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Wondering how to get car finance with bad credit? Concerned your credit score might affect your eligibility for affordable car finance?

Can I Get Car Finance with Bad Credit History?

UK Car Finance
12, Aug 2019

If you have any questions or concerns about how to get a car on finance with bad credit, you may find the answers you need below:

Will Bad Credit Affect My Eligibility for Car Finance?

The short answer is yes – bad credit may affect your eligibility for any kind of finance. With most major banks and High Street lenders, credit history is king.  But this doesn’t mean you won’t be eligible for car finance with alternative specialist lenders. Even if you’ve been turned down by one or more banks, you could still qualify for car finance elsewhere.

Can I Get Car Finance with Bad Credit?

Yes – bad credit car finance is a surprisingly popular financial product.  Specialist lenders across the UK are (finally) acknowledging how difficult it can be to maintain a flawless credit history. Rather than assessing eligibility on credit scores alone, they instead focus on what really matters. Your employment status, your current financial position and your capacity to repay the loan – your credit history being no more than a side issue.

Will I Still Get a Good Deal on Car Finance with Bad Credit?

Poor credit financial products often attach higher rates of interest and overall borrowing costs than traditional loans. But this isn’t always the case – it depends entirely on your personal circumstances, along with your chosen lender.  Getting a good deal on car finance with bad credit means comparing as many deals as possible from flexible car finance specialists. However imperfect your credit score may be, you could still get a great deal on an affordable car finance package.

Where Can I Apply for Car Finance with Bad Credit?

Rather than taking your case directly to a lender, it’s a good idea to work with an independent broker. Use an online car finance calculator to establish your budget, submit your application to a broker and have them compare hundreds of deals from dozens of lenders on your behalf.

Will Applying for Car finance Affect My Credit Report?

It depends entirely on the broker you work with. However, most reputable brokers are now capable of carrying out ‘soft’ eligibility checks. Roughly translated, your credit score will not be affected, in the event that your application is declined. Hence, there’s nothing to lose by finding out, though there’s every chance you’ll qualify.

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