Can I Get A New Car on PCP with a Bad Credit History?

Hi, I am looking to get a new car on finance, however I have had a default status on my credit file for the last three years (fully paid off in November 2012 - default amount around £16000).

However, i don't want to be faced with the embarrassment of being rejected from the showroom. I know credit scores are pointless as the lenders look at your credit history, but I was wondering would I be able to get credit (most importantly with good interest rates). Last time I looked at my Experian credit score it was at 911.

Asked by Steve Kam
September 26, 2013

Hi Steve, thank you for your question and apologies for the delayed response.

We'd definitely be able to get you approved and you do seem to have a good credit score, but the fact is that the lenders we deal with will still be able to see the default on your file even though it's settled. The fact that it is settled is good news but you won't get high street rates unfortunately.

As i said though i'm reasonably confident we can get you accepted for new car finance and once approved we provide a no obligation quote and you can get a car from any dealer in the UK. Please make an application when you're ready. Kind Regards, Rachel


Personal Contract Purchase (PCP) related questions

Hi, I am looking to buy a used BMW on PCP finance, My credit file is showing as 876 which is fair, this was previously in the 900s so good, but my credit card balance is near the limit so has taken a bit of a hit. I currently have 4 credit

Asked by Kieran Williams
September 26, 2013

Hi Kieran, thank you for your question

As you have a decent credit score and 4 active clean credit accounts i'm very confident that we can get you accepted at a lender who offers attractive rates on PCP's. The fact that one credit card is near its limit shouldn't effect the decision

Please make an application and once approved you can choose a car from any dealer and we also provide a no obligation quote. Kind Regards, Rachel

Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 8 People

I am trying to get a pcp deal on a Nissan pathfinder but was turned down because my credit score is too low. The bad credit is due to a defaulted payment of only £6 I have no CCJ's or other arrears and have perfect credit in every other way. What could yo

Asked by Robin
September 26, 2013

Hi Robin, as the default is for such a small amount i'm confident we could get you approved for a PCP on a good rate too. Manufacturer finance can be really picky at times but we have many lenders on our panel whereby we can get on the phone and have a sensible conversation with them. Please make an application when you feel ready and let me know the reference number so that i can take a look. As long as you're employed, have a full UK licence, are on the electoral roll and have some deposit we should be fine :-)
Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 5 People

I was on a DMP but came off of this around 2 years ago, and managed through the payments myself meeting what was required. The majority of this debt has now been cleared and I am in a financially secure position earning around £2,300 a month. I know my cr

Asked by Oli Smith
September 26, 2013

Hi Oli, Thank you for your question. Most lenders will need to look into your credit history before offering you a loan I'm afraid, however this doesn't mean we won't be able to find you a lender! We can help people that are currently in debt management plans, it all depends upon how bad your actual credit profile is and how much debt you have outstanding. As you are now on top of your credit and have a good regular income we may well be able to help you. Please make an application when you're ready and if approved we provide a no obligation quote and you can buy a car from any dealer. Kind Regards, Rachel
Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 6 People

Hi, I recently applied for but failed to get credit through BMW finance. The salesman was surprised as I earn £2100 per month after tax etc, own my home and have lived here for over 8 years. I have also worked at the same place for ten years. On checking

Asked by Jim Farrow
September 26, 2013

Hi Jim, as you have a good income, a large deposit and a good credit history we should be able to get you approved for a BMW. Would you however consider a 6-12 month old car rather than a brand new one?
Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 7 People

Hi, I would like to get a Mini Coupe on a PCP deal. At present I have a credit rating of 855 on Experian but i also have 3 defaults due to some problems in 2011. My mortgage is up to date and 3 of the debts were passed to debt collecting agencies although

Asked by Diane Bunn
September 26, 2013

Hi Diane, thank you for your question. You seem to have a fair credit score but due to your past problems and that fact that you're in a debt management plan we'll struggle to get you a PCP deal. We can however try and secure you a car finance deal (hire purchase) where you'll own the car at the end of the agreement. The fact that you're a homeowner is positive news too. Please make an application and once approved you can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Rachel
Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 6 People

Hi, i'm looking to get a PCP on a £47,000 car with me placing a £15K deposit down. My scores are different with Experian and Equifax? They are both classed as fair - My Experian credit score is 869 and equifax is 417. What's the chance of me getting accep

Asked by Dan
September 26, 2013

Hi Dan, as you have such a large deposit and you say you have good credit there should be no reason as to why we can't help you. Please make an application for your PCP car finance and we'll be in touch asap. Regards, Rachel
Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 6 People

Hi, I'm looking to get finance on a £17000 BMW but was declared bankrupt 3 years ago and still only have a credit score of 650 on credit expert. I have a total of £3200 to put down which includes my current car and can now easily afford the payments of £2

Asked by Anna
September 26, 2013

Hi Anna, i have one company in mind which may be able to help as you have a large deposit but a poor credit history. A PCP is possible but the rates you receive will be higher than those available on the high street. Please apply when you get 2 minutes and provide me with your reference number. Thank you, Rachel :-)
Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 7 People

Hi, thanks again for the quick reply. What kind of spec car would the £350 per month be? I am looking for a 3 series M Sport with a couple of extras. Would this be a new car as you previously mentioned or a six months to a year old, the new M sport 3 s

Asked by Jim Farrow
September 26, 2013

Hi Jim, if approved we provide a no obligation quote and you're free to choose a car from any reputable UK dealer. Please make an application when you're ready.
Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 6 People

Hi, thanks for the response. To be honest I would prefer a new car, however if it was the right model and had the right toys I would consider a six month to a year old car. The main issue would be the cost per month, is there any estimate you could give

Asked by Jim Farrow
September 26, 2013

Hi Jim, with your deposit amount we could get payments in the £350 region if we can get you approved for a PCP. From what you said the majority of your credit is good however you are linked to this second mortgage with your partner where there is missed payments so i'm reasonably confident that this is the reason as to why you have been declined. Not unless BMW think you're over committed but i couldn't comment on that at this stage.

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