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Pegasus Personal Finance

Call0800 066 2882

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Hi, Can you advise me please. I need a new car but have a poor credit history due to losing my job during the covid pandemic. I took a mortgage holiday to help but missed quite few payments on our other car and credit cards. I now have a new job and need a car as the commute is quite a distance. I applied through a car dealer for finance but was turned down and am worried that my recent problems are now going to prevent me financing a car. Any suggestions?

Hi Jerry,

Thanks for your question.

You’re certainly not alone here and we’re sorry to hear that you’ve suffered in the last year.

Missed payments and poor credit history caused by this will certainly give you less choice sadly as some lenders can be quite choosy currently and even though mortgage holidays shouldn’t really count against you, we suspect that some lenders are taking this into consideration.

Bad credit history shouldn’t stop us from being able to help you obtain car finance as there are plenty of lenders out there that can still help even if the car dealer’s prime lender will not.

We specialise in helping customers an approval for car finance even if they have suffered a setback in the past so please do give us a call on 0800 066 2882 or make an application online

About The Expert

Pegasus Finance is a trading style of The Car Loan Warehouse Limited

The Car Loan Warehouse Limited is authorised and regulated by the Financial Conduct Authority. Our registered FRN is 662397. Registered Company No. 08127935. All finance is subject to status and income. Applicants must be 18 years or over, terms and conditions apply, guarantees and indemnities may be required. The Car Loan Warehouse Limited is a broker, not a lender and can introduce you to a number of finance providers based on your credit rating and we will receive a commission for such introductions. Written quotation on request. Certain exclusions for Northern Ireland residents. Borrowing £8,000 over 48 months with a representative APR of 14.9%, an annual interest rate of 7.7% and a deposit of £0.00. 48 payments of £218.49 per month. Total cost of credit being £2,487.57 and a total amount payable of £10,487.57. Terms available 12-120 months, 5.9%-49%APR. Pegasus Finance do not provide financial advice.

We can introduce you to a limited number of lenders that offer finance products, but we do not offer any advice or recommendations. We do not charge you a fee for our services, but we receive commission from the lenders we introduce you to. The commission we receive is either a fixed fee or a percentage of the amount you borrow but the existence of commission does not affect the amount you will pay under the agreement. The commission we receive varies depending on how you are introduced to us, which lender we place you with, and which finance product you choose. We will pass a proportion of the commission we receive to the motor retailer that introduced you to us. The commission we receive and pay will not affect the amount of interest you pay under your credit agreement, when compared to customers in circumstances similar to you. We will always introduce you to the lender that provides products for your needs, at the interest rate suitable for your credit profile. If you ask us, we will tell you the amount of commission we are paid for introducing you to the finance lender.

Pegasus Finance, Technology House, Station Road, Alton, GU34 2PZ