Car finance? will i get approved at a reasonable rate??

Question

I have a car on HP which is coming to the end of the agreement. I have to pay £3k to keep it, or hand the car back. I need a new car, but since i initially got the car, my credit has been damaged. However, in the last 4 months, I changed from 4 weekly pay to monthly, so all my bills and credit agreements have been paid on time with no issue. Will this have improved my credit enough to re-finance for a new car??

Answer 1

I have no idea.

You need to contact the lender and ask these questions.

No one here can give you the correct legal answer.  

Answer 2

Maybe, recent credit performance does matter more than older events but those issues might create some doubt about whether you are able to stay on track or not. Lenders may still see you as a higher risk than someone who has not had issues. Don't push for a new car if you cannot really afford it since it will end up causing you more issues in the long run. Good luck!