There are all kinds of reasons why you might have a bad credit rating.
But you shouldn’t let it put you off making a car finance application. At Motor Range, we work closely with a range of providers who are experts in finding a great finance deal for you, no matter what your credit history.
Just because you have a poor or non-existent credit history, doesn’t mean that you can’t get car finance...
from a trustworthy and reputable business, with outstanding customer service - like Motor Range. Our professional team of finance managers have access to many different car finance options and will take the time to find the right deal to help you pay for your perfect car.
Just pop in for a chat with one of our friendly advisors...
who will talk you through all of the available options for affordable car ownership and car finance for bad credit, even if you have been refused elsewhere.
What’s Bad Credit And Why Do I have it?
In simple terms, if you’ve missed payments on credit arrangements in the past, made late payments or have County Court Judgements (CCJs) against you, you may have a bad credit score or rating. Your payment history is collected by various agencies which are consulted by lenders when you apply for finance.
Lenders then make their own judgement as to whether your past payment performance meets their standards, and your application will be accepted or declined. This is why one finance provider may lend car finance for bad credit while another may not.
Luckily, Motor Range has access to a wide range of different finance providers with a variety of qualifying criteria and no matter what your credit rating, we will find you a deal to suit your circumstances.
How to get Car Finance For Bad Credit
Firstly, whatever your rating, you should regularly check your credit profile to make sure that everything is correct and up to date, including your address. Equifax, Experian and TransUnion can all provide you with access to your own credit report.
Most payment defaults, bankruptcies or CCJs will stay on your report for 6 years, after which, they are wiped from your profile. In the meantime, you can improve your credit rating by doing all or some of the following:
- Register on the electoral roll
- Pay your bills on time
- Check if you’re linked to another person or previous resident at your address who may have a bad credit rating.
- Check for fraudulent activity, e.g. an application by someone who isn’t you.
- Pay off outstanding debt before applying for new credit.
- Stay at the same address and at the same job for an extended period.
- Avoid ‘maxing out’ any credit cards.
- Reduce the amount you are asking to borrow by providing a deposit
- Use a ‘credit-building’ credit card which will have a high interest rate, but make sure that you pay it off every month.
All of these things will go in your favour when you apply for car finance for bad credit.
How Does Motor Range Find Car Finance for Bad Credit?
Our advisors will take the time to get to know your financial circumstances and your preferred payment terms - what you can realistically afford to pay each month and how long you want to make those payments for; whether you have a deposit; the number of miles you’ll be travelling per year; and whether you’d like to own the car at the end of the contract or hand it back and start again with a newer or different model.
For those with no credit history - perhaps you’ve never had a credit card, mortgage or other loan - there are a select few providers that we work with who will still be happy to lend car finance for bad credit. And if you’re self-employed, we can still get you car finance! Even though you may not have proof of earnings for the required time, we can help to find you the best possible car finance deal… just ask!
So, whatever your financial situation, you may still be eligible for car finance even with bad credit. Pop into Motor Range and let us help you to find the best option for your finances and you will be driving away in your perfect car in no time.
01515277010
