Advice and Tips

How do I get car finance with no credit?

Latest Motor News // 09 February 2017

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Having no credit is not an unusual problem to have. First-time borrowers don’t usually have a credit history due to the simple fact that they’ve never had to apply for finance before. In order to have a credit history, you must have received finance in the past. Being a first-time borrower with no credit is different to having bad credit or bad credit history, but both circumstances can mean it is more difficult to get car finance. However, Moneybarn might be able to help you.

No Credit No Car?

The first thing you’ll need to do is establish your credit history. This can be done in a number of ways. For example, by setting up a direct debt to pay your gas, electricity, and phone bills and making sure they are paid on time. If you have a credit card, make sure you make the repayments so that other lenders can see that you are trustworthy and able to manage your finances. Also, managing your bank account and not missing payments is an effective way of maintaining a good credit score.

You can also check your credit history online. Sites such as Experian and Clear Score provide your credit score so you have a rough idea about what you can expect from car finance companies. If you have a low score then why don’t you consult with Moneybarn who specialises in car finance for bad and poor credit?

Having bad credit doesn’t mean you can’t get finance

If you do have a credit history that is rather poor, you have definitely come to the right place. Moneybarn specialises in offering car finance to customers who have bad credit. We understand that not everyone is going to have a perfect credit score, and there are times – especially in today’s economic climate – where you may have lost your job or fallen upon hard times that have led to payments being missed and your credit score plummeting.

Rebuilding your credit history can take a while and during the time it takes to build it up, you’ll need a car or van to enable yourself to work. This may seem like a daunting task, as you need money to pay off bills to get good credit. But how do you get a car when you have bad credit and car finance companies are refusing you because of it? It’s a common problem and that’s where we come in.

The Moneybarn finance calculator

Our car finance calculator is a useful tool to give you an approximation as to how much we could offer in terms of car finance for you. Using the calculator, you are able to see the affordability of the car you have chosen and get approximate numbers of your potential repayments.

Have you found the car of your dreams, but need help to buy it? Having bad credit does not always mean you will be refused car finance. Moneybarn might be able to help after we run a check on your credit score. Why don’t you get in touch for some personal advice? We are a phone call away!