Will I get approved for bad credit car finance?
If you meet the below criteria than we can offer you car finance regardless of a poor credit score.
Are able to prove your affordability
Are 18 years or older
Have lived in the UK for 3+ years
Hold a full UK driving licence
Are free from bankruptcy
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What is bad credit car finance?
Bad credit car finance is essentially 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 credit score is.
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.
At Refused Car Finance we don’t judge a person solely on their history. We take into account your current situation to look at what you can afford to repay and find you the best lender based on your personal circumstances. Due to working with a wide range of lenders, we can find the best rates available for each individual.
These types of records made on your credit file will affect your ability to apply for credit from various credit brokers and lenders but we believe that as long as you can prove you can afford a loan, are free from bankruptcy and you are over the age of 18 then you should be able to get finance for your new car.
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.
How to get car finance with bad credit?
To secure a bad credit car loan you need to first fill out our short application form. We will then do the hard work for you, matching you up with the most suitable lenders to get you the best bad credit car finance package. A member of our customer care team will be in contact to talk you through the finance offers you have received. Once you have accepted the best offer, we will sort out the paperwork so you can shop around for your new car. It really is that simple!
Car Finance, Bad Credit, Instant Decision!
We are proud to be able to offer you an instant decision on your application.
Remember having bad credit is no obstacle to being approved for car finance. Apply for your bad credit car loan today and let us help you get the best car finance deal!