When you see the term “no credit check car finance,” it might sound like there’s no need to worry about your credit history at all. In reality, however, every regulated car finance provider in the UK is obliged to carry out some form of credit check before approving an application.
At Go Car Credit, we begin by performing a soft search – this won’t affect your credit score and simply helps us understand your financial background. If you decide to proceed with a finance agreement, a hard search follows, which will be noted on your credit file for future lenders to see.
Nevertheless, there’s far more to our process than just your credit history. Affordability is a key factor in whether we can provide finance, even if you have bad credit. By taking a closer look at what you can realistically manage, we aim to make it possible for a wide range of people to get behind the wheel of a used car, despite the words “no credit check.”
Step 1: Calculate your monthly repayments
Step 2: Apply and track your application online, in real time (No login or app needed!)
Representative example – Total amount of credit £10,000, annual interest rate 18.25% (fixed), charge for credit £9,430 (£9,125 interest, £295 admin fee and £10 option to purchase fee), total amount payable £19,430. Loan term of 60 monthly instalments, 59 payments of £323.67 and 1 final instalment of £333.47. 36.1% Representative APR – Subject to status and affordability
Let’s dive deeper into what’s considered for car finance deals here at Go Car Credit, so you can get a clearer picture of how we’ll handle your application.
If you have CCJs, defaults or arrears, you might wonder if a bad credit car finance with no credit check deal is possible. While credit checks are mandatory, they shouldn’t be a cause for concern. We understand that it isn’t always easy to maintain a perfect credit history. That’s precisely why we founded Go Car Credit: because we recognise the challenges many face when seeking credit.
With a philosophy built around ethical and responsible lending and treating customers fairly, we specialise in helping people who may have bad credit and are finding it hard to get car finance.
So, if you’ve been refused finance in the past, got missed payments on your credit report or had difficulty maintaining good credit during periods of self-employment, we may still be able to find a finance plan that suits you.
Everyone who makes an application for car finance goes through a series of checks to determine their eligibility, covering such checks as:
At Go Car Credit, we do the majority of our underwriting manually, so a large number of applications are not approved or rejected automatically based on the data you provide. We carry out more rigorous affordability checks than most to make sure you have every chance to get the car you want and can afford, so you won’t get declined at the point of application.
Affordability is one of the factors we consider at Go Car Credit when it comes to finding you the right deal on the right car. Finance is not based entirely on affordability, but it is a significant factor when working out your eligibility to borrow and, of course, how much.
When it comes to affordability, car finance can be an area of concern for some drivers with bad credit, but it needn’t be. All it means is that you’ll be checked for your ability to keep up with payments on a car finance deal, which you’d expect from any kind of finance arrangement. It is a lender’s way of determining whether or not they think you can afford to get a car on finance without defaulting on repayments.
During the application process, Go Car Credit will look at your income and outgoings through the information you provide. You’re maybe asked to supply payslips if you’re in full-time employment. If you’re self-employed, you might be asked to provide bank statements to confirm your income.
Affordability checks can also include expenses on necessary items each month, such as toiletries, your food shopping, energy bills, so you can rest assured we’ll take your full circumstances into account to reach a fair decision.
At Go Car Credit, we’re here to help you understand how car credit works, so we have a range of guides, from car finance agreements to explaining how credit works.
When you feel ready to apply for car finance, you can click on that link to start an initial application process with us – don’t worry, everything is explained along the way (because getting a new car should be exciting, not scary!).
