If you’re struggling to make debt repayments or have a history of financial problems, it’s likely you have a bad credit score and you may find it difficult to get accepted for car finance.
The good news is there are a wide range of Bad Credit Car Finance options, specifically tailored to individuals with a poor or bad credit score.
Why not Check Your Eligibility today and receive an instant decision, without affecting your credit score?
Your credit rating is calculated by credit reference agencies using the data on your Credit File. This includes your credit history, hard credit searches, your payment history, address history and employment details.
If you have one or more of the following entries on your credit profile, there’s a chance you may have bad credit:
Yes. Whilst most brokers are focused on individuals with a strong credit rating, we work with a specialist panel of lenders to provide car finance packages for people with bad credit. Often, we can even help individuals who have been refused car finance elsewhere.
For example, we offer Hire Purchase to a wide range of Credit Profiles, including those with bad credit. But if you’re struggling to get accepted for car finance on your own merit, you may want to consider a Joint Application, or a Guarantor Loan.
Whilst there are plenty of options available for individuals with bad credit, your cost of credit will often be greater compared to someone with a perfect credit score. This is because Interest Rates are higher for people with a low credit score, as lenders assume there is a greater risk lending to someone with previous financial problems.
Improving your credit score doesn’t happen overnight, but with a little work and some effort, it’s certainly possible.
Here are 5 steps to help you improve your credit score:
Check your eligibility today without affecting your credit score and receive an instant decision.