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 you wish 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
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.
After you have made an application and once passing initial checks, applications we receive are reviewed by the employees themselves and not just a computer program. This approach allows us to consider any extenuating circumstances such as a poor credit history, self-employment or income from benefits.
We could provide you with the opportunity to re-establish your credit rating and get you back on track.
We have made our Car Finance process as easy as possible for you:
We are happy to consider providing car finance to people who have missed payments or have a bad credit history. 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 (Individual Voluntary Arrangement)? 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 information 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, 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.
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:
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 be able to access lower APR credit options for a range of services in the future such as:
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 be more 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.
Focusing on improving your credit file can be a good start but there are other ways you couldconsider to boost your chances of getting car finance with bad credit:
We provide bad credit car loans with no deposit needed, however offering one would contribute towards reducing your monthly repayments and increase the affordability of which vehicle you can choose.
We will only lend what you can safely afford to repay each month over the term you have agreed to pay back. We calculate the car finance for bad credit we can offer you by comparing your current monthly income to your monthly expenditure.
By working out your own income and expenditure and using our poor credit car finance calculator you can get an idea of what you will be able to afford before you apply with us.
Many companies offer ‘guaranteed car finance’, we are specialists in providing car loans for people with bad credit but the fact is no finance company lending to people who may have had a bad credit profile can guarantee that you will be accepted. Go Car Credit has lending criteria that need to be met and taken into consideration when reviewing your application.
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.
Not necessarily as are many reasons you could be refused car finance, and lenders may not tell you why you have been rejected.
It could be due to not meeting their minimum criteria for income amount or recently missing payments on other credit commitments or bills, or even a very short time in a current employment.
All bad credit lenders will have their own different personalised criteria and methods of assessing whether they feel you can safely afford and that you will be committed to making the monthly repayments.
If you suspect you have been repeatedly denied car finance due to recent defaults, you could have a better chance at being approved by only applying for car finance with bad credit after a substantial amount of time has passed, and only if your credit commitments are starting to be repaid on time every month.
This is so that these recent repayments are reflected on your credit history and may increase the confidence of the lender in your ability and commitment to maintain loan repayments.
If you have a bad credit history then that could be contributing to a low credit score on your credit history.
The credit score on your credit history is not solely used to make a decision whether to approve you for a loan.
Poor credit car finance specialist lenders use their own criteria and methods that are usually much more relaxed than a mainstream lender such as a bank, who may automatically decline someone based on credit score.
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 straightforward stress free and efficient from making your application to driving away in your new car.
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.