Up to £350 Cashback £1,000 Minimum Part Exchange 136 point Vehicle Inspection Great Choice of Cars 7 Days FREE Insurance
This is a great service and l got approval within 40 minutes ! Mrs. Kelly - Enfield
I have a very poor credit history but got approved the same day Ms. Downsize - Harlow
Poor credit and no deposit - we still got the finance we wanted Mr. Regent - Romford
Looking for car finance with a bad or non-existent credit rating
can be extremely difficult and stressful, but there are various
loans available for people in your situation. You can get no credit
check car finance and get back on the road to a healthier credit
rating at the same time as getting the car you need. With this
type of loan you will not be required to undergo a credit check.
The finance company will need to see evidence, usually in the
form of bank statements, pay slips or both, to ascertain whether
or not you are capable of repaying the loan and how much you
can afford.
When applying for a no credit check car finance loan make sure
that you have all the available information to hand before you
apply. Make sure that you know what your credit rating is really
like so that you know where you stand. Find out what your exact
credit score is so that you can ensure you get the interest rates
that you are entitled to.
When discussing car finance with your chosen company you should
ensure that you cover all available loans and the benefits and
disadvantages to each kind of loan. There are various types of
loans available for people with no credit so don’t just settle for
the first one that they offer.
Another type of loan you may wish to consider is no-deposit car
finance. This type of loan substitutes the deposit for a slightly higher
interest rate. This is most beneficial to people who need a car
quickly and cannot afford to pay a substantial deposit upfront.
A no-deposit loan has recently become more widely available
for people with no credit history, a poor credit history, or those
that are self-employed.
It can be tempting to choose a car finance loan that offers a 0%
interest rate. Do not be fooled by this advertising gimmick.
Although it may seem beneficial at first glance, in the long term
this loan leaves you no better off and you will need to supply a
hefty deposit which can be as high as 33% of the vehicle cost.
For example, if the car was retailing at £3,000 you might be
asked for as much as a £1,000 deposit before you can drive it
away. As you can see, such a large sum of money would take
time to accumulate and may not be the best option if you are
in need of a car straight away.
If this money were to remain in your bank account the amount
of interest gained would approximately equal the interest you
would have had to pay. The car finance company can offer a
0% interest rate simply because they will then accumulate this
interest from your deposit instead.
Do not let having no credit harm your chances of getting the car
you need. Even if you can only afford a small loan, paying it off
will significantly increase your credit score for future loans.