Bad Credit Car Finance Options
Find Car Finance For Bad Credit Online
- Competitive PCP & Hire Purchase quotes from an extensive panel of lenders
- Get the best available rates on cars from £15,000 – £250,000
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- Rates start from 8.9% APR with a representative APR of 8.9%*
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Bad Credit Car Finance
Got bad credit? Quotezone can still help you secure the right deal on your car finance.
We understand that having a poor credit history can make it difficult to get accepted for car finance, which is why we work with a panel of specialist bad credit car finance lenders. If you have been turned down for car finance in the past, we could still help you get the vehicle you need.
Our fast car finance comparison service is free to use and there is no obligation to accept any of the quotes. So, if you’re looking for bad credit car finance, let Quotezone.co.uk take the strain out of finding a competitive deal that suits your circumstances. Using our service won’t impact your credit rating.
Can you get car finance with bad credit?
Bad credit car finance is available from a number of different lenders. While mainstream lenders and dealerships are often reluctant to offer car finance to people with bad credit, there are a number of specialist lenders who can still offer car finance for poor credit score holders.
What is bad credit car finance?
Bad credit car finance is designed for people who may have had financial difficulties in the past which have resulted in them having a poor credit rating. This can make it difficult to obtain mainstream car finance from high street lenders because you are considered high-risk. There are still plenty of options available if you know where to look.
What is the lowest credit score to buy a car?
There is no definite answer as to what the lowest credit score is that you can get approved for car finance. However, you will typically need a credit score 661 or higher to qualify for most conventional car loans. That said, there are still options available if your score is lower than this, as plenty of specialist lenders offer car loans for people with bad credit.
Can I get a car with a 500 credit score?
While a credit score of 500 is considered to be bad credit, it’s still possible to get car finance with this rating. However, you may find that the interest rates offered are higher than if you had a better credit score.
How can I improve my credit score to get a car?
There are a number of things you can do to try and improve your credit score, which in turn could help you get approved for a better deal on your car finance. Some things you could do include:
- Registering on the electoral roll
- Checking your credit report for errors and disputing them
- Making all of your bill and credit card payments on time
- Keeping your credit balances low
- Only applying for credit you are likely to be accepted for
Is it easier to get a new car with bad credit?
No, it’s not necessarily easier to get a new car with bad credit. In fact, you may find it more difficult to get approved for finance on a new car than a used car. This is because new cars are more expensive and therefore pose a greater risk to lenders.
Can you get car finance with bad credit?
Yes, some car finance providers will consider lending to individuals with bad credit. If you are looking for car finance bad credit options, check the Quotezone website to see if you are eligible.
Where can I find car finance with a low credit score?
You can find car finance with a poor credit rating by checking the options available to you on the Quotezone website.
Is it easy with Quotezone?
All you need to do is enter your personal details to get started. We can offer advice regarding sourcing car finance if you have a poor credit history. However, if your credit score is very low, we recommend working on improving it before applying for car finance.
Do I need a guarantor for bad credit car finance?
In some cases, you will need to provide a guarantor in order to take out car finance. You should compare the different options available to you to identify which option is best suited to your needs. Some people may not be able to provide a guarantor for car finance; if you are one of these people, you may need to find a loan elsewhere.
Can I get a car loan with a credit score of 500?
You can get a car loan with a credit score as low as just 500. However, you will have to pay extra interest on the loan as a result of your lower credit score. People with a credit score of 500 or lower receive an average rate of 13.97% which you should keep in mind.
What are my car loan bad credit options?
There are many car loan comparison sites you can take advantage of including Quotezone. However, you should be aware that when you apply for credit, a hard search is conducted against you. This means that other lenders will be able to see you have applied for credit recently. If you are concerned this could have a further negative impact on your credit score, we advise you avoid processing applications.
How can I improve my chances of being accepted for a car loan?
Even if you have bad credit, there are actions you can take to try and improve your credit score. First and foremost, pay off any outstanding debts you have. You could also try and get a credit builder card which involves borrowing a lower amount of money and paying it back. If you can demonstrate to lenders you are capable of taking out credit and paying off your debts, you will have a better chance of being approved for car loans.
*Representative Example – Personal Contract Purchase: Cash Price £15,000.00, Deposit £500.00, borrowing £14,500.00 over 4 years at 8.9% Representative APR (fixed). 47 monthly payments of £228.99 followed by a final payment of £7,560.00. Total cost of credit of £3,832.53 and total amount payable of £18,832.53. Based on 8,000 miles per annum, excess mileage charges will apply if this is exceeded. Finance subject to status 18+ only. We are a credit broker and not a lender. Magnitude Finance is a trading style of DSG Financial Services Ltd. DSG Financial Services Ltd is a company registered in England & Wales with a company number 02313903. Our VAT registration number is 511678843. DSG Financial Services Ltd is authorised and regulated by the Financial Conduct Authority under firm reference number 649675