Representative example: borrowing £7,000 over 5 years with a representative APR of 21.9%, the annual interest rate of 21.9% (Fixed) and a deposit of £0.00, the monthly would be £178.52, with a total cost of credit of £3711.20 and a total amount payable of £10,711.20. Rates may differ as they are dependent on individual circumstances'. Rates from 9.9% APR: the exact rate you will be offered will be based on your circumstances, subject to status. Quick Car Finance are a broker not a lender.
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Bad credit holding you back?
Bad credit finance
Got bad credit and not sure how to get your next vehicle?
- Apply form takes seconds We use the information you provide to find you the best deals and match your circumstances.
- There's no obligation If you get a quote today, that doesn't tie you to getting car finance.
- We match you to the market Using our trusted dealers and lender partnerships. We will find you a deal that suits your choices, needs and wants.
Why you should still apply, even if you have bad credit
If you have bad credit, you may think that you won't be able to get approved for car finance. However, this is not always the case. We work with lenders who specialise in working with borrowers who have less-than-perfect credit and can offer financing options even if you have a poor credit history. Here are a few reasons why you should consider applying for car finance even if you have bad credit:
- It can help you improve your credit score
- Whilst credit scores can be affected by many things, by making your payments on time, you can start to improve your credit score. This can make it easier for you to get approved for other types of loans or credit in the future.
- It can give you more options
- Without car finance, you may be limited to only being able to afford a used or older car. With financing, you may be able to afford a newer or more expensive car that fits your needs and budget.
- It can be more affordable
- Depending on the lender and the terms of the loan, bad credit car finance may have a lower monthly payment than paying cash for a car. This can make it more affordable for you to get a car that meets your needs.
- It can be convenient
- Applying for car finance can be a convenient way to get a car, especially if you don't have a large amount of money saved up for a down payment.
Take it directly from the people who know!
Fantastic help and assistance from Jack Sherwin. QCF were professional throughout and made the process of buying a new vehicle uncomplicated. From the initial call, to finding a car and eceiving the funds was arranged in a matter of a few days. Can’t speak highly enough about the company.
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Bad Credit Car Finance FAQs
- Can I get car finance with bad credit?
Yes you could. It is possible to get car finance with bad credit, but bad credit car finance loans typically come with higher interest rates to compensate for the increased risk of lending to individuals with poor credit histories.
- What is the lowest credit score to finance a car?
There is no fixed minimum credit score required to finance a car, as different lenders and financing options have varying eligibility criteria. Generally speaking, a credit score below 600 is considered low and may fall into the category of bad credit. Lenders that specialise in bad credit car finance may be more lenient with lower credit scores, however lower scores often result in higher interest rates.
- How can I get a car with bad credit in the UK?
Getting a car with bad credit in the UK could be possible, we've included these step that could assist you:
Check Your Credit Report: Start by obtaining a copy of your credit report to understand your current credit situation.
Check for errors and discrepancies that could be negatively affecting your score.
Budget and Save: Determine how much you can comfortably afford for a car. Saving for a larger deposit could help you secure better financing terms.
Research Lenders: Look for lenders or dealerships that specialise in bad credit car finance. These institutions are more likely to work with individuals who have lower credit scores.
- Can I get car finance with a 200 credit score?
A credit score of 200 is exceptionally low and may make it extremely challenging to secure car finance from traditional lenders. Scores in this range are typically associated with severe credit issues. However, some lenders specialising in bad credit car finance may consider applicants with very low scores.