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Black Box Car Finance

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black box car finance

Rates from 29.7% APR
40.9% Representative APR -
Subject to status and affordability

Have you struggled to get car finance in the past because of bad credit? Mainstream lenders can be reluctant to offer support to those who struggled to keep up with repayments in the past. At Go Car Credit, we want to give people just like you the green light – and black box car finance is one of the options out there that could help you get a new set of wheels.

It’s often easier to get approved for than other traditional loans and – with its handy built-in payment reminders – a black box car may even put you on the road to rebuilding your credit score. We don’t have the same strict criteria as other lenders you may have dealt with in the past – and it’s easy to apply online for a Hire Purchase car in a matter of minutes.

Read on to find out more about how black boxes work, why they’re useful for bad credit, and how to apply with a friendly black box car finance direct lender like Go Car Credit.

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Representative example – Total amount of credit £9,000, annual interest rate 21.75% (fixed), charge for credit £10,092.32 (£9,787.32 interest, £295 admin fee and £10 option to purchase fee), total amount payable £19,092.32. Loan term of 60 monthly instalments, 59 payments of £318.04 and 1 final instalment of £328.04. 40.9% Representative APR – Subject to status and affordability

What does a black box do?

You may be familiar with the idea of a black box which tracks things like your speed, braking and cornering to show insurers how well you drive and give you a more personalised price. While they may look similar, the black boxes we’re talking about here are purely designed to help you keep your car finance repayments up to date. These boxes don’t track your driving style.

Our payment reminder system is designed to allow you to stay in control of your agreement and also help to remind you when your repayments are overdue – that way you can stay on track with your agreement and rebuild your credit score.

The system is there to help you keep your repayments up to date. It works by installing the reminder system in your newly purchased car which is not visible in any way.

As long as your account is up to date you don’t need to do anything. Ensuring full payment is made on time each month means the system will work continuously and you will not even notice it is there.

After you pay off all the costs and reach the end of your black box finance agreement, you’ll own the car outright. The process is simple to set up and won’t stop you enjoying your new ride – but the positives don’t end there.

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How do black boxes help with bad credit?

If you’ve been turned down for car finance or other forms of credit in the past because of a poor credit history, not being able to include your benefits income in your application, or you are self-employed, a black box could put you back in the driver’s seat in two key ways.

First, fitting a black box could improve your chances of having your application accepted. The handy notifications can help you avoid missing your scheduled repayments. This reduces the level of risk to the lender and gives them more confidence in your ability to pay them back.

It’s a win-win situation that makes it easier for you to get your new car on finance to help with your commute, day-to-day tasks or whatever else you might need it for.

Second, those same reminders could help you rebuild your credit score. Paying your bills on time is the most important thing you can do to improve your credit rating. By taking out a black box car finance agreement and keeping up to date with the repayments, you could improve your chances of getting better deals and being accepted for other forms of credit in future.

Simple!

How are black boxes fitted?

Your system is fitted by an auto-electrical specialist at no extra cost to you.

Professionals we work with are fully trained and make sure your system is fitted correctly before you drive away in your new car.

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What happens if I don’t make a payment on time?

If you fail to make payment on time and in full we’ll attempt to contact you to discuss your account. If we are unable to contact you, and if you don’t make contact with us when prompted, the system will emit a warning alert (this will be audible).

The warning alert will ring for approximately 30 seconds when starting the vehicle. While the warning alert sounds the vehicle will continue to operate as normal.

Once the alert sounds it is really important that you contact us. If you fail to do so, or we are unable to work together to bring your account back up to date, we may issue a Default Notice (a regulatory requirement). We may also issue a Notice of Termination which will bring the agreement to an end. This can have significant consequences, including repossession of the vehicle.

How does black box car finance work with Go Car Credit?

All our black box car deals are offered via Hire Purchase. You’ll make monthly payments to hire a car for an agreed length of time until you’ve paid enough to own it outright. The loan is secured by the car itself, which means we can repossess it if you can’t keep up the repayments – though we’ll do our best to create a payment plan that’s manageable for you moving forward.

Use our bad credit car finance calculator to find out what your repayments could be based on how much you want to borrow and for how long.

We also share regular money management tips in our guides section, to help improve your chances of being accepted and getting a better deal!

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Pay as you go car finance

What is pay as you go car finance?

Pay as you go car finance is a term that you may be using to describe our black box car finance.

When people talk about pay as you go or black box car finance, they are still referring to hire purchase car finance.

The term ‘pay as you go’ is usually associated with services such as mobile phone providers, whereby you pay for the calls and texts you make but you are under no obligation to purchase any more credit if you do not want to.

This is not the case for pay as you go car finance. Hire Purchase is a legal agreement so you are unable to stop making payments as you would with other pay as you go services.

Should you fail to keep up with car finance payments, you would incur late payment charges and your account would enter into arrears which could have a negative effect on your credit profile.

Does having a black box fitted guarantee car finance?

No ethical lender would offer guaranteed car finance without a credit check.

This is to make sure you can safely afford your loan amount and make the repayments each month.

We look at your overall situation on an individual basis and our criteria is less strict than many other lenders, so we could get you approved even when you have been refused elsewhere.

Your application is reviewed by one of our specialist Underwriters to give you a decision as quickly as possible.

You can follow this progress on your application tracker link, which is provided after you make an application with us online.

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Why choose Go Car Credit for black box finance?

We don’t think bad credit should hold you back from getting the new car you need. As one of the UK’s specialist black box car finance lenders, we could say yes – even if you have a low credit score, county court judgements (CCJs), defaults, payment arrears, previous IVA agreement or have previously declared bankruptcy.

Here are a handful of reasons why we could be the perfect alternative provider for you:

  • Our criteria: We don’t have the same strict requirements as most mainstream lenders. We review every application individually and look beyond your credit score to find a sensible solution.
  • Our commitment: The repayment plans we create are straightforward and manageable. We’re regulated by the Financial Conduct Authority (FCA) and follow their recommendations on responsible lending.
  • Our reviews: You don’t have to take our word for it. We’re rated ‘Excellent’ by independent customer reviews on Trustpilot, with many praising our friendly team and smooth service.
  • Our communication: Applying for car finance can feel intimidating, especially if you’ve been turned down in the past. We make the process simple and stress-free.

You can choose your ideal used vehicle from any of the dealerships in our UK network, including Newcastle, Leeds, Glasgow, Portsmouth or Manchester. With a new car being a serious investment, it’s perfectly normal to have questions. Feel free to call our team on 01925 696 373 for more information on how it all works.

Will I need a deposit?

There are situations where we may ask you for a deposit. Offering one can be a helpful way to boost the likelihood that we’ll approve your application. We do, however, also offer no deposit car finance if you don’t have the spare cash or time to save up.

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How do I apply for black box finance for people with bad credit?

We aim to make the process of getting a new car as straightforward as possible. If you’re still unsure, read more on how our car finance works.

Once you’re ready to go ahead, get the wheels in motion by filling out our short online application form. If you meet our approval criteria, we’ll give you a provisional credit limit and help you find your perfect new car through one of our approved dealerships.

The final step is to sign the paperwork and drive away!

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