Getting Car Finance with Bad Credit is likely to give you several headaches, and also could be some pretty embarrassing situations. Imagine being told you cant get the car of your dreams whilst you are sat in the car dealership because you forgot to pay your phone bill or your credit card on time last month. Well thats what happens to hundreds if not thousands of people in the UK. Its not surprising with the pressure we get these days to blow our monthly wages, if its not on going out its on new outfits, shoes or even virtual outfits for the kids fortnight games !!.
What is bad car finance
Bad Credit Car Finance happens when your credit record if affected by things like missing credit card payments or a loan payment, it could you have had a county court judgement (CCJ) and all this gets entered onto your credit card. When attempting to apply for a car loan, the broker or lender performs a credit search on your file, and it comes back with a score, or indeed informs the lender of your past situations. This can affect your chances of getting car finance, and anything negative can give you bad credit car finance .
If you are searching on the internet you will already know that having bad credit will affect your chances of getting a good deal with a lender, in fact your offer will be quite high in comparison with someone who has a good credit record.
What can I do
You can of course try and improve your credit record, keeping your payments uptodate and also maybe getting a credit card which you use correctly and dont miss a payment, check your credit file to ensure you have nothing strange on their that maybe affecting your score.
Do you offer Guaranteed car finance
Nobody in the UK can offer guaranteed car finance , how on earth can everybody get finance guaranteed, real answer is no they cant
Can Get Me Car Finance Help?
GMCF has access to lots of different lenders, some of which are experts with clients who have a bad credit file. Lets be honest some people merely have a small blip, and other people are regular non payers, and checking your credit file helps us find out how much of a good payer you are.
We can help, we can get you accepted for car finance, yes if your credit score is poor you will be given a higher APR from the lenders, unfortunately as they use a risk score they will offer loans at higher rates to people with poor credit. Its cant be helped I’m afraid, however keeping your payments upto date and not defaulting on any credit agreements in the future.
Use our online application to determine your lending budget, our lenders will offer you a loan amount and you can then decide on a vehicle depending on those terms. Apply online today and find out your limits.