It is for individuals with bad or minimal credit history. We analyse aspects that high-street lenders do not consider while providing poor credit car finance.
Income, collateral, and deposit capacity determine the approval. Individuals with low-salary ability or partial unemployment can also get loans. Buying a car on bad credit is a breeze with us. You can borrow up to £25000 for 60 months.
Self-employed, employed, retired students and single mothers can feel eligible. Fresh and experienced drivers can also apply.
You can loan against the car or maximise your potential towards a deposit to fetch budget-friendly interest rates.
If you lack it, get a car loan with a guarantor. Get someone whom you can trust with the payments. He must share a good credit score. It helps reduce interest rates.
Users often use these two terms interchangeably. These, however, differ in eligibility and purpose. Before exploring cars on finance near me, know the difference. It will help you choose the right mode given the financial circumstances:
| Car Finance | Car Loans |
|---|---|
| Dealers work with you to get the best and most personalized quotes from lenders. | You apply online and interact with the lender directly. |
| It entails a fee | Interacting with lenders is free of cost. |
| It is ideal for those having good credit scores, and income and does not have time to explore options single-handedly | It is for those seeking loans with low credit scores and income. You may also get affordable rates on bad credit under some conditions |
| You have to provide a balloon payment initially. It follows monthly payments. You can ride the car. Depending on your finance type, you can either return it, pay a lump sum to keep the car or swap it for a better model. | You only have to meet the monthly payments if you qualify for a car loan. If you have bad credit, providing a good deposit can help you slash the interest and repayment costs. You cannot own the car until you pay in full. |
| It is ideal for those who do not want to buy the car | It is perfect for those who prioritise a comfortable lifestyle owning one. |
It is a prime dilemma among car finance seekers. We provide bad credit loans for new and used cars. Choose the right as per priorities and situation. The table below answers your anxieties.
| PARAMETERS | NEW CARS | USED CARS |
|---|---|---|
| Purpose | If you have been thinking of owning a new car and replacing the existing one for a long, go for it | Individuals with a defined budget and income stream explore different second-hand car quotes. If you want the best, you can apply for a used car loan. |
| Loan amount | You can get up to 80-85% on the car | You can get up to 100% of the car’s value in old car finance. It depends on the age of the car, overall health, and working aesthetics |
| Loan tenure | The loan tenure for a new car is anywhere from 10 years. Longer tenure= low repayments | The loan tenure stays at 5 years Small tenure= high repayments |
| Deposit | Deposit on new cars are slightly less than old ones | Deposit on used vehicles is high owing to the risk it shares. We help eliminate it with affordable parameters. |
Certain car finance companies restrict vehicle purchase options for less-than-ideal credit rates. We cap the interest rates and the amount you can borrow. We offer:
Car loans for business
Startups and enterprises can explore different cars for bad credit. We provide a business loan for a car with no documentation deal.
Second-hand car finance
We may not disappoint you if we seek the best rates for used cars. Individuals or businesses, anyone can apply and get the best-condition car on finance.
Car Finance for the Unemployed
You need a car to attend interviews or meet friends. We help you get behind the wheel of the right car loan. You can use the car and make repayments flexibly.
We consider income as a source of repayment from people on benefits to provide loan. Having an additional income source can reduce the loan cost.
Self-employed car finance
Entrepreneurs or freelancers facing credit issues and cash crunch can check cheap car finance on bad credit.
Eligibility to qualify for car finance as self-employed:
You can split the loan amount and pay without troubling the budget.
Bad credit car finance with no deposit
Low income, credit score, and sudden unemployment do not imply rejection. Benefit from our no-deposit facility. We only charge it if you cannot afford repayments. You can spread the cost of low credit score car finance into manageable payments. Set aside that money and drive away a new car without any wait.
As a reputable lender, we prioritise lending loan right than quickly. We consider each application case and figure out the best car finance offers. And keep the eligibility criteria easy to align with the borrower’s circumstances. You can get a 50-second quote. It does not impact the credit score. Do not hesitate to shoot us any questions you might have.
Get bad credit car loans by providing the following:
Stable Employment figures
Individuals must share at least 6 months of employment history. Or if you lost your job, the period must stay within 4 months.
Stable residential address
It would help if you were living in the current area for no less than 5 months
Provide a manageable deposit
You may qualify quickly if you provide at least a 10% deposit upfront.
Satisfactory credit history
Checkered credit history is acceptable if your credit report reveals continuous repayments.
Provide 60 days of bank statement
We cap the Bank statement requirements to 60 days compared to 90 days (from other lenders).
Genuine explanation behind the default
You must demonstrate authentic proof of defaults in your credit report.
Be true to your loan application
The details on the application must be accurate to the best of your knowledge. We scan every bad credit car loan application closely. Make sure to fill in all necessary information to qualify.
If eying a poor credit score in car finance, you can get 100% of the car’s value. First-time car buyers or individuals with unsatisfactory credit scores can leverage the benefit. As an ethical lender, we scan the report to ensure comfortable repayment plans for our customers.
Car finance with no credit check leaves no footprint on the credit report. We analyse current income, outgoings, and incomings to draw out the affordability.
You may qualify for no credit check car loans at the portal if:
a) Registered vehicle in your name
It can be any vehicle – the one you have or the one that you are loaning against.
b) Regular income
You must receive consistent payment in any form- benefits/ salary/ pension to get the loan. Most of the income must be the primary source.
We also consider mortgage and rent payments for loan affordability.
In the absence of income and credit score, a guarantor becomes essential.
If you lack one, do not worry. We provide car finance with no guarantor to climb the lifestyle ladder.
You can instead enter with a co-signer on loan. The person is someone that shares equal responsibility as yours over the loan. You can divide up the loan cost by applying for car finance with your spouse or someone close to the family.
Without a guarantor or a co-signer for the less-than-ideal profile, we cannot guaranteed car finance on bad credit.
It may dent the credit score. If you believe you can trust and reduce the loan cost by having a second person beside you, contact us for affordable bad credit car loans.
Ours is a smooth and easy loan approval process. We screen every application that comes our way and provides expert decisions. You may receive the amount within 15 minutes of the loan confirmation and approval. Get keys to your car just by applying for a car loan from your office or home.
STEP 1: IDENTIFY THE ELIGIBILITY CRITERIA AND APPLY
If you believe you can qualify for the loan, apply with your details at the portal.
STEP 2: RECEIVE THE LOAN CONFIRMATION
We will mail you a confirmation letter after scanning through the essentials provided.
STEP 3: GET THE CAR LOAN
We transfer the amount in a flash to the account you provided.
One must explore and choose the best while stepping towards rationalising dreams. We helped nearly 100 customers last month and shared 2500+ satisfactory outcomes. Contact us as you read this. With expertise, we eliminate obstacles to swift bad credit car loan applicability and loan sanction.
Here is what makes us a prime choice among customers:
If you still share doubts, the below queries may help.
As it is a bad credit car loan, there is no set credit score. If your financial situation aligns with the agreement or the loan quote, you may get it.
If your credit score is less than 561, then you have a bad credit score.
If you receive any of the benefits below, you may contact us:
One must be wary of the following aspects while exploring car loans:
It is an unfortunate moment. Take the below measures immediately:
Bankruptcy status must not hinder your car dreams. Yes, you can apply and qualify for the loan after 6 months of bankruptcy. Before applying, identify the deposit you can save for. Save for at least 20% of the deposit.