Car finance with bad credit
If your credit is bad or poor, or you have been refused elsewhere for a loan, we still might be able to help you. In fact, there are quite a few lenders that specialise in assisting individuals who have bad credit with obtaining car finance.
No car finance of course is guaranteed, given that everything depends on what your specific circumstances are – like your income, your employment, your age, and the amount of the loan that you are search for – in addition to your credit file.
We have various loan options that are available for a broad range of individual situations, including those whose files include CCJs, have had been bankrupt previously (now discharged), or are in an IVA.
Having a basic and regular training is something that our lenders look for on all finance applicants. That can come from a wide range of different types of employment, for example if you are an agency worker, a part-time workers, or are self-employed, we can help.
We are able to offer you no deposit car finance. However, if you have a part-exchange or deposit available, that can be used to lower the total amount you need to borrow (which then reduces your monthly repayments).
If you were declined elsewhere fora car loan (like a different car finance broker, a car dealerships, or a bank), fortunately we work with lenders that are bad credit car finance specialists, so might still be able to assist you.
However, keep in mind that you are still responsible for the repayments and if you default it will adversely affect your credit rating and future borrowing will become even more difficult for you.
Car finance after bankruptcy
If you have declared bankruptcy in the past then we still can help you finance a used or new car, motor home, caravan, motorbike, or van from a reputable car dealership.
We have lenders that we work with who specialise in helping individuals with discharged bankrupts with the financing they need. Your credit history will have been damaged by your bankruptcy, but you might have already started to build it, and demonstrating that you can manage borrowing successfully and responsibly can give you a major step forward in getting your credit status re-established.
When a finance application is considered, a lender looks at several different factors, which include your employment and income, to gauge whether or not you are suitable for the loan. We can assist you if you are retired, an agency worker, a part-time workers, or self-employed (to name a few different types of employment).
No deposit will be required in a majority of cases, and you will be able to select a car from any UK dealership that is reputable. We work with a wide range of lenders and can search the arket in order to find the finance deal that best meets your individual needs (and provides the most competitive rate as well).
We of course cannot guarantee you car finance. If we don’t think it is in your best interest, your application will be declined. It is also very important to keep in mind that failing to keep up with your repayments on your credit agreement might result in your credit history being further damaged.
Car finance with IVAs, defaults, and CCJs
If you are currently in an Involuntary Arrangement (IVA), had a previous finance agreement that you defaulted on, have a resolved or existing County Court Judgment (CCJ), or bad credit rating, then you might find it hard to get approved for financing. The same thing is true for customers who have Scottish trust deeds or mortgage arrears.
However, here at BuggyDough, those credit situations are not always problem since we work with several lenders that specialise in assisting those with credit issues like the ones discussed above or who have bad credit. Since we work with a wide range of lenders, we can also search the market for the most cost-attractive and most suitable approvals for you.
In addition to considering your credit file, we also consider your age, income, employment status – and other things – in order to match you up with the lender that it best suited for you. When it comes to your employment status and how you earn your income, we are able to assist people in a number of different situations – for instance, retired, disabled, part-time workers, and self-employed.
If you have a part-exchange or deposit, that can be used to lower the total amount of your loan, and that in turn can lower your monthly repayments. However, it isn’t mandatory to have a deposit – we can offer you no deposit car finance as well!
We cannot of course guarantee that you will be accepted to get bad credit car finance. We also may decline an application when we think it isn’t in your best financial interest to do so.
Finance credit score
The available history on how you have managed loan repayments and other types of credit over the past six years is what your credit score is based on.
For instance, if all of your debts have been paid on time, then most likely your credit score will be good. If you have any missed payments, completely defaulted o them, or needed to set up a debt management plan for managing your debts, entered into a Scottish trust deed, DRO, or Involuntary Arrangement (IVA), or have declared bankruptcy, then any of these things could have adversely affected your credit score.
The higher the credit score that you have, the better your chance is of getting approved for a car loan, since lenders will be more confident in your ability to repay it. It will also make you eligible for the most attractive interest rates, and BuggyDough offers some of most competitive financial deals for people who have good credit ratings.
With the wide range of lenders that we work with, we also can offer financial options to those who have less than ideal credit histories. Many of our lenders in fact, specialise in providing people with bad credit with fiance, including those who other lenders have refused, or who have defaults, or CCJs.
Your financial lifestyle or youth may mean that you don’t have a credit score or credit record – so that there isn’t anything to indicate whether or not you are likely to be able to responsibly handle debt.
Lacking in credit history may make your life as hard as it does when you have a low credit score if you are trying to secure financing for purchasing a new vehicle.
Here at BuggyDough, we can help you regardless of what your credit score happens to be (or what kind of vehicle you want to have, whether that happens to be a car, motorbike van, or motor home!). It also isn’t mandatory to have a deposit, and we can assist if you are retired, a part-time worker, or self-employed (to name a few!)
If you are searching for a way to increase your credit score, you can do achieve this in several different ways. For example, get copies of your credit file on a regular basis to ensure the information is all correct, keep current on all of your monthly payment, and be sure to be on the electoral roll.
Finally, don’t make too many credit applications. If you make lots of finance applications (not only for car finance but for other loans, credit cards, etc.) your credit file can be negatively impacted.
Car finance with a debt management plan
If you recently were or are currently in a Debt Relief Order (DRO) or Debt Management Plan (DMP), in general you might find it hard to get acceptable for financing.
However, here at BuggyDough, we work closely with lenders that specialise in providing people in a DRO or DMP with car finance. That means that whether you would like to purchase a carvan, motorbike, van, or car, we still might be able to assist you. We are often able to help individuals that other lenders have refused.
After we receive your finance application, we will search through our large number of lenders to find the loan option that is the most suitable for you – with the best rate possible. Since we work with many lenders specislising in bad credit car finance, it allows us to assist customers with many different credit situations and to provide them with very competitive rates.
Finance providers look at several other aspects of your personal situation in addition to your credit history in order to work out a loan’s feasibility for you. It includes employment and income, but we are able to find finance options for a wide range of situations, including being retired, a student, or self-employed.
Fair credit car finance
If your credit rating is fair, then there is a good possibility that you will be approved for finance to purchase a vehicle. We have number financial options that are available for people with fair credit. Therefore, we are very confident that we can find a good deal for you.
We work with numerous lenders, and can search the market in order to locate the finance option that is the most competitive to meet your individual needs.
In addition to reviewing your credit history, when a finance application is being assessed by a lender, they will review your income as well, to see if there is evidence of regular income. We can assist customers with different employment statuses, including retired, students, and the self-employed.
We have no deposit car finance that we can offer to you. However, if you have either cash deposits or part-exchanges available, we accept them as well, which will reduce the total amount of the loan.
We don’t just offer finance for cars, but also for motorbike, motor home, taxi, and van purchases as well.
Good credit car finance
If you have a good credit, this is great news, since we work with many lenders who assist those who have god credit and offer very competitive rates on their car finance.
Since we work with a large number of lenders, we an search the market and locate the most cost-attractive and suitable deal for your personal situation.
We consider all financial and personal situations. For example, often we are able to assist part-time workers, students, agency workers, and the self-employed.
Here at BuggyDough, you can choose your car from any reputable UK dealership. So that means yo aren’t stuck needing to get a car from a specific dealership (the way you would if you took a dealer finance package).
The new vehicle that you finance also doesn’t need to be a car – we also offer finance on motor homes, motorbikes, and vans. We also accept part exchange – but there is no mandatory deposit.