Get Car Finance With Bad Credit
If you've got a poor credit history, CCJs, defaults or arrears that have caused you to be refused car finance before, Motor City Plymouth can help you to get approved.
We work with over 30 of the UK's leading car finance companies including MotoNovo and Barclays. Each lender uses a different eligibility-checking system, so just because you've been refused credit by one, it doesn't mean you'll be rejected by all of them.
Credit Rating Explained
Finance lenders tend to judge your finance application based upon two key factors:
- Your credit history - e.g. how much outstanding debt you have, how well you have repaid credit in the past and any missed repayments
- Your overall current profile - including factors such as time at current address, length of time in your current job, etc.)
These two elements will be combined to create an overall "credit score" or "credit rating" for you as a potential customer. Every finance lender has their own criteria of what an acceptable credit score should be, and whether they want to take the risk of offering you credit.
Why Have You Been Refused Car Finance?
There are a number of different reasons for why you may have been refused car finance in the past. You can ask the lender why they refused your application and approach the credit reference agency they used to obtain a copy of your file.
Understanding why you were refused credit will help you to be accepted the next time you apply. These are the most common reasons for being refused finance:
- Bad credit score - this can be the result of poor money management, failing to make payments on time or declaring bankruptcy. Not being on the electoral register can also affect your credit score.
- Lack of credit history - if you're asking to borrow a large amount and the finance company don't have enough information to judge your ability to make repayments, they may decide you're not worth the risk.
- Size of loan - you may have been asking to borrow more money than the lender thought you could afford to pay back each month.
- Employment status - some finance companied might decline your application if you're self-employed because you represent a higher risk.
- Type of driving licence - most car finance lenders will require you to have a full UK driving licence.
How To Improve Your Chances Of Being Accepted For Car Finance
Although we can help you to get accepted for car finance, you can improve your chances by:
- Ensuring you're on the electoral roll
- Checking all the information held by credit reference agencies is correct
- Clearing any outstanding debts
- Paying your bills on time
In terms of your actual car finance application, you could offer to pay a larger deposit which will reduce the amount of credit you'll need to borrow. Similarly, a family member or friend could be named as a guarantor to provide an extra level of security.
Car finance checker
Free Car Finance Eligibility Checker
We understand that applying for car finance can be an intimidating process, especially if you've been refused credit before.
That's why we offer a free car finance eligibility checker which you can use to discover the likelihood of being accepted for car finance from our network of car finance lenders.
First, you need to find a car that you want to finance.
Car Finance At Motor City Plymouth
Based on your credit history, we can create a bespoke credit option, offering repayment terms up to 60 months.
We're specialists in helping customers with poor credit ratings to get behind the wheel of a new car with affordable monthly payments.
We're proud to have helped hundreds of customers with poor credit ratings get accepted for motor finance.
Apply for finance now!
Fill in our simple online form and you could be driving your new car in no time.