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

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 accounts running and I have had no missed payments, defaults or late payments at all. Would this cause problems when applying for finance? Kind Regards, Kieran

Asked by Kieran Williams
February 20, 2014

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

5 years
Total cost of credit £ 2000
Total repayment £ 2000
48 monthly
payments of
£ 245 98

Rates from 7.9%: the exact rate you will be offered will be based on your circumstances, subject to status.

Representative example: borrowing £6,500 over 5 years with a representative APR of 9.9%, an annual interest rate of 9.9% (Fixed) and a deposit of £0.00, the amount payable would be £136.44 per month, with a total cost of credit of £1,686.40 and a total amount payable of £8,186.40. 

We look to find the best rate from our panel of lenders and will offer you the best deal that you’re eligible for. We don’t charge a fee for our service, but we do earn a commission. This does not influence the interest rate you’re offered in any way.


Personal Contract Purchase (PCP) related questions

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


February 20, 2014

The good news is that CarFinance 247 works with a panel of lenders, which means we can look to find you a PCP deal, even if you’ve been declined elsewhere.

However, we can’t guarantee that we will be able to help as everyone’s circumstances are different and we’d need to look at your individual details to find out if we can match you to one of our lenders offering personal contract purchase deals.

Get a quote to find out more. Rates from 6.9% APR. Representative APR 24.9%.

Find out more about PCP and whether it could be the right car finance option for you here

Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 5 People

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 embarr


February 20, 2014

We work with a panel of lenders and some of them can help customers with a bad credit history get car finance. This includes people with CCJs, defaults and IVAs, subject to approval. However, PCP car finance lenders can require a good credit score, so we can’t guarantee that we’d be able to help you get a new car on PCP. Everyone’s circumstances are different, and we’d need to look at your individual details to see if we can match you to one of our lenders. Get a quote to find out more. Representative APR 31.2% with bad credit.

Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 8 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
February 20, 2014

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
February 20, 2014

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
February 20, 2014

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
February 20, 2014

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
February 20, 2014

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
February 20, 2014

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
February 20, 2014

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.
Tim Carpenter
Tim Carpenter Car Finance Expert

Liked by 7 People

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