Help & Advice

Getting car finance while i have a bad credit record.

Hi there Rachel. I have a bad credit rating due to a CCJ and a few defaults. I have satisfied all of the above and now apart from my mortgage i am debt free.

I have been considering applying for car finance and I am wondering if there are any ways that i can improve my chances. For example if i was able to give 50% deposit would that help? Many thanks for your help. Kevin

kevin bird


Answer

Hi Kevin, thank you for your question and i'm positive we can help you get a car loan.

The good news is that we have plenty of lenders on our panel that help customers with a bad credit history. The bonus of you being able to place a large deposit down helps massively so that's great news. To strengthen your application for car finance you may wish to add a co-hirer to the agreement to improve our chances of success.

Either way 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

Answer correct as of September 2016

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Representative example. Excellent Credit

Borrowing £7,500 over 48 months with a representative APR of 16.8%, an annual interest rate of 16.8% and a deposit of £0.00, the amount payable would be: £211.25 a month, with a total cost of credit of £2,640 and a total amount payable of £10,140.

CarFinance 247 is a broker and not a lender

More related questions

Hi, my credit rating is not so good as i have a few missed payment and defaults on small loan.

I have 30% deposit for a small car loan of about £3500. What are my chances of being accepted? I have been accepted with another company but their minimum loan is more than I want.

I would just like to know who else can help before I accept. Thanks

Answer

Hi Robert, thank you for your question.

The good news is that we do have lenders on our panel that help people with defaults and missed payments. The fact you have a 30% deposit is also great news. I can't see an issue getting you accepted for 3500 especially as you have been approved elsewhere.

A few lenders we deal with do have minimum lends but they tend to be circa 3000. 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

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Hi, i had a debt relief order which was discharged on 7/4/12. Could i now get finance? Best regards

Answer

Hi Christopher, thank you for using our Q&A.

The good news is that we do have specialist lenders who help people with past credit problems and specifically DRO's. We can't guarantee an approval but as long as you have a UK licence, are employed and have some current form of clean credit we'll have a good chance.

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

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Rachel Wilson, Underwriting Manager

Best available rate
Total repayment
Total cost of credit

Best available rate

Total repayment

Total cost of credit

We compare products from 18 of the UK's top lenders to get you the best deal.

Hitatchi

Representative example. Excellent Credit

Borrowing £7,500 over 48 months with a representative APR of 16.8%, an annual interest rate of 16.8% and a deposit of £0.00, the amount payable would be: £211.25 a month, with a total cost of credit of £2,640 and a total amount payable of £10,140.

CarFinance 247 is a broker and not a lender