Frequently Asked Questions on Car Loans

What is Hire Purchase Car Finance?
Hire Purchase is one of the most common types of finance, it is really simple – you hire the vehicle and make fixed monthly repayments until you have paid off all of the agreed finance. There are no surprises at the end of your agreement such as balloon payments or mileage restrictions. The entire car price is spread across your agreement term and once all monthly payments have been made the car becomes yours, making it one sensible option for borrowing.
Will I qualify for Car Finance with Go Car Credit?
Have you been refused car finance due to bad credit? Don’t worry it does not mean that you can’t get car finance! We are specialists in bad credit car finance. Many of our customers have been refused car finance from mainstream lenders because of poor or bad credit history.

Apply via our online application form to find out if we can help you secure the finance you need for your next car purchase.
How much can I borrow?
We can offer loans from £3,000 to £10,000. Use our car finance calculator to see what your monthly payments would be.
Will my repayments be fixed?
Yes they will be fixed for the entire term of the agreement.
How do I apply for car finance?
You can apply for finance direct via our website. Just fill in our application form and one of our sales agents will be in touch.
What is your lending criteria?
• You are a UK resident for at least 3 years. (We are unable to provide finance for those living in N.Ireland)
• You have a full UK Driving Licence.
• You are not living on barracks.
• Your income is over £1000 and paid directly into a UK bank account.
• You are able to provide 2 months consecutive pay slips or if self-employed, 3 months consecutive bank statements.
• You are not a previous customer who has had a repossession.
• You are over 18
• You are not in an active bankruptcy or debt relief order.
I have got bad credit, will I still get approved?
We are specialists in providing car finance to people who have experienced bad credit in the past. Applications we receive are reviewed by the employees themselves and not just a computer program. This approach allows us to consider any extenuating circumstances such as a poor credit history, self-employed or any mortgage or council tax arrears and view you as an individual, not just a number. For more information, please visit our Bad Credit Car Finance page.
Do you use credit scoring to make your decision?
We do not base our decision on your credit score. We are specialists in bad credit car finance and help people who may have had trouble obtaining finance elsewhere. We do this by looking at your affordability as opposed to credit scoring. We do perform a credit search to review your financial history, but our lending decision is not solely based on this.
What paperwork will I need?
• Photo ID – We will use this as proof of your identity
• Proof of income – Wage slips or bank statements, minimum of 2 months will be required
• Proof of address – This can be in the form of a utility bill or council tax bill.

We may require further documents depending on your application
What is a Payment Reminder System?
A Payment Reminder System (black box) is placed into your newly purchased car (don’t worry its small and discreet so you can’t see it in the car) and once a month, when your payment has been received, a code will be sent directly to your device and this allows your car to keep running until your next payment.
Can I take a payment holiday?
Unfortunately, you are unable to take a payment holiday as the account will fall into arrears.
Can I settle my car loan before the end of the agreement?
Yes you can settle your account before the end of the agreement. We will give you a settlement figure and this is the amount you will need to pay to end your finance agreement with us.
Do you do guarantor car finance?
We do not offer guarantor finance, but we do help people who may have experienced problems getting finance in the past. For more information, please visit our Bad Credit Car Finance page.
Can I get car finance with a provisional licence?
Unfortunately not, we can only provide finance for people who have a full UK driving licence.
Can I get car finance if I am on benefits?
Yes, you can. Unlike some mainstream lenders we take benefits into consideration when reviewing your income. For more information about on this, visit our Car Finance for People on Benefits page.
Can I choose any car?
There is criteria that has to be met such as maximum mileage restrictions and maximum age of vehicle restrictions. We can help you source the car you want from one of our reputable dealers across the UK. All of our dealers are authorised and regulated by the Financial Conduct Authority. By only choosing dealers that are FCA regulated reinforces our high standards of service to our customers.
What does APR stand for?
APR stands for annual percentage rate.
What is APR?
The APR is the yearly cost of borrowing, this is what you'll pay on top of the money you borrow.
Why is your APR higher than other lenders who offer car finance?
We specialise in providing finance to individuals who have struggled to obtain credit. We charge a higher APR on our finance products because we serve the sector of the community, which are usually excluded from conventional lending and our customers are seen to be a higher risk by other lenders.

To reward our loyal customers who have proved they are committed to improving their credit could receive a reduced interest rate on their next agreement.
Aside from APR are there any other hidden costs when taking out car finance?
There is an option to purchase fee of £10, which is added into your loan repayment schedule.
Can I transfer my existing car finance arrangements into a new agreement with you?
We are unable to add on any existing finance you may have into your agreement with us.
How do Go Car Credit pay for my car?
We transfer the finance amount to the dealership directly as soon as you have signed the legal documents.
Do you offer Car Finance for motorbikes?
Unfortunately not.
Is car insurance included as part of car finance?
Car insurance is not included as part of the finance we offer.
What type of cover for car insurance is required?
Please note we need the car to be comprehensively insured.
What if I want to change my car before the end of the term?
You will need to request an early settlement figure from us and settle your current contract before you can begin a new one. Our customer service team will be able to give you details of the early settlement balance.
What paperwork will I receive?
You will receive a signed copy of the Hire Purchase Agreement. You should ensure you have read this document and understand the terms and conditions of the agreement. Please retain this document for your records.