CCJ'S. DEFAULTS, ARREARS?
90% ACCEPTANCE RATE
SELF EMPLOYED OR NO CREDIT HISTORY?
Car loans or car finance, new and used car industry news headlines are updated here daily to help keep you in touch with current market trends, new vehicles, what's hot and what's not. As always, if in doubt always seek financial advice if you are unsure. The below are transcripts of communication that could have been asked but is by no way meant to be what will actually be said to you with a financial application. When you apply for car finance, depending on what is happening on that particularly day, will determine whether you are accepted for low or higher APR or 0% APR car finance deals or not. We have no idea about your current affordability or credit history, therefore we say if you're sure you want car finance, then apply and see if you are accepted and what rate we can do for you. The better the credit history the closer to 0% APR you could get.
Hi Dan, I would not worry too much about your credit score as it's more about credit availability, credit handling and your affordability. Basically, if you can afford the monthly repayments and after we've done our checks then you're more than likely to be accepted as the finance is linked to an asset so if you cannot keep up the repayments then we take the car back. Here at Car Finance Machine we deal with people with all kinds of credit history and often approve ones that have bad credit - 90% of our applicants receive car finance deals.
Please make an application as I'm pretty sure out lender panel can help you here.
As you might imagine with a lower credit score, you tend to pay a little more in the way of interest but if it means that you get the car of your dreams, then most people tend to pay it. And, getting accepted means that you will be able to rebuild your credit score for future applications as long as you keep the repayments up.
Also - once accepted you can buy a car from any dealer in the UK and the ball gets rolling very quickly so that you can drive away in your new car thanks to our bad credit car finance deals.
Hi Pete, voluntarily terminating your car finance has a few implications I'd like to talk to you about in person, if you'd like to call up?
You need to pay off the vehicle's finance before you do anything else. We need to be told that this is your movement before you actually sell the car. What most people don't understand is they have many rights when it comes to terminating a car finance loan as we adhere to the Consumer Credit Act 1974, Section 99.
It's best to talk about it to us and we can let you know how to terminate your car finance with us. As long as you pay 50% of the Total Amount Payable including fees and interest, then you can pay that and walk away. Some lenders might not accept future car finance loans from you if you do this, as the depreciation of the car usually isn't paid off if you end the car loan early, so both parties lose out in essence, but there is protection for both sides thanks to the Consumer Credit Act. You should be very confident in being able to pay off the car finance and not planning on voluntarily terminating the agreement, which is why our checks on your affordability are very important. And, the only way to do this successfully is for you to apply now and let us see what we can do for you.
Hi Jess, do not worry about it. We have had people with worse credit history scores still gain bad credit car finance deals from us as we look at various lender panels that take fair credit or car finance bad credit with low APR applicants. Motonovo car finance for example is one company that takes 'high risk' car finance deals and loans and many of those customers come through us first. Depending on your circumstances, we try and make sure that we go as far as possible to help applicants get their car finance they deserve.
We know that some people just run into difficulty but their credit rating shouldn't reflect on their ability to pay future bills.
It's best to apply and see what happens - be aware that completing the application fully will mark as a search on your credit file. Having a bad credit history and wanting car finance means that you will pay higher interest charges, but you're more likely to be accepted. Try it and see if the rate suits your needs and requirements. Fill in the form and someone will be in touch soon.
Oh and by the way, once you get accepted, you can buy from any nationwide dealer and be funded straight away.
Hi Jon, being so young you can still apply for finance but if you haven't got any credit in your name and haven't had car finance before then it's going to be trickier but you can read about how car finance works here. However we look at a range of options and qualities in our applicants therefore you could get finance for a car as a 19 year old. We have given finance to youngsters like yourself in the past so give it a try and see what we can do for you.
However, you have to start somewhere and our lender panel knows that so we are more than happy to help you.
Why not apply and speak to one of our advisors once we have a few details about you. Fill in the form and we can chat about your car finance deals.
Being a 19 year old wanting car finance does not have to be difficult so we don't make it so. We see 18 year old car finance applications come through and as we accept 90% of applicants, you might be able to get a car finance deal as well. If you are in full time employment, can afford the repayments and don't forget car insurance is usually high for 17, 18 and 19 year olds then you should try and apply and we will work our magic in trying to help you out with a car finance offer.
