Many of our customers have similar questions and concerns when contacting our office and so we thought we would share some of them here to explain the most common points.
Frequently Asked Questions
I have bad credit can I get car finance?
This is what we deal in – so YES! All of our customers have what is termed as Bad credit in one way or another and so have been either declined from their usual mainstream routes to finance or know from previous applications that adverse information has been stored against them.
How can you get me approved for car finance with bad credit?
The lenders we work with are specialists in this field and so this is their market. The underwriting system is different from what you are used to with other finance companies and they take a much more flexible approach by considering current rather than past circumstances. In effect, this means a fresh start for you as problems you might have had a year ago won’t affect the outcome. At any time you can call to speak to one of our consultants on 0845 838 5919 about car with bad credit and they can usually give an initial decision in 10 minutes.
Can you help find me the right car?
Our team is here at your disposal and so are happy to source the car or van on your behalf. Your dedicated finance consultants carry this type of work out on a daily basis and so are in a much better position to identify those vehicles at near trade prices or to use our network of contacts to locate the vehicle you are looking for.
How long will it take?
Each case is different so it will always depend on the individual – this is the nature of the bad credit car finance market. Typically we find that from start to finish we are looking at 1 – 2 days with all deals usually completed in no more than 3 days. We have had previous customers driving in their new cars within 24 hours though!
How much will it be per month?
The monthly repayment on a car with bad credit is dependent on the total cost of the vehicle in question. With this type of car finance, we can fund vehicles with terms up to five years so we can take any budget that you might have and then source your chosen make and model for that monthly amount.
How much can I borrow?
Credit limits are worked out by looking at your total income for the month minus any rent or mortgage amounts and any other car or loan repayments. Responsible lending ensures that you are not encouraged to take out finance for more than you can afford and so it will typically be a % of the amount left over that will be your monthly limit. There is no maximum and we can offer finance over £100,000 if need be.
Do you help Bankrupts?
Car finance with bankruptcy is no problem and many of our customers have had this problem. Often cases involving bankrupts are more straightforward as there are no outstanding debts or credit agreements in place making the underwriter’s job much simpler.
What about debt management?
Car finance for debt management is also another area in which we can show to the lenders that all previous debts are being taken care of so shows good account management and that you are not hiding from your debt. It is estimated that the number of UK consumers on some form of debt management plan runs into the millions so please give us a call as you are not alone!