Will I get approved for bad credit car finance?
As bad credit car finance specialists we work harder than anyone else to get you the approval you need. 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
Bad Credit Car Finance Explained
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Have you had a CCJ in the last year?
If you have been issued with a County Court Judgement in the last 12 months it is a lot tougher to get a bad credit car loan. That’s not to say that we can’t get you a car finance loan and into a car, however the lenders we can send you to are a lot more limited.
In order to not limit your options we would advise if you have received a CCJ in the last year you wait for the 12-month period to pass over before applying. That way we can send you to a wider panel of lenders giving you access to better rates and a bigger variety of car finance packages. If you can’t wait and you are still looking for bad credit car finance, then we do still have options for you and will work really hard to find you the best car finance deal for your circumstances.
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.
What causes me to have bad credit?
Late payments, defaulting on payment, a charge off, receiving judgements and bankruptcy are impact badly on your credit score. You can check your score using sites like Noddle for free, where you can download your report and see where you’re going wrong. It’s important to check that there are no mistakes on your file too as you don’t want to miss out on credit opportunities because of an error.
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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FAQ about getting finance with and credit?
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 do advise that if you have just received a CCJ or have a recent default on your account that you wait until your situation improves. Car finance lenders typically favour a credit rating on the up, recovering from any mistakes you made in the past before applying for credit with drastically help your chances of being accepted. So if you have found yourself making a few mistakes recently, please consider trying to rebuild your credit score for a few months before applying in order to be in with the best chance of getting a great car finance offer.
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!
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.
I have a CCJ/IVA, can I still be approved?
If you have been issued with a CCJ or have IVAs in the past year it is more difficult for us to get you car finance as it limits the lenders we can match you up with. We would always advise waiting 12 months before applying to give you time to rebuild your credit profile and prove to lenders that you are able to repay your loan.
I am unemployed with bad credit, can Refused Car Finance still help?
Affordability is one of the most important factors when it comes to being approved for car finance. Of course, being in full time employment is a great way of being able to prove your affordability. However, we frequently get unemployed applicants approved for car finance as they can still prove they can meet the monthly payments. So if you are currently out of a job but are sure you have the budget for car finance then we encourage you to apply and we can match you up with the very best lender.
Bad credit is a pretty vague term and you may feel like you won’t get a good car finance deal because of your credit score. However, if you are rebuilding your credit profile month on month and meet the criteria stated above then we can get you the best car finance package for you!
Use Bad Credit Car Finance Specialists and get the approval you need!
Refused Car Finance are bad credit car finance specialists. We work tooth and nail to get you the approval you deserve, with an incredible approval rating of 98.4% and amazing feedback from our customers we are proud to say we will do everything possible to help you get bad credit car finance too!
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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!