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Bad Credit Car Finance

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How does car finance work with bad credit?

Bad Credit Car Finance is designed for customers with a poor credit history to get finance when purchasing their next car.

Hire Purchase could be a suitable form of car finance for people who are struggling to get other forms of credit such as personal loans, people with bad credit as well as people who do not want to pay cash for a vehicle.

It is a convenient way to pay for a vehicle based on budget and credit profile so you can get affordable monthly payments. Please use our car finance calculator to quickly view the monthly repayments for the amount which is affordable to borrow.

Choice of vehicle is an important part of the car finance application if you have bad credit. I would suggest you think about the costs associated with your choice of car such as fuel, insurance, tax, MOT, servicing and maintenance costs, as these will all have an influence on the affordability of the vehicle.

49.6% APR Representative – Subject to status and affordability

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How does Bad Credit Car Finance work?

We use a Payment Reminder System also known as “Black Box Car Finance” which allows us to provide loans to those who other lenders may have rejected.

If you do have bad credit you may have been looking for instant decision car finance with no credit check. We are an ethical and responsible lender and do take into account your current circumstances as bad credit car finance specialists.

We have made our Car Finance process as easy as possible for you:

  • 1: Apply for Car Finance with us.
  • 2: Our Underwriting department will review your application.
  • 3: We will help you find your ideal car from an approved dealership.
  • 4: E-Sign the paperwork online and drive away!
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What affects being approved for car finance with poor credit?

We are happy to consider providing car finance to people who have missed payments or have a bad credit rating. However, if you have fallen behind on repayments on other credit agreements it would be in your interest to do everything you can to get the repayments up to date quickly in order to improve your chances of being accepted for no guarantor car finance with bad credit.

Do you currently have an IVA? If so, we will need written confirmation from your Insolvency Practitioner that they are happy for you to borrow again. If you have had an IVA in the past which has been settled, then you are welcome to apply for our car finance.

If you are currently in bankruptcy, unfortunately, we are unable to help at the present time. Our car finance blog, features articles on how to manage debt, helpful tips to improve your credit rating and general advice about the bad credit used car buying process, so keep an eye out for these articles, which may be of help to your current financial situation. If your bankruptcy has been discharged, then we will be happy to consider you when you apply for car finance.

If you have an outstanding CCJ or in a Debt Management Plan (DMP), that does not mean it is the end of the road when it comes to applying for bad credit car finance as you can still apply for car finance with us and we can review the application.

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REQUIRED

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Top tips for rebuilding bad credit

What is your credit score?

Your credit score is a three digit number which is calculated by using information from your credit report.

You can find out your credit score and review your credit report from one of these credit reference agencies:

Why is your credit score important?

Having a bad credit score can mean you only have access to specialist bad credit finance lenders with higher APR than mainstream lenders such as your bank.

If you work on improving your credit profile by keeping up on your bad credit loan repayments and other credit commitments you may currently have, as you continuously make these repayments or finish the agreement with no defaults you may be able to access lower APR credit options for a range of services in the future such as:

  • 1: Mortgages
  • 2: Loans
  • 3: Utilities
  • 4: Mobile phones
  • 5: Car and Home insurance

How you could improve your credit score

Try to make sure that all outstanding credit is going down and regular on-time payments are being made.

Make sure you are on the electoral register. If you are not listed, it may become difficult for you to get credit.

Give it time and stick with making your full monthly repayments as it will show to credit lenders you are committed to repairing your credit and may be perceived as less of a risk to lend to.

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Does ‘Guaranteed Car Finance’ actually mean it’s guaranteed?

Many companies offer ‘guaranteed car finance’. The fact is no finance company providing car loans for people with bad credit can guarantee that you will be accepted if you have had bad credit or still have a bad credit profile. Go Car Credit has lending criteria that need to be met and taken into consideration when reviewing your application.

But we are specialists in lending to people who may have had a bad credit profile. We will work with you to ensure we fully understand your financial situation if you have a poor credit history and ensure the monthly repayments are affordable.

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Why should I choose Go Car Credit to finance my next car?

We are at your service to guide and support you all the way through the car finance process.

We want to make sure your experience is understandable, stress free and efficient from making your application to driving away in your new car.

We could help you get the car finance you need even though you have been refused by other direct lenders.

  • Benefits Income: We will take benefits into account when calculating your income and monthly repayments for car finance with us.
  • Unemployed or Self-Employed: As long as you are able to prove to us you have a steady monthly income and can safely afford the car finance repayments every month we can consider your application.
  • No Deposit: You don’t have to provide a deposit with us and but it would mean your monthly repayments would be lower if you can.
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What are the risks of getting car finance?

As with all types of loan and credit agreements, there are some risks. Here in the UK, car finance is regulated by the Financial Conduct Authority and lenders must follow responsible and ethical lending practices. The finance is secured on the vehicle, so if you don’t keep up with the monthly repayments, Go Car Credit can repossess the car.

Similarly, failure to make payments can also affect your credit report and give you a bad credit profile. To help people who have a bad credit profile, Go Car Credit will look at your income and expenditure to ensure that you can safely afford the repayments.

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