Poor Credit Car Finance

Do you have Poor Credit? If the answer is Yes, we can help, here at U Car Finance, we have made getting car finance simple, using our three step process, and you can be approved for car finance within minutes. Our aim is to help you secure low rate vehicle finance. We aim to get you the most competitive rates for your car finance, relative to your personal circumstances from our carefully selected panel of lenders.

Instead of having to save up for years to buy the car of your dreams, car finance allows you purchase a car now and pay for the car/vehicle you want in monthly instalments. With our three steps process Apply, Get Approved, Sign & Collect! You can receive your new car within 48 hours; it’s that simple!

Banks and car finance lenders look at an individual’s credit score when it comes to lending to an individual to purchase a vehicle, and your credit rating usually indicates how reputable you are when it comes to paying back loan/finance. Banks and car finance lenders do this by looking at your past history e.g. behaviours and patterns when it comes to making repayments, if you made payments on time, if you have missed any payments, do you have a steady flow of income and if you are likely to make the repayments on the loan/finance, etc.

With Poor Credit history, you can find it difficult to get car finance, or you may already have been refused elsewhere because of your Poor Credit. At U Car Finance we understand there are factors outside of your own personal control which can have negative impacts on your credit score. You may even have a short or a non-existent credit history. This could be due to the fact you are self-employed, a persistent move due to work commitment, only been living in the UK for a short time, have CCJ’s, etc. Fortunately here at U Car Finance, we have specialised Poor Credit lenders on our panel, we consider all our applicants on an individual case by case basis, this way we can take all personal factors into consideration when making a decision.

With Poor Credit history, it can be difficult getting a good rate on car finance, as lenders and dealers are often limited by the financial products they may have on offer, however with U Car Finance; we have 100’s of financial products to suit your car finance needs, even if you have Poor Credit.

As a Poor Credit applicant, to make your chances of getting approved as high as possible, you may want to consider:

• Applying for a Guarantor Loan/Joint Application.

• Putting forward a deposit on your finance agreement, in turn reducing the overall costs of the loan.

• Keeping the finance figure lower, so you won’t have to repay as much each month.

• Get independent financial guidance from organisations such as your Local Citizens Advice Bureau before making an application and see how they can help you.

• Settle any outstanding debts or overdue loans you may have.

A typical example of a Poor Credit score would consist of an individual who frequently changes address with irregular electoral roll records and who is a recurrent credit applicant. Recent changes in employment or self-employment, with a high level of debt in correlation to the projected income with recurrent late payments or credit cards over limits, small value of CCJ and old defaults. Equifax 279 – 366 represents Poor Credit profile.

If you’re still finding it difficult to get an approval for car finance because of your Poor Credit, use our finance calculator to see what you could borrow today, our finance calculator can give an idea on the monthly payments based on your credit rating.

If you are trying to improve your credit score to make yourself eligible, make sure you are punctual on your repayments and are paying the full amount required each month and also start with smaller, more manageable finance agreements.

As a Poor Credit applicant, you could try to apply for a guarantor loan or Joint Application. These finance agreements are typically seen as a safer alternative to a standard finance agreement, as with a Guarantor, there is a secondary application that can make repayments on your behalf if you find you cannot make the repayment yourself. A Joint Application allows both applicants to pay in an equal amount agreed between them, essentially halving the amount you’ll have to repay as an individual. However, remember that if one applicant doesn’t make a payment or defaults altogether, the other applicant is still held liable for the repayments.

Use our finance calculator to see what you could borrow today; we have competitive rates, we consider all our applicants on an individual case by case basis, this way we can take all small personal factors into consideration when making a decision. You can call 0330 445 5505 and talk to one of our friendly members of staff who will help you with any queries.