Car finance with bad credit
In recent times in the United Kingdom, it has proven especially difficult for customers to secure car finance if they have previously experienced bad credit items on their files. The term Bad Credit can include many aspects such as being late making a payment on a monthly credit card bill, a rejected direct debit such as a mortgage payment, and also other items like a default on any credit agreement, county court judgment, or even bankruptcy. With the great majority of finance lenders suffering from a lack of credit in the market, it has meant that the numbers of applications approved for finance have reduced and even in some cases stopped altogether.
Car Finance with bad credit market is a specialist sector and so typically involves lenders who are experts in the field and who can still offer approvals where mainstream companies wouldn’t.
How does Car finance with bad credit work?
The first stage is to complete an online application form on this website and your details will be automatically fed into our underwriting system giving us an instant decision on the case.
Please remember that we can help ALL cases including those customers who have already been turned down or who have had credit problems in the past.
Once we have approval in place all we require is proof of income in the way of payslips or bank statements, a clear copy of your driver’s license, or a clear copy of your passport.
It is then a case of picking your new car from any UK dealership providing that it’s HPi clear and costs at least £3,000.
We can then generate your finance documents and send them directly to your email address – all you need to do is – sign and scan a copy back to us – that’s it!
Do I have to pay a deposit?
Typically you need to make a deposit, usually of a minimum of 10% of the car value, however, this could be higher or lower depending on your circumstances and what level you feel comfortable with.
We work with companies that offer zero deposit on car finance and if you are looking to do a part-exchange or trade in your existing car, this may be able to cover your deposit too.
Can you help the self-employed?
Sure thing! All we require once you are approved are two months’ proof of income so providing you have either payslips or bank statements to show income going in then there won’t be a problem. Many of our customers are either self-employed or sole traders for example and so we are more than happy to look at assisting with your
car finance with bad credit requirements.
How long does it all take?
This is a question that we get asked from time to time and deals can be completed in as little as 24 hours all being well. Some customers are happy to get everything finalised and have the vehicle paid for – then collect the car at the weekend. At CWBC we are more than happy to work with our customer’s requirements so please let us know if you need to have your new car in a hurry and we will work our best to make this happen.
Are you a company that asks for money upfront and then can’t help?
We have been established for many years now working exclusively on the Non-Prime sector of car finance and so get plenty of feedback from our customers. Many people who come to us have previously been told by other online companies that they can get them approved and that all they need to do is pay a one-off admin fee of some sort. What happens is that they will pay this money and then get told they can’t help them – but keep the funds paid. We are a genuine car broker finance provider and there will always be recent testimonials displayed on our website for you to check through. You can be assured that with CWBC we do what we say and are not here to simply fleece unsuspecting customers out of money.
