Bad Credit Car Loans
Do you have poor or bad credit? Have you struggled with debts in the past? or found yourself missing payments? all of this might mean that one of your only options when it comes to financing a new or used car are bad credit loans, that’s where we step in.
What are Bad Credit Car Loans?
Bad credit car loans are fundamentally the same as any other type of car loan. However, lenders who specialise in bad credit car loans will consider applications from customers with a poorer credit score.
Whilst your credit score is likely to be considered, you will also be assessed on your ability to repay the loan and your overall financial circumstances rather than just a number.
Why do I have Poor Credit?
There are many different things which can cause your credit score to go down or to have poor credit, for example:
- Late payments on household bills
- Missed payments on a loan
- IVA in place
- Debt Management Plan payments missed
- Previously been made bankrupt
If you want to learn more about your credit score or how to improve it, see our bad credit page for more information.
There are many finance options out there for people with bad credit. We work with a number of lenders that specialise in helping those with poor credit to get a car loan, so you could be driving away in a matter of days. I
t’s not always a case of having a history of missed payments that can cause a low credit score. Perhaps you’re buying your first car and you’ve never taken out any form of finance before? Nevertheless, there may still be car loan options for you and we’d love to help you to get behind the wheel.
Are there any Lenders who will finance me with bad credit?
Yes, there are many lenders out there that can help people with bad credit to get a car loan, and we do work with a number of them. All lenders have different lending criteria that they need applicants to meet and that’s where we come in. It’s more than just your credit score we look at.
We look at your individual circumstances to see what finance options are available for you, matching you to one that suits your needs.
Bad Credit Car Finance
It is likely that you’ll have seen a number of websites and adverts offering you very low representative APR, but the figures quoted are not always what you end up paying especially if you know you have bad credit.
The interest rates you will actual pay depend on your personal circumstances, if you have poor credit history then your monthly loan repayments will be higher than someone with excellent credit.
Apply for a Simple Personal Loan
Start your application online to see how Simple Personal Loans can help you.