Bad Credit Holding You Back? We Can Help You Drive the Car You Need! Flexible Options, Tailored Solutions and Supportive Service – Let’s Turn Your Refused Application into an Approved One!
Bad credit car finance is that form of finance prepared for people who may have imperfect credit history but nevertheless need a reliable vehicle. Whether this is due to previous refusals or other financial failures, we will be able to help in finding the right sort of finance for you.
As it happens with bad credit car finance, lenders consider not only your credit score but other things while considering an application: in general, your total financial outlook, your income, whether you are employed and how good you are at making your monthly payment.
Instead, this type of finance gives you a clean slate instead of focusing on past credit issues. You will have more lenient terms; the interest rates might be a little more expensive, but we will ensure for you the monthly payments are affordable.
Currently on the fence about poor credit car finance? We get that you may be sceptical when you’ve been refused so many times, so we’re here to shine some light on the pros and cons. Let’s take a look at how bad credit car finance compares to other car finance models:
It can be tough to lock in a car finance deal when your credit history isn’t great. Bad credit car finance addresses this by looking at more than just your credit report. Many lenders in this space consider your overall situation and ability to manage monthly repayments. This approach may let you secure financing even if a traditional bank or credit agency turned you down before.
You might think a shaky credit file will stop you from getting a newer vehicle. Bad credit car finance can offer a workable path by focusing on realistic repayment terms. Keeping up with these terms may also help you improve your credit rating over time – provided you stay consistent and avoid going over any agreed limits.
Certain lenders tailor their services to people facing financial hurdles. They won’t rely solely on credit scores; they also look at factors like employment status and your capacity to repay on time. This can benefit anyone who has been turned down elsewhere since the lender can craft a deal that fits your personal circumstances.
When lenders see extra risk, they often charge higher interest rates. That can mean bigger monthly bills, so it’s important to plan ahead and budget carefully. Otherwise, these costs may place unnecessary strain on your finances.
Specialist lenders may be more flexible, but large credit agencies still monitor your repayment habits. Late or missed payments can hurt your credit file and reduce your future borrowing options.
Some lenders spot past defaults or issues on your record and decide to impose lower credit limits or stricter terms. This might limit which vehicles you can finance, so make sure you review every aspect of the deal before saying yes.
Want to see just how much difference a varying APR can make if you’re dealing with a bad credit score? Try our free bad credit car finance calculator below. This handy tool will show you how your monthly payments could change with different APRs and car models, even if your financial history isn’t perfect!
Head of Content and Conversion
Still not convinced about bad credit car finance? We have a wide selection of other excellent car finance deals you might be interested in – from HP car finance to electric cars. See what we have to offer down below:
If upfront costs are a concern, a No Deposit deal might suit your personal circumstances. You can skip the initial payment and concentrate on fixed monthly repayments. This option can be beneficial if you’ve been focusing on improving your credit file but need to get on the road sooner rather than later.
Hire Purchase (HP) remains a popular and straightforward option for securing car finance. You spread the cost of a vehicle over a set term, and once your final payment is made, the car is completely yours – ideal if you want full ownership without the uncertainty of a balloon payment.
For those who have a poor credit score or fear being declined car finance again, a guarantor can step in to reassure lenders of repayment. This arrangement can help you maintain or rebuild your credit report, as consistent on-time payments might positively influence how credit reference agencies assess you.
Personal Contract Purchase is similar to HP but splits off a larger final payment at the end. You can return the car, make that payment to own it, or trade it in for a new car. PCP is flexible for people who want more freedom in deciding what happens at the end of the agreement.
Whether you’re worried about environmental impact or want to take advantage of new tech, financing an electric or hybrid car can be an excellent move. Specialist lenders who focus on green vehicles often consider more than just your credit agency file, so even if your financial history isn’t spotless, you may still get a good deal.
Yes – we work alongside a number of trusted lenders that can help whatever your financial situation. Here’s how we get you behind the wheel:
We’ll carry out a soft credit check so that we can get you an approval in principle at no detriment to your credit score.
Though a good credit score will open the door to better options, we understand that life is full of unexpected situations that may negatively affect your credit rating. Other factors the lender may take into account include income stability, employment history, and any current financial commitments.
To qualify, you need to be at least 18 years old and have lived in the UK for at least three years.
At Car Finance Today, we believe everyone deserves access to reliable transportation, irrespective of one’s credit history. Our committed staff will guide you through every step of the process, making sure everything goes as smoothly and openly as possible.
We know how tiring it gets when being turned down now and then by various bodies. We have thus made it our initiative to ensure that any person, regardless of background, has a chance to live a better life with a good car to their name.
Every customer has their various needs financially, and we understand that completely. Our staff will go an extra mile in matching you with the right lender and terms that will work for you, however many other companies may have rejected you.
From initial inquiry right through to signed agreement, you will have one point of contact - your account manager. They will guide you through the process at every stage and advise on the best course of action for any potential issues that may arise.
Have any questions about car finance that weren’t answered?
You may be charged extra if you go over the agreed mileage limit
Yes, you can, although there may be a charge for early settlement, depending on the terms of your agreement.
No, although it will give you a better choice, we do specialise in finding options if you have a poor credit history.
Provided the car is within the agreed mileage and condition, you can return your car at the end
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