Bad credit is likely to mean that you have struggled to manage your debts in the past and may have been late in making the relevant repayments when they were due. However, even if you have a poor credit score there is still a possibility of being approved for a vehicle loan. Working with the UK’s top lenders we are able to compare the market to find the best bad credit car finance deals for your budget. We can even offer 0% car finance so that you don’t need to pay any deposit.
It’s actually very difficult to predict whether your application for a vehicle loan will be accepted purely by looking at your credit score. Lenders can only use it as a ‘behavioural prediction’. By this, we mean that they can only attempt to predict your future behaviour based on your past behaviour. This is usually over a 5 year period. Nevertheless, it’s important to note that your credit score is more than just a number and lenders have to go beyond this. Their decision has to be dependent on the information they hold on you. For example, you may have an unfair default which could be adversely affecting your score. If you were to appeal this decision and its overruled then the challenge could immediately improve your credit score rating.
We’re bad credit car finance experts and we will search the market for the best deal to suit your budget.
At CarFinance Plus we have a wide range of finance options available for those with a bad credit rating score. In fact, we’ve helped many customers in this situation and we’re confident that you could be one of those people too. Our finance experts are friendly and we understand that everybody’s credit rating is different. We search for the most suitable deal from our panel of lenders to suit your income and budget. We can even find bad credit car loans for motorists who have 0% deposit. Beyond this, we are also happy to offer help and advice on how to repair your credit rating. This means that we can finance 100% of the car’s value without a part exchange or cash deposit. Use our online car finance calculator to check how much you could borrow to buy your new car. Simply choose a vehicle from any dealer, agree your monthly payments, sign the paperwork and collect your car – this all can be completed the same day.
Facts About Getting Car Finance With A Poor Credit Score
1. Can I Get Accepted With Defaults and CCJ’s?
We can help you get approved as we have specialist lenders on our panel who help motorists with CCJ’s. You will need to prove your employment income. We may be able to get an acceptance easier if you have a guarantor or joint applicant who has good credit rating.
2. Does Applying For A Vehicle Loan Affect My Credit Score?
We first do so called ‘soft credit search’ in order to give you a personalised quote. If you’re happy with your personalised loan offer, APR and monthly repayments, we will then conduct a full credit search on your profile. Once that has been done, we will then give you a decision in principle.
3. I am Self-employed, Can You Help Me?
We have lenders on our panel who are experts in helping self-employed customers with poor credit. If you’re self-employed and looking to get a new vehicle financed, we would need to see 3 months bank statements as proof of your income.
4. I’ve Been Made Bankrupt, Can I Still Apply?
We cannot guarantee your car finance acceptance. If you’ve been discharged from your bankruptcy, we might be able to help you. All you need to do is fill in the application online and one of our experts will be in touch with you shortly to advise your loan terms.
5. Will Applying For Car Finance Harm My Credit Score?
No. We don’t use ‘hard searches’ which other lenders can see. We use ‘soft searches’ which only you can see, not other lenders and therefore there’s no impact whatsoever on your future credit-worthiness. If you have a car loan application proved, it will then be able to be seen on your credit report but providing you make your repayments in time, this isn’t a problem. Go ahead and visit our car loan summary page to see if your application will be accepted today. All of our quotes are no obligation and you’re welcome to pick up the phone and get in touch if you have any questions.
What Happens Next?
Once you have accepted our no-obligation quotation and your formal application to the lender has been approved, it is simply a question of choosing the new or used vehicle you want to buy from any reputable dealer in the UK.
We even make checks on the vehicle on your behalf – to confirm that there is no outstanding finance on it, for example – do all the paperwork and pay the money directly to the dealer, so that the only role you are left to play is to drive your new car away.
We say yes to bad credit car finance
+ CCJ’s, defaults, arrears and IVA’s
+ All personal circumstances considered
+ Same day pay out
+ Buy your vehicle from any reputable UK dealership
Set your car loan budget
Representative example – excellent credit Borrowing 7500 over 4 years with a representative APR of 6.9% and a deposit of £0, the amount payable would be £177 per month, with a total cost of credit of £1,035 and a total amount payable of £8,535.