Finance if you have a mortgage

If you have a mortgage and you’re looking for car finance, read on to find out if you can apply and if you could be eligible for car finance. 

One of the biggest things that are considered and looked at when looking for car finance is your credit rating or credit score. This is an indication for lenders which shows them what you will be like a customer and what your financial history looks like. 

Having a mortgage can often have a negative impact on your credit rating, purely because it is such a large amount of debt. When you get a mortgage, you may notice that your credit rating wither dips or drops. Over time, as you build up a payment history, you will see your score start to increase. 

However, this being said, it does not mean that you can not apply for car finance when you have a mortgage. Over time, it could go in your favour if you have a history of making your payments on time, but it is worth considering the options and seeing what your chances are of being approved. 

There are lots of different types of car finance and lenders out there, all with different criteria and lending options. This is advantageous as it maximises your chances of being approved and will hopefully open up a range of options for you when looking for car finance.

If you want to find out more about cart finance, chat about your options, or even just browse a large range of used cars, visit the team at Hilton Garage who will be able to help you will all of those things. We are specialists in car finance and have been looking after customers for over 40 years, meaning we have a team that is best placed to help you find your dream car and hopefully source a finance deal for you too. We do all the legwork so you can sit back, relax and focus on the things that really matter.