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Car Buying Options with Poor Credit

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Looking for your next car? It can often be an exciting time, with so much choice out there. The range of colours, hatchback or saloon, new or used – there’s a lot to think about. It’s the same for payment options too. But what if your credit history is less-than-perfect? That’s when all that excitement fades as you worry about your car buying options with poor credit.

A car can often be one of the most expensive things you’ll ever buy. Not many people are able to pay for their next vehicle outright either – so bank loans and car finance are two options. In fact, £48 billion worth of finance from FLA members, was used to help people and businesses buy new or used cars during 2019. Yet, some of these options simply won’t be available if you have bad credit.

So – what are your car buying options if your credit history isn’t perfect? Read on to find out…

49.6% APR Representative – Subject to status and affordability

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What are the different car payment options?

The cheapest option is to pay for your next car in full and upfront in cash. That’s simply due to the fact that you’ll own it there and then with no interest to pay. But sometimes it’s not a practical option. After all, millions of people don’t save that kind of money.

To cover the cost, you might ask your bank or building society for a personal loan or use your credit card. There are also different types of car finance agreements, such as personal contract purchase (PCP) or hire purchase (HP). Each of these, however, is subject to a credit check.

If your credit history is less-than-perfect, this could mean the cost of the monthly payments will be too expensive or – even worse – your application might be turned down.

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What are my car buying options if I have bad credit?

Having bad credit – or no credit history at all – doesn’t mean you can’t get car finance for that next set of wheels you need. There are dedicated providers out there who can help you – even if you were turned down elsewhere. Here at Go Car Credit, we’re proud to be one of them.

With us, you can apply for a form of finance called hire purchase. It’s designed for anyone who can’t afford to pay for their next car outright and might struggle to get approved for credit elsewhere.

When you take out a hire purchase car finance agreement with Go Car Credit, the amount you borrow will be secured against your new car. Ultimately, it means we technically own your car up until the point you’ve paid back the agreed amount.

It lets us look beyond just your credit history when you apply so that you can get back out on the road. To see how Go Car Credit can work for you and what your payments may look like, use our free online car finance calculator today.

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NO DEPOSIT
REQUIRED

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NATIONWIDE

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How can I improve my credit score?

Even if you have bad credit now, there are some simple ways to potentially improve your chances of getting accepted for car finance with us. The good news is that there are some simple steps you can take to help you do this. Some of these include:

You should remember that a lender won’t just use your credit score to make their decision. So, a high score isn’t necessarily the be all and end all. But it can certainly maximise your chances of being approved for car finance – or other products like a loan, credit card or mortgage.

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How does car finance from Go Car Credit work?

Of course, building up your credit file to improve your chances of buying a car with bad credit can take time to do. And that time is not always available, especially if your current vehicle is at the end of the road. But there’s no need to worry – because there is someone you can turn to.

If you’re looking to get a car with bad credit, Go Car Credit takes the stress out of the finance.

Our process is really simple too. In just four steps, we could put you on course to buying a great car with poor credit. It all starts with our application form.

If we conditionally approve your finance application, we’ll then help you with the actual process of finding a car. We have a nationwide network of approved dealers, so we’re sure what you’re looking for is waiting for you.

Once you find the perfect car, we just need a few documents and the next step is full approval.

Find out more about how our car finance works.

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Who can Go Car Credit help?

Our aim is to help people to get car finance with a poor credit rating. With our secured form of finance, there are so many different people who we may be able to accept. If you’re struggling for car buying options with bad credit or any other reason, why not talk to Go Car Credit?

Bad credit

Of course, bad credit car finance is our area of expertise. A poor credit history can be a deal-breaker for so many lenders. We offer a simple and convenient way for you to
pay for your next car. It’s based on your budget and credit profile – with monthly repayments that work best for your financial situation.

Unemployed or self-employed?

For some lenders, it can be hard to be accepted if you’re self-employed or unemployed. Here at Go Car Credit, we don’t think this is fair. So, if you can show us that you have a steady monthly income and can afford your repayments each month, we may be able to help you.

No credit history

If you’ve never taken on any debt in the form of credit, you might think your record is spotless. Well, yes – in some ways it is. But some lenders like to see that you’ve got some experience of sensible borrowing. That means that young drivers can be put at a major disadvantage.

It’s a catch-22 situation, however, how do you build a credit profile if you can’t get credit? e look at your current situation to see if you could get finance from us. If so, sticking to your monthly repayments could help build your credit history.

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Am I eligible for car finance from Go Car Credit?

If you’re in the process of buying a car with bad credit or limited credit history, we want to be able to help you as much as we can. But, first, you must be:

  • Aged 18 or over
  • Living in the UK – and have done so for at least 3 years
  • Receiving an income of at least £1000 each month, which goes into a named bank account
  • In possession of a full and valid driving licence

You must also not be in an active bankruptcy or debt relief order.

If you meet all these criteria, we can consider you – which means you can apply today. Not sure if you’re eligible? Feel free to contact our team on 01925 696 373 or send us a message.

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Why should I choose Go Car Credit?

We know that you might be worrying about how to finance a car with a poor credit history. If other lenders have refused you already, you may even think that it’s impossible.

But it’s not.

And we could help.

We’ll try and provide the car finance that you need – and that works with your current situation. We’re dedicated to helping you get behind the wheel of your next car. Here are some reasons why you can depend on us:

  • Finance that works for you: When you apply, we’ll look at your current situation to make sure that you can afford the repayments – not just your credit history.
  • Total cost known at the start: You’ll know exactly how much your finance will cost because it’ll be agreed with you upfront and at the start of your agreement.
  • No deposit needed: Not everyone has a savings pot to dip into to cover the cost of a deposit, so that’s why we offer no-deposit car finance.
  • Responsible lenders: We’re fully authorised and regulated by the Financial Conduct Authority. We’re also members of the Finance and Leasing Association.
  • Simple application process: It’s easy to apply for car finance from us. Our four-step process makes everything so straightforward when buying your next car.

You don’t just have to take our word for it either. We know that hearing from other people with experience of buying a car with bad credit can give you peace of mind. So, why not take a look at the independent customer reviews that make us rated “Excellent” on Trustpilot?

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How can I find out more about my car buying options with bad credit?

If you’d like to find out if Go Car Credit could be your perfect car buying option with bad credit, use our online car finance calculator. Choose the amount you’d like to borrow and for how long. We can then give you an idea of what your monthly repayments could be.

Unsure about how our car finance works? No worries. We appreciate that it can sometimes feel confusing. So, we’ve got loads of frequently asked questions that can put you in the picture.

Still need some help? Our friendly team are ready and waiting – simply get in touch by phoning 01925 696 373 or sending us a message.

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