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Car Finance No Credit Check

Can You Compare Car Finance Without a Credit Check?

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  • Rates from 8.9% APR
  • Representative APR 9.9%*

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Car Finance With No Credit Check?


Learn if you can compare car finance without a credit check and what the outcome could be.

If you’re looking for a car but have bad credit, it can be difficult to find financing. However, some lenders may be willing to work with you without doing a credit check. Read on to find out what you need to know about car finance with no credit check.

 

Can you get a car on finance without a credit check?

It’s possible in theory. Lenders are not required by law to check your credit score before offering you car finance, but it’s common practice to do so and it will be difficult to find a lender who doesn’t do a credit check.

Still, even if you have bad credit it might still be possible to find a car finance deal even if you can’t find a lender who will lend to you without a credit check. It just means that when they do check your credit history they’re likely to quote a higher APR to take into account the higher risk you represent as a borrower with a poor credit history.

 

Can I get a car with a 500 credit score?

Although you can apply for a car loan with a credit score of 500, the interest rates will be significantly higher. In 2020’s second quarter, people who had credit scores of 500 or lower received average new-car loan rates of 13.97% and used-car loan rates of 20.67% (as stated in the Experian State of the Automotive Finance Market report).

 

How fast will a car loan raise my credit score?

New credit might harm your credit score initially. However, you may notice an improvement in as little as 60 to 120 days if you make your payments on time. Keep in mind that everyone’s situation is different.

 

Is there guaranteed car finance?

There is no such thing as guaranteed car financing, so be very cautious of any company that claims to offer it. This is due in part to sound lending standards and borrower qualifications set by the lender.

 

How can I get a car with no credit or co-signer?

There are a few things you can do to try and get a car with no credit or co-signer:

  • Save for a down payment: Having some money to put down upfront can show lenders that you’re serious about the loan and may help offset any risk they perceive in lending to you.
  • Prove you have a steady income: Lenders of car finance without a credit check want to see that you have a steady income stream that can help repay the loan.
  • Calculate how much you can afford: It’s important to have a budget in mind before you start shopping for cars so that you don’t end up overspending.
  • Compare car finance offers online: Once you’ve found a few cars that you’re interested in, it’s time to start comparing finance offers to see which one is the best for your situation. This will allow you to find a low APR car finance deal and get car finance fast.
  • Watch out for long loan terms: Longer loan terms may seem appealing because they lower your monthly payments, but they also mean you’ll end up paying more in interest over the life of the loan.

*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

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