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WHAT IS BAD CREDIT CAR FINANCE?
Bad credit car finance is exactly the same as any other type of car finance. We believe that buying a car should be easy and accessible for all, no matter what your personal circumstances may be.
If you have bad credit it can be tough getting the money together for a new car. Thankfully there are now many options available to people who have limited funds and a poor credit score. There are many lenders we work with that can offer no deposit car finance so you can get on the road quicker. Even if you have missed payments or have defaults in your credit history, we believe that you should still be able to find car finance at the best rate possible.
WHAT IS RECORDED ON MY CREDIT FILE?
There are several records that will be made on your credit file:
Missed Payments: This is fairly self-explanatory, but when you miss a payment a lender will record this on your file. It won’t be likely you will be declined if you apply for credit, but you will be seen as having an increased risk.
Defaults: When you fail to meet the legal obligations of your finance agreement due to missed payments, or not repaying at all, then a default is recorded on your credit file by the lender. This note will remain on your file for 6 years and will most likely rule out you being able to borrow from mainstream lenders and banks.
County Court Judgements (CCJs): A County Court Judgement is essentially a court order which allows the lender to begin doorstop debt collection when you have failed to keep up with payments. This is the most serious outcome apart from bankruptcy.
Bankruptcy: If you have been declared bankrupt, then you will be declined for an application for credit, even if you apply to bad credit specialists. Bankruptcy is the final stage in the process for lenders or creditors to retrieve the money owed to them, but you can also apply for bankruptcy yourself as a means to pay off your debts.
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Can I apply even if I have bad credit?
Yes. Our whole business model is designed to help people who have currently, or in the past, had a poor credit rating. We match our customers with the best lender for them and ensure the lowest rate possible in line with our responsible lending policy and procedures. If you have further questions about bad credit car finance then please feel free to contact us.
What does bad credit car finance include ?
Car finance for bad credit is no different from any other car finance agreement. You agree with a lender to pay a certain amount of money each month, every month, for a fixed term. A bad credit car loan is usually taken on terms of 1-6 years, and the APR depends completely on your personal circumstances.