A Have A CCJ But A Large Deposit. Can I Get Car Finance?
I have a CCJ but a large deposit. Can I get car finance?
February 10, 2022
Yes! The good news is that we work with a panel of lenders and some of them can help people who have had a CCJ get car finance.
CCJ is short for County Court Judgement, and it can be granted against you if you fail to repay a debt. The judgement outlines how you’ll pay back the loan and a deadline for repayment. It’ll also remain on your credit report – and could impact your score – for six years, even after you’ve paid off the original debt.
Having a CCJ on your credit report can make it more difficult for you to secure a car loan as lenders can see you as a riskier borrower. But a large deposit might help you find bad credit car finance as you’ll need to borrow less money to buy a car. The lower the loan amount, the less risk it poses to the lender. Even so, you should avoid draining your savings to boost your deposit. Try to keep an emergency fund handy to cover costs like the annual MOT and service, road tax, insurance, and any unexpected repairs.
You can also take steps to improve your credit score over time. Making sure you’re on the electoral roll, paying your bills on time, and avoiding applying for lots of credit in a short time could all help you secure a car loan.