Hi Gary, you can always pay off the existing car finance deal and start a new one or carry it over and we will change the information. The best thing to do is to see what the settlement figure is on your car finance deal. If it's less than the car's actual value, taking into consideration depreciation, then you can either repay the difference or if it's higher then you can add that to the new finance deal and use it as a deposit. So, of course you can swap to a cheaper car it just needs some jostling of paperwork and a few signatures and you're done. If you are struggling to keep up with the repayments on your current car then you are doing the right thing in trying to source a cheaper car than continue to struggle.
Please get in touch via our car finance calculator form on the homepage of
Once we have some more details you can swap and adjust your car finance package so that it suits you preference and your new car.
We look forward to speaking to you Gary.
Hi Lou, yes it can be done and as long as your guarantor is happy to take on the commitment should you not be able to pay, then we can arrange a car finance deal.
Pop back onto the homepage or click apply now and you can fill out the form so we have some more information about you and your work commitments.
Then we will need some information regarding the guarantor and we can take it from there.
Hopefully, you will be able to buy the car on finance and everything should work out for the best with us.
Hi Luce, we take all car finance applications seriously and look at your earnings to your out goings to see if you can afford it.
Fill out the form above by clicking on Apply Now and include all IVA details if you can so we have a better and full idea of what to offer you in terms of APR and the interest rate you can decide on. In most cases it will be a higher APR rate than other people with a better credit history but our panel of lenders will be able to decide on the actual rate and try and make it as affordable as possible for you.
If you are successful, which it looks likely, then you can buy a car from any dealership in the UK so that you have full and free choice of what to spend the car finance deal money on.
Don't forget to fill out the form so we can arrange our application with our panel of lenders.
Hi Francesca, being 18 and having bad credit without a guarantor isn't the best situation but we will look at your application closely.
As long as you can afford the repayments and you are in full time employment then we should be able to craft a car finance deal that suits your needs.
As the car finance deals are fixed loans against the car, if you fail to repay the loan then you forfeit the car and we use that to pay off the finance balance. We know that you won't want that to happen and after looking at your credit history you should be able to get a finance deal through us for a new car.
Remember that you can buy your new car through any major dealer and nationwide too.
Hi Omar, Happy new year for 2016 - it doesn't sound like you have had a good run with your credit rating in the past but fear not.
We have a panel of lenders that look at affordability now not back then when you had problems and got a CCJ but now want car finance.
We look at your current employment details and your ability to pay the car finance back. We then send out a request to our lenders and they accept or deny the application. In most cases, even people with CCJs and bad credit car finance is available to them and you might well be driving around in a new car very soon thanks to Car Finance Machine.
Fill out the form on the Apply Now button or on the homepage and we will use that information to gain a better idea of what you can expect from your car finance deals you're looking at.
Supercar finance in the UK is something we do offer as we know that supercars are bought more often these days. And not everyone is a lottery winner. As our rate is around 5.8% in most cases, you can buy a McLaren, Ferrari, Lamborghini or high end Audi R8 or Mercedes S65 for far cheaper than you could imagine. We know that financing a supercar is something that requires careful consideration and as well as the affordability checks we do, so why not speak to our experts and we can see if we can help.
Hi Jenny, of course used car finance is available. Not everyone has thousands of pounds to be spending on a car in their bank, so that's why Car Finance Machine exists. We help thousands of people every month get the car of their dreams and what they can afford. And sometimes, that means it's not going to be a new car finance deal, it'll be a used car finance deal. Used cars have the benefit of not having as much depreciation as a brand new car, therefore the finance can be a bit cheaper and often you can get 0-5% APR on our car finance deals.
We find that people that buy used cars on finance often end up paying far less as the buying price is lower and they often put a deposit down. Most people that buy new cars want to pay no deposit and end up paying more for their monthly repayments and have a car finance with balloon payment at the end.
If you'd like to apply, simply pop back to the homepage and click on Apply Now or use the ask an expert button above and you can find it there.
