Bad Credit Car Finance To Suit Your Budget

Car Finance

Rates from 10.9% APR. Representative APR 22.45%

 

Representative Example: Borrow £6,000 with £1,000 deposit over 48 months with a representative APR of 22.45%, the monthly payment would be £153.29, with a total cost of credit of £2,357.76 and a total amount payable of £7,357.76. Car Loans UK is a broker not a lender. This is an example only, all finance subject to status. Lender fees may apply.

What Is Bad Credit Car Finance?

Buying a car is one of the bigger purchases you’re likely to make. If you have a strict budget and aren’t sure what you can afford. Or your credit score might limit what you can do. It is important to research all your finance options when trying to get a car loan with bad credit.
Car Finance

Use our finance calculator

Find out how much you could borrow

 

Representative Example: Borrow £6,000 with £1,000 deposit over 48 months with a representative APR of 22.45%, the monthly payment would be £153.29, with a total cost of credit of £2,357.76 and a total amount payable of £7,357.76. Car Loans UK is a broker not a lender. This is an example only, all finance subject to status. Lender fees may apply.

How Does Car Finance Work?

Car Finance

The Initial Deposit

This step isn’t always required. Although, placing down a deposit when completing a car finance agreement is highly recommended.

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Repayment Plans

Depending on the agreement that has been put in place for example HP, PCP & CS, your repayment plan may vary.

Car Finance

Contract Completion

Upon completion of your contract, you will then have a number of different options available to you. Which we will state below.

Can I apply For Finance With Bad Credit?

Want car finance? Have a bad credit rating? If your credit rating is low, getting any sort of finance approved can be difficult. However, some lenders would offer finance to people with bad credit. Because like any kind of loan, you’ll be expected to pay interest on your car finance repayment installments. There are numerous options for car finance with bad credit. And it is important to find the right deal for you.

Guarantors

If you’re looking for bad credit car finance, another option may be a guarantor loan. A guarantor loan involves a friend or relative who would act as a guarantor if you, the borrower, were to be unable to keep up with the repayments.

That means that the guarantor would take over the repayments of the loan. Guarantor loans tend to offer better interest rates because there’s less risk to the lender. However, it’s a decision that needs careful consideration. If the guarantor is unable to keep up with their obligations, both the borrower and the guarantor could end up facing legal action so it is important to weigh up all of your options before taking on car finance with bad credit.

We’re Here, Every Step of The Way

At Car Loans UK, we can help you to compare bad credit car finance and to find an option that will suit you. As independent brokers, we have access to deals from a choice of lenders. Just enter your details and we can compare bad credit car finance deals and find quotes for you to consider. Your details will always be protected, and our online calculator is free to use.

Check Your Credit Score

If after exhausting all the options, you’re still finding it difficult to have your finance approved, it may be a good idea to take a look at your credit report and see what can be done to improve it. Use a credit check service to see your data from all credit reference agencies and make sure it is accurate. 

If you’re in doubt at all as to whether you can take on a bad credit car finance deal, or you want to discuss what further options might be open to you, it is always advisable to speak to an independent financial adviser.

So if you’re still asking yourself, “can I apply for car finance with bad credit?”

The answer is yes! Get in touch with one of our bad credit car finance specialists. And you will be on the road in no time!

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Car Loans UK is a trading style of BMG FG (UK) LTD, a company registered in England and Wales. (Company number: 12382512, Registered Address: 4th Floor, Kingsgate, Wellington Road North, Stockport, Cheshire, SK4 1LW. We act as a credit broker and not a lender and are authorised and regulated by the Financial Conduct Authority for consumer credit FCA no.928674. Car Loans UK can introduce customers to a limited number of finance providers based on overall credit profile and we receive a commission for such introductions, this will not impact the rate you are provided. We do not charge a fee to the customer for arranging the finance. This is a fixed payment or percentage, but can vary by lender. Further information is available on request. Written quotations on request. All finance subject to terms and status Data Protection Registration No.ZA766848.