have changed, we're going to take that into account.
Good credit history:
We're not just here for the folks who have a checkered financial past.
If you've managed to keep a clean sheet (financially) and your credit history is good, we can offer you competitive rates.
If things are different for you:
If you're receiving disability benefits, self employed (as a sole trader or sub-contracting), fostering, a student nurse, or have any unusual circumstances, we will work with you to find a car finance solution, and show that you can afford the repayments.
This is when your car is worth less than the finance outstanding on it.
You're more likely to have negative equity if:
- you had little or no deposit when you took out the finance
- you are less than half way through your current HP Agreement
- your car isn't in good roadworthy condition
If you want to change your car but you've got finance outstanding on your current car, you first need to find out the settlement figure from your current lender. The settlement figure is the balance less any interest saving for early settlement.
Then find out what the dealer will offer for your car as part exchange. If the finance settlement figure is more than the part exchange value, that's "negative equity".
Solutions for negative equity
1. Negotiate a better part exchange value
2. Keep your current car until the finance is less than the value of the car
3. Clear the negative by increasing your cash deposit
But these options won't work for everyone.
Unfortunately, it's not possible to just add the negative equity onto your next car finance Agreement.
But we might be able to offer you a personal loan to cover the negative equity and run alongside your HP Agreement. We'll need to go a bit further to show affordability, but it could be your way out of a sticky situation.
*postcodes starting with DY, TF, WR, B, WV, WS,
Some arears of postcodes ST (south), CV (mid West), HR (north), SY (east)