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Hi guys I need advice,
My friend has a BMW (My dream car model and spec!) he's selling as upgrading to a new one. It is financed with carfinance 247 with a settlement of around £6500. Autotrader value the car at £8500 to £9500. I have 2 credit defaults of £2200 (5 years 1month old, not settled) and £580 (from 2014, in the process of settling in full). Since these, my credit history is fine- no missed payments, no further issues and credit card limits increased from a few hundred to £4550 now. I have 3 credit cards, and just opened 1 of them to close another with lower interest. Credit limits are £4550, £2000 and £3030 (owing £50, £1800 and £2500 on each but last 2 are 0% interest) so I am seen as a responsible borrower.
I've appled to carfinance 247 to refinance the vehicle and borrow a little extra (less than the vehicle value) so I can buy the car and clear the £1800 and £50 balances off. Ideally the loan amount would be under the £200 a month I was paying for the 2 credit cards so I'm paying no extra a month.
What's the chances of being accepted?
My friend has a BMW (My dream car model and spec!) he's selling as upgrading to a new one. It is financed with carfinance 247 with a settlement of around £6500. Autotrader value the car at £8500 to £9500. I have 2 credit defaults of £2200 (5 years 1month old, not settled) and £580 (from 2014, in the process of settling in full). Since these, my credit history is fine- no missed payments, no further issues and credit card limits increased from a few hundred to £4550 now. I have 3 credit cards, and just opened 1 of them to close another with lower interest. Credit limits are £4550, £2000 and £3030 (owing £50, £1800 and £2500 on each but last 2 are 0% interest) so I am seen as a responsible borrower.
I've appled to carfinance 247 to refinance the vehicle and borrow a little extra (less than the vehicle value) so I can buy the car and clear the £1800 and £50 balances off. Ideally the loan amount would be under the £200 a month I was paying for the 2 credit cards so I'm paying no extra a month.
What's the chances of being accepted?
