Car Finance in a DMP

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Can I get car finance while in a Debt Management Plan?

Unlike many direct lenders who refuse to give consumers in debt managements plans (DMP) car finance, Go Car Credit have approved these applications and provide people who have had bad credit, missed payments, a benefits income, no guarantor or deposit.

You may be seen as higher risk  for other car finance companies but we look at our customers entire situation.  If you are in a current Debt Management Plan and you are demonstrating motivation and commitment towards repairing and improving your credit, then we will consider your application with us when other lenders may not.

49.6% APR Representative – Subject to status and affordability



Buying a car on finance in a Debt Management Plan

We will only lend what you can safely afford to pay back each month after living expenses and other commitments. Please think about the additional costs of running a car when deciding how much you will be able to pay back each month for the loan. The types of additional costs you should think about are:

Use our bad credit car finance calculator to see the estimated monthly repayments for the amount you wish to borrow.


What can affect getting approved for car finance?

No ethical lender can offer guaranteed car finance, but we consider all circumstances that others may not. These can include:

  • Being in an active IVA: We will need your Insolvency Practitioner to provide written confirmation that they approve of you getting additional finance commitments.
  • Have had an IVA in the past: If the IVA has been settled then you are welcome to apply for car finance with us.
  • Discharged bankruptcy: We are happy to consider your current situation when you apply with us. We are unable to help you if you are in an active bankruptcy.
  • Outstanding CCJ: We will still review your application for car finance.


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Why choose Go Car Credit for car finance?

We specialise in approving used car finance for our customers who would usually be rejected by other lenders due to their strict lending criteria.

Here are just a few reasons to choose Go Car Credit:

  • Supportive: Car finance works best with friendly and informative communication. Our team are here to offer help or receive feedback.
  • Trusted: We’re rated ‘excellent’ on Trustpilot – the independent customer review site.
  • Regulated: We are authorised and regulated by the Financial Conduct Authority (FCA) and we are committed to providing our customers a fair outcome.
  • Straightforward: We make applying for car finance with bad credit as simple and informative as possible.
  • Fair: We always review application on an individual basis and we will never discriminate because of personal circumstances or credit history.
  • Responsible: As an ethical finance lender, we work with you to provide accessible, sensible and affordable car finance.

If you’ve been rejected for car finance due to your current circumstances you could still drive away with a new car even if you have been refused car finance.

You can choose from any dealership in our approved UK network who cover areas such as Liverpool, Newcastle, Leeds, Manchester, Cardiff, Portsmouth and many more.

Our agents are here to help you every step of the way and provide you with all of the vital information that you require to get you approved for car finance and into your new car as soon as possible.

Some of our approved dealers can offer home delivery and many can offer same day driveway options. We want to make the car finance process as stress free and easy as possible for you.


How does bad credit car finance work with Go Car Credit?

At Go Car Credit, we offer our customers hire purchase finance for their next car.

Hire purchase means you pay to hire a car over a period of time until you have paid enough to own it outright. It’s one of the most straightforward and easy to understand types of car finance.

You hire the car for an agreed amount of time until you have paid enough set monthly instalments to own the vehicle outright. This covers the amount of interest we have agreed with you upfront and the overall cost of the car.

Please bear in mind that we could repossess your car if you are unable to keep up your monthly repayments, we will do our very best to help you avoid this situation.


What happens after I apply?

We do not use the same strict criteria as most mainstream lenders which means our car finance process is tailored for our customers who have struggled to get finance elsewhere.

1. Apply for car finance – Apply for car finance via our website, complete our simple 2 minute car finance application form and a Sales Agent will be in contact to confirm a few key details.

2. Get a car finance decision – We will submit your application to our underwriting team for evaluation. Once provisionally approved for car finance we will provide you with a credit limit.

3. Choose your vehicle – We will help you find your perfect car suited to your monthly repayment budget through one of our approved dealers.

4. Sign your documents – Sign the paperwork online and then it’s time to drive away your new car.

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