Many people have found themselves in a tough spot when it comes to purchasing a car. Having bad credit can make the process seem impossible, but the good news is that there are options available for bad credit car finance. In this post, we’ll explore some of the ways that you can get car finance with bad credit and provide some helpful tips for making the process as smooth as possible.
Option 1: Refused Car Finance
One option for getting car finance with bad credit is through Refused Car Finance. They specialize in working with people who have been turned down for car finance elsewhere due to bad credit. They offer a range of finance options, including hire purchase and personal contract purchase agreements.
Option 2: Moneybarn
Another option for bad credit car finance is through Moneybarn. They offer both personal and business car finance options for those with bad credit. They also have a range of helpful resources on their website, including a car finance calculator and a guide on improving your credit score.
Option 3: My Car Credit
My Car Credit is an online car finance broker that specializes in helping people with bad credit find car finance. They offer a soft search application process, which means that applying for finance won’t have a negative impact on your credit score.
Option 4: Second Chance Car Finance
Second Chance Car Finance is a UK-based company that offers bad credit car finance options. They work with a panel of lenders to find the best finance options for their customers, and they also have a range of helpful resources on their website, including a car finance calculator and a guide on improving your credit score.
Tips for Getting Bad Credit Car Finance
Getting finance for a car when you have bad credit can be a stressful and frustrating experience. Here are some tips to help make the process as smooth as possible:
- Check your credit report before applying for finance. This will give you an idea of what lenders will see when they look at your credit history, and you can make sure that all the information on your report is accurate.
- Choose a car that you can realistically afford. This will make it easier to find a lender who is willing to offer you finance, and it will also ensure that you don’t end up with a car that you can’t afford to repay.
- Consider saving up for a deposit. This can help to reduce the amount that you need to borrow, which could make it easier to find a lender who is willing to offer you finance.
- If you’ve been turned down for finance in the past, don’t keep applying with other lenders. Each application will leave a footprint on your credit report, which could make it even harder to get finance in the future. Instead, focus on improving your credit score.
- Consider getting a guarantor or co-signer for your car finance agreement. This can give lenders extra reassurance that the loan will be repaid, which could increase the likelihood of you being approved for finance.
Ideas for Improving Your Credit Score
If you’re struggling to get car finance due to bad credit, there are some things that you can do to improve your credit score:
- Make sure that all of your bills (including your rent/mortgage, utilities, and credit card payments) are paid on time. Late payments can have a negative impact on your credit score.
- Reduce your credit utilization. This is the amount of your available credit that you are currently using. Ideally, you should aim to use no more than 30% of your available credit at any one time.
- Check for errors on your credit report. If you find any mistakes, you can dispute them with the credit reference agency that holds your report.
- Consider taking out a credit-building credit card. These cards are designed for people with bad credit and can help to improve your score if used responsibly.
How to Apply for Bad Credit Car Finance
If you’ve decided to apply for bad credit car finance, here are the steps that you should follow:
- Choose a lender that specializes in bad credit car finance.
- Gather all of the necessary documents (such as your driving license and proof of income).
- Submit your application to the lender.
- If approved, review the details of the finance agreement carefully before signing.
- Choose your car and arrange for payment to be made to the seller.
- Take possession of the car and start making repayments on your finance agreement.
Overall, bad credit doesn’t have to mean that getting car finance is impossible. By researching your options, improving your credit score, and following the tips and advice in this post, you can find a car finance solution that works for you.
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