Can I get car finance with bad credit?
Having bad credit doesn’t mean you can’t borrow money to buy the vehicle you need, but it may mean some lenders won’t approve you.
If you have bad credit, or if you’ve been rejected by other lenders in the past, that’s when a specialist lender like Moneybarn can help. We’re the UK’s largest provider of vehicle finance for people with poor credit who may have struggled to get finance elsewhere. We are specialists in helping customers with bad credit get a car loan.
We may also be able to lend to you even if you:
If you’re unsure that your poor credit history may affect you in getting a car loan, contact us today to see how we can help.
What type of car loans do we offer?
We offer a type of car loan which is known as a “Conditional Sale Agreement”. This means you will be able to use your car for the length of the agreement term and it will be registered to you. However, we will be the legal owners of the car until all finance repayments have been made, and we’ll then transfer ownership to you.
How does a car finance application work?
Applying for a car loan with us is really straightforward, even if you have poor credit:
- Apply using our online form or request a call back.
- We will then run an initial soft credit check to see if we can offer you car finance. This will not impact your credit score.
- If you’re provisionally accepted, we’ll be happy to discuss your options and monthly budget that you can afford based on your personal circumstances. We’ll also let you know the next steps to complete your application and tell you what paperwork we need from you.
- If you’re still looking for a car, we can help you with your search.
- Once the car loan is approved, we’ll pay the dealer and you can collect your new car!
View our bad credit car finance application process page for more details.
How long does it take to apply for a car loan?
It only takes 5 minutes to fill out our simple online form. If you’d rather do this over the phone you can just leave your contact details and we’ll call you back.
If you need any help or information you can also give our team a call on 0330 555 2505.
Can a car finance application harm my credit profile?
Some lenders may conduct a full credit search when you apply for a car loan. This means anyone who views your credit history will know you’ve applied for car finance. Multiple full credit searches in a short space of time can indicate you’re struggling to get approved for finance which may harm your credit profile.
When you apply, we’ll only carry out a ‘soft credit search’ with your consent. This means the initial search won’t show on your credit record. We’ll only do a full credit search later on if you decide to go ahead with the agreement.
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, but generally it will be because of a failure to stick to the terms of a credit agreement, for example:
- Late payments on household bills
- Missed payments on a loan
- Previously been made bankrupt
You might also have a poor credit profile because you haven’t used finance or credit previously, or you’re trying to rebuild your credit score.
If you want to learn more about your credit score or how to improve it, see our bad credit page for more information.
See if we can help you get car finance
Start your application online to see how Moneybarn can help you.