Question 1

Can you guarantee me a bad credit car loan?

Accepted Answer

Unfortunately, no, we cannot guarantee you will be approved for car finance with us. We need to carry out checks to ensure you can afford to repay the car loan and it is responsible to lend to you. We would advise you to be careful when considering using a car finance company that promises guaranteed car finance to anyone in any circumstances. All lenders have approval criteria that have to be met before they can approve a customer for bad car finance.

Question 2

I have really bad credit, will I still get approved?

Accepted Answer

We are specialists in providing car finance to people who have experienced poor credit in the past. Our customers are never judged solely on their credit history. Instead, decisions are based on a blend of science and human judgement to understand whether the repayment schedule will be manageable for the customer. This approach allows us to consider any extenuating circumstances such as a bad credit history, self-employment or any previous arrears and view you as an individual, not just a number.

Question 3

Will a bad credit car finance direct lender always perform a credit check?

Accepted Answer

All ethical car finance lenders specialising in bad credit loans should always perform a credit check. This is to make sure you can afford the monthly repayments on top of your other credit commitments that will appear in your credit history.

Question 4

Why do I need to provide income and expenditure details for a bad credit car loan application?

Accepted Answer

An additional way for bad credit lenders to assess your affordability on top of other current credit commitments and bills listed on your credit history, is to ask you questions about all other expenses that are not shown there. It helps the lender to identify your disposable income each month and this counts towards the total amount they are willing to lend you, and the actual monthly repayment amount.

Question 5

What is the lowest credit score you can finance a car with?

Accepted Answer

There’s no fixed minimum credit score to secure car finance. Each lender sets its own criteria based on various factors, such as your overall credit history and current financial circumstances. This means that even with a lower credit rating, you may still be able to arrange a finance deal—although you could face stricter lending terms and a higher interest rate. Different credit reference agencies (such as Experian, TransUnion, or Equifax) also produce varying scores for the same person, so there’s no one-size-fits-all figure that automatically approves or rejects you. What truly matters is how a lender assesses your affordability, payment history, and current level of financial stability. If you have a lower score, you could improve your chances of approval by ensuring any existing debts are managed responsibly, keeping up to date with payments, and correcting any inaccuracies on your credit report before you apply.

Question 6

Will applying for car finance affect my credit score?

Accepted Answer

Typically, a car finance application results in a ‘hard’ credit check. This type of search provides lenders with a detailed view of your financial history, which helps them decide if they can offer you credit and on what terms. A hard check does show up on your credit file and may cause a slight, temporary drop in your credit score. However, it’s the quick succession of multiple hard checks rather than a single one that can create a bigger impact, as it might signal to lenders that you’re seeking a lot of credit in a short time. Some lenders may do an initial ‘soft’ check when you request a quote or eligibility assessment. Soft searches don’t lower your score, as they’re not visible to other lenders. Before applying for car finance, it’s worth asking the lender how they plan to check your credit. This way, you’ll know whether it will appear as a soft or hard search on your credit file.

Question 7

How quickly can I start driving once I’m approved for a car finance agreement?

Accepted Answer

After your agreement is approved and you’ve chosen a vehicle from our approved dealer network, you’ll need to finalise and sign the necessary documents. The timeframe varies depending on the complexity of your application and how soon you can complete any required steps, but we aim to make the process as efficient as possible.

Question 8

Is the interest rate (APR) on my car finance agreement fixed?

Accepted Answer

Yes. The APR on your car finance agreement is fixed at the time you sign your contract and remains the same for the duration of your agreement. We do not automatically review or lower APRs if your credit score improves later on.

Bad Credit Car Finance – Your Practical Guide

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