It’s still possible to get car finance if you have a bad credit rating or history. We explain your alternatives

What the law states of averages means thousands of people have bad credit history, but this really isn’t fundamentally a barrier to purchasing a brand new vehicle on credit. You can find lots of loan providers available to you prepared to provide credit to individuals with a credit that is bad, nevertheless the interest levels from such professional, ‘subprime’ loan providers are high.

It is consequently well well well worth once you understand exactly what your alternatives are and just how you’ll provide yourself the most useful opportunity to be authorized for motor finance.

What exactly is a bad credit score?

A credit that is bad could be due to such a thing from missed credit-card and home loan repayments, all the way through to County Court Judgments (CCJs) and claims for bunkruptcy.

With such all kinds of factors at play, it is well well worth knowing that a credit that is bad isn’t intrinsically ‘bad’. Various loan providers utilize various requirements whenever evaluating the danger you pose as that loan applicant, and also this means credit scores are general. Just because you’ve been judged way too high a danger for example business, doesn’t suggest all organizations will reject the application. Continue reading →