Can I Get A New Car on PCP with a Bad Credit History?
Can I get a new car on PCP with a bad credit history?
December 15, 2021
It can be challenging to get a new car on PCP if you have a bad credit history. This is because some lenders do require borrowers have a good credit score to be approved for a PCP loan. However, that doesn’t mean you have to give up on finding car finance if you have poor credit.
At CarFinance 247, we work with a panel of lenders including those that specialise in helping people with bad credit find finance. You can get a no obligation quote. We’ll run a soft credit check to find out if we can find you an approval in principle from one of our lenders but won’t run a hard credit check unless you choose to proceed.
If you have a bad credit score, you may want to consider HP car finance rather than PCP. With this type of finance, you may have higher monthly repayments than you would with PCP but when you reach the end of the agreement and pay the ‘Option to Purchase’ fee, you’ll own the car. You’re also unlikely to have any mileage restrictions with a hire purchase loan.
Looking to improve your credit score? There are several steps you can take to build your score and counteract a bad credit history.