Rates from 28.5% APR
39.7% Representative APR -
Subject to status and affordability
Annual percentage rate, more commonly known as APR, is used to help you understand the cost of borrowing. The percentage figure allows people to compare the cost they will face when taking out a loan or credit card.
A representative APR is an advertised amount that a minimum percentage of customers will pay. To be representative it must be the rate offered to at least 51% of people.
Representative example – Total amount of credit £8000, annual interest rate 20% (fixed), charge for credit £6711.44 (£6406.44 interest, £295 admin fee and £10 option to purchase fee), total amount payable £14711.44. Loan term of 48 monthly instalments, 47 payments of £306.28 and 1 final instalment of £316.28. 39.7% Representative APR – Subject to status and affordability
APR is calculated using a number of variables. It takes into account:
Representative example – Total amount of credit £4750, annual interest rate 25% (fixed), charge for credit £3572.48 (£3562.48 interest charged and £10 option to purchase fee), total amount payable £8322.48, 36 monthly instalments of £231.18. 49.6% APR Representative. – Subject to status & affordability.
APR is important because it prevents lenders from hiding any additional costs, ensures you get a true representation of borrowing, and allows fair comparisons between lenders when considering a loan.
Lenders use data from your credit file to get a full picture of your current borrowing and repayment history. If you have missed repayments on credit commitments such as credit cards or mobile phone contracts, they will assume that lending to you carries a higher risk; this can affect the rate of interest offered to you and potentially limit the amount of lenders that will lend to you.
If you have a less than perfect credit score it can be difficult to borrow money, bad credit loans could enable you to borrow the money you need for your new car. If you have a poor credit profile it is likely you will pay a higher APR as the lender most likely views you as a higher risk with a chance that you will not repay the money.
Here at Go Car Credit we are specialists in providing car finance to people who have struggled to secure the finance they need for their next car purchase.
Our customers are never judged solely on their credit history. Instead, decisions are based on a blend of knowledge and human intelligence to understand whether the repayment schedule will be manageable for our customer.
We want to provide those with impaired credit profiles the green light to enable them to walk on to a dealer’s forecourt with confidence, helping them get behind the wheel in no time. Here are just some of the reasons to get your car finance with us:
You could drive away with a new car from any of our trusted dealerships throughout the UK including Portsmouth, Leeds, Manchester, Newcastle or Glasgow. Don’t worry it is natural to have extra questions when it comes to such a large investment too – so feel free to call our friendly team on 01925 696 373 and learn more about how it all works.
Applying for a car loan with us is really straightforward even if you have experienced bad credit in the past.
Enter a few personal details into our secure online application form which only takes a couple of minutes. If approved, we’ll ask for some details on your vehicle of choice before asking for you to give an online signature if you want to go ahead. There’s no charge or fees for making an application and no obligation – so if you change your mind and want to walk away, you can.
Apply for car finance with Go Car Credit today!