We realise that you want to know more about the application process with BadCredit-CarFinance.co.uk so we have listed the most frequently asked questions. If you still have a question that hasn’t been answered then please do not hesitate to contact us.
There are two main ways to finance the purchase of your car:
Option 1 - Car On Finance
This is more suited for those with bad credit who have had difficaulty in obtaining finance. In most cases the loan is secured on the vehicle and you are given a list of car dealers/locations where you can make your car selection from. In some cases finance can be provided on a vehicle chosen from any dealer/seller.
Option 2 - Loan For Car Purchase
This option is basically a personal loan for the purpose of buying a vehicle. The benefit of this is that you can shop around from more dealers/sellers and as a "cash" buyer may have more bargaining power.
- Does it matter if I have CCJs, mortgage arrears, poor or bad credit?
No, we aim to help everyone, whatever your circumstances. We are specialists in providing car finance for people who have had problems obtaining credit. As long as you are not currently bankrupt, having a bad credit rating does not prevent you from getting a vehicle finance loan with us, even if you've been refused before. We have options to suit all applicants whatever their past credit history and situation.
What might my repayments be like?
Please use the calculator HERE to give you a rough idea of what your repayments might be. For more information then please contact us.
Over what time period can I spread my loan?
This depends but generally anything up to 15 years but this does mean that you would pay more over the life of your loan. Spreading your repayments over a longer period has the advantage of making your monthly repayments more affordable.
What APR will I be charged?
That depends on what plan you opt for and on your personal circumstances, but click HERE to see some example APRs.
Is the interest rate fixed?
Yes. Once your loan is approved the APR will stay at the rate quoted for the term of the loan.
Do I have to use my property or the car itself as security for the loan?
No, you can take out an unsecured loan, however with the secured loan options you can borrow more, spread your repayments over a longer period and pay a lower APR. This means that your monthly repayments could be lower with a loan secured on the car or your property.
Do you need any documents from me?
No, not immediately. We can give you a decision in principle without having to see any paperwork. Some documentation like a copy of your passport, driving license, utility bills or bank statements may be required before the loan is completed.
Will our mortgage lender need to know about my loan?
Will you need to contact my employer?
Occassionaly this may be necessary to confirm your salary details.
How do I apply for a loan?
Simply complete the online application.
Am I under any obligation by filling in the enquiry form?
No, none whatsoever.
How long will it take to process my loan?
We can obtain full approval as quickly as 24 hours for car finance plans and 3-5 days for loan plans after your decision in principle.
- Is the application confidential?
- Can I protect the repayments with insurance?
Yes. If you take out a policy and were unable to make repayments due to illness, redundancy or an accident, your repayments may be made for you directly by an insurer. We recommend customers opt for this valuable cover and most options you will be provided with are available with optional Payment Protection Insurance for your peace of mind.
- I'm self-employed or only part-time employed can I get car finance?
Yes, as long as you are in receipt of regular income then there will be an option available to you.
To apply now for an instant online decision CLICK HERE!
If we have not answered your question above or for more information about our services please
contact us - we'd be happy to hear from you!