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I’m looking to arrange car finance for a BMW X5 that I’ve found at my local BMW dealer. I’ve spoken to the sales person there and worked out the figures but because my current car is not worth enough to settle my old finance agreement I would need to borrow the full amount of the new car which is £24000. The BMW dealer have said for them to help me I will need to come up with a cash deposit of £2400, which I can’t come up with easily because I have just bought my first house. I have a good credit history and can easily afford a few hundred pounds a month so I wondered whether you would be able to help me?

Hi Shaun and thanks for your email about car finance. Depending on your credit history lenders like BMW finance will often require at least a 10% deposit which is what they are asking for here. This can be very frustrating especially when the payments are easily affordable like you say they are. Luckily you have come to the right place as we have lenders that are happy to lend 100% of the car value. They take the view that as long as you make the payments then why should they insist on a deposit. We also may be able to help with minimising the losses on your old car so can I suggest you get hold a copy of your old finance agreement and then phone one of our car finance advisors and ask them to look into whether you can voluntary terminate your old car. We look forward to hearing from you.

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