While there are a number of lending options for those who don’t have good credit, it’s important to remember that when you’re exploring your options, bad credit car finance might not be the most suitable option for you.
Although our finance solutions are designed to help people with poor credit to get finance for their next set of used or new wheels, they’re also not for everyone. As a responsible lender, we ensure that a potential agreement between you and us is a financial match made in heaven.
When you’re considering your options, remember there are a number of factors to think about that will add to your monthly cost. Fuel, insurance, tax and MOT, as well as servicing and maintenance – it can all add up quickly, so it’s important to think about affordability when applying for bad credit car finance or other forms of lending.
Who is bad credit finance for?
At Go Car Credit we don’t just consider your credit score, we look at the bigger picture, including how affordable car finance is for you. This means that having bad credit history does not necessarily mean that you won’t get accepted.
If you have ever missed a payment on a loan or financial agreement or have a bad credit rating, your application may still be considered, which means that poor credit car finance could be an option for you. Designed for those with a lower credit rating to help them get finance when purchasing their next car, bad credit car finance could help you get back on the road and into a new or used set of wheels.
Why might I not be suitable for bad credit finance?
There are a number of reasons that bad credit car finance might not be suitable for you. It’s important to explore all your options and consider a few things before you begin the application process. That way you can make the best decision for you and your current financial situation.
Can you afford the monthly repayments?
First things first, you’ll have to look at how expensive the car you’re looking to buy is, and how much your monthly repayments will cost. You can do this by using our handy car loan calculator. Remember, it’s not just the cost of the monthly repayments that you’ll be making; there’s a lot more to keeping a car running.
You’ll need to work out roughly how much fuel you’ll use on a weekly or monthly basis, how much your insurance will be, as well as the all-important taxing and servicing of your car – and not forgetting your MOT too, which is a legal requirement. All these additional costs can make owning a set of wheels quite expensive. So, before you apply for poor credit car loans, make sure the monthly payments and these extra expenses are affordable.
Will taking out bad credit finance get you into financial difficulty?
Look at your overall financial situation. If you have multiple outgoings that are going to make paying for your finance agreement each month difficult, reconsider applying. If you think taking out bad credit car finance will put a strain on your financial situation, speak to a member of our team about the other options that might be available to you.
Remember that failure to make payments can affect your credit report and give you a bad credit profile, making it even more difficult to apply for credit in the future. At Go Car Credit, we look at your income and outgoings to make sure you can safely afford the repayments when making our decision.
What if I have an IVA or CCJ?
If you have an individual voluntary arrangement (IVA), we’ll need written confirmation from your insolvency practitioner that they’re happy for you to borrow money again. If you have an IVA that’s been fully settled, you’re welcome to apply for our car finance deals for bad credit.
If you have an outstanding county court judgement (CCJ) or you’re in a debt management plan (DMP), you may think it’s the end of the road when it comes to applying for car finance. With Go Car Credit it’s not. You are still able to apply for our car finance products and we’ll review the application once we’ve received it.
How can I make an application for bad credit finance?
It’s important to remember that even though we’re specialists in lending to people who may have a bad credit history, no car finance company can provide a guarantee that they will lend to you. We still have lending criteria that must be met and taken into consideration when we’re reviewing your application. Just because you have been refused elsewhere, it doesn’t mean that you won’t meet our criteria.
When you’re ready to apply for car finance, we’ll look at the whole story as we know there are a whole number of reasons as to why someone might have a less than “perfect” credit file. As we specialise in lending to those with bad credit files find new or used car finance deals that work for them, we can talk you through your options and find out more about your circumstances. Here’s just some of the things we offer at Go Car Credit:
- Responsible lending: We’re regulated by the Financial Conduct Authority, meaning we follow their guidelines and only offer what you can afford to repay
- Less strict criteria: We don’t have the same requirements as other mainstream lenders when it comes to car finance. However, you will still need to meet the criteria we do have
- Easy to apply: Once you’ve worked out if you can afford poor credit car finance, it’s simple to apply for car finance
Want to get an idea of how much your monthly repayments could be? Why not try our car finance calculator online. You’ll be able to see how much your loan will take to be paid off.