Advice and Tips

How do I get car finance with poor credit?

Advice and Tips // 25 February 2016

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After the Credit Crunch, obtaining finance has become a lot harder, especially for anyone who does not have a perfect credit profile. Banks and financial institutions have become much more wary of giving finance out so this brings up the question for many of us; how do I get car finance with ‘poor credit’?

Do I have poor credit?

Many of us might not even realise that we have poor credit. You might have a poor credit rating as a result of a CCJ or from missing payments on a previous loan. You can even have ‘poor credit’ if you’ve never had a credit card or a loan before – as lenders will not be able to find any evidence of you successfully managing a borrowing agreement.

There are many factors that can lead to you having poor credit. If you’d like to know more about the factors that affect your credit rating, head over to Experian for a comprehensive breakdown.

How does this affect my chances of getting finance?

If you’re looking to finance a car, having poor credit can be a obstacle that you need to overcome. For many lenders, having poor credit will be enough to put them off and often it can severely affect the chances of them giving you approval.

Poor credit finance lenders

Normally the culmination of these effects makes it next to impossible to get a finance agreement from a lender, which is where a lender like Moneybarn come in. We recognise that if you have poor credit, this can be due to a variety of issues, and that everyone’s credit history is different. We specialise in helping people with poor credit obtain car finance.

Want to know how much you’d be paying back with Moneybarn? Use our car finance calculator to get an estimate, or speak to us today