Poor Credit Car Finance
Poor Credit History
Getting Approved for car finance with a poor credit score
Poor credit - You may have 4 or more CCJ's, Defaults, Missed Payments or arrears recorded on your credit file in the last 6 Years, however to be considered poor credit not bad credit their maybe some good aspects like on the Voters Roll, A Paid or Settled Accounts. The good news is because Hire Purchase Car Finance is secured against the vehicle the risk to the lender is minimised. We have a large panel of lenders that will look to offer a credit option even it you have a Poor credit rating.
We can help in these cases:
Benefits
Benefits of Hire Purchase Car Finance With Poor Credit Rating
Once a finance lender has given you an AIP (Approval In Principle) they will require some documentation in order to confirm some of the details on your application once you've chosen your car. The amount of documentation depends on your Credit rating, Employment status and Electoral roll Status . However with todays technology it is possible to check most information Electronically without documentation
Documents
Documents you may be asked to prove
Eligibility
Poor Credit Finance Eligibility
To obtain car finance you must meet the following criteria.
Poor Credit History
Benefits of Hire Purchase Car Finance With Poor Credit Rating
As the title suggests, you hire the car from the finance company, taking responsibility for it and making monthly payments until you have paid the total amount owed. You are the registered keeper of the vehicle throughout the payment plan and then at the end of the repayment period, you have the option to take ownership of the car.
As you've paid off the cost of the car by this point, all you pay is a small admin fee. This could be anything from £1 - £299+.
As you've paid off the cost of the car by this point, all you pay is a small admin fee. This could be anything from £1 - £299+.