Jenny, if you find yourself looking at newer cars then we also do the best car finance deals on new cars. Often they have low interest car finance if you don't have a great credit history - but if you have a great one then you could be looking at a 0 APR car finance deal.
Santander car finance is a popular bank to choose, but be warned you may find that if you credit score and credit hisotry is nothing less than perfect that large high street banks like Santander will use their 'black and white' checking process. For example, if you have a missed payment or aren't on the electoral role then you might get rejected. With that in mind, you then need to apply again with another company and having two searches on your credit report looks bad to the second lender and so on. So, if you want to get a Santander car finance loan then why not have a try of our Car Finance Machine as we have more than 300 lenders in our panel that use one credit search to dictate the interest rate you'll pay.
So you're getting the best optins of the car finance industry without pinning your hopes on one company like Santander. While the large bank might be your preferred choice, you might have a bank account with them, it doesn't mean you will get any preferential treatment as they treat car finance loans as secured loans just as any other lender does. And, with huge costs of running a ulti-national organisation they need to make their money somewhere. Car Finance Machine is an online only comparison site which has low overheads and is free to use so you can pick the best priced car finance deal that you're offered. If you don't like the quotes then don't buy and it hasn't cost you more than one credit check.
While you might get accepted on the Santander car finance calculator it doesn't necessarily mean you will be accepted when the time comes to apply. So, use a comparison tool for car finance like our Car Finance Machine and see what you can really get when you want to buy a car on finance.
As above, most people it's not as easy as it seems, but they couldn't be more wrong. Getting a car on finance isn't difficult at all. You simply need to prove your income or if you're retired ensure that you can pay the monthly finance back - and then add your name, address, and details and you recieve a quote with the interest rate and amount payable all laid out in front of you. This is the beauty about Car Finance Machine - you get to see exactly what it will cost there and then.
When it comes to getting a car on finance, you need to look at a few things. Are you buying a car that will depreciate a lot? If so, what are your plans with it? Ride it out and pay it off or trade it in after a couple of years for a newer car? Are you looking to get something reliable that will last the whole length of the finance, or will you pay it off and keep it?
The thing about Car Finance Machine is we don't have balloon payments, we simply have a straight-forward interest rate that you pay us for lending you the money to buy the car. It's simply economics. We provide a service to find the best car finance lender and you get the money to pay the dealer and that's one of the best ways of getting a car on finance.
0 car finance deals are generally for people with good or excellent credit histories. However, with Car Finance Machine, everyone is treated the same and that is by taking a sympathetic view of hteir current financial standings. If you are on shift work, contract or sel-employed you may have fluctuating earnings and that means that you might be classed as high risk, or you simply shoud be leaving a larger deposit on the car to give us and the lender more of an idea of your finances.
When you want to buy a car with 0% APR interest, then you should ensure that you're getting the list price that is accurate. Let's say for example that you wanted to buy a car and it was 5% APR but 0 APR car finance deals was a few thousand pounds more expensive, then you think it was a good deal but in reality you're already paying for the interest that you would do with the car finance company. Paying the actual price for a car is important as it affects the resale value and therefore if anything you want to make sure you're getting the best and lowest price for the highest spec car you can - to enable you to not lose so much moeny on depreciation over the coming years. If you play the car finance game right then you can not only not lose money but you can actually make money and therefore trade up to a better car but paying the same rate for a 0 car finance deal.
When looking at 0 car finance deals, make sure you look around and use a comparison tool like ours on Car Finance Machine's homepage and see what difference you can make to your repayments on your car deals.
Cheap car finance deals are often laden with worry as too many people fall for paying a bit less. In actual fact, those deals are often inflated prices so the 0% APR might sound good but you might be paying 10-15% more on the list price, which is far more than Car Finance Machine's 0-5.6% APR we offer the majority of our customers.
WIth that in mind, you should have a look around and see wha the car you're thinking of buying with upgrades is actually worth - and judge from there. You might be able to get it cheaper from a cheap car finance deal but is the list price inflated? Will you struggle to repay it and resell the car in a few years' time? If you paid more than it's worth then you will not only be costing yourself during the buying process but also during the sales process when it comes to change the car.
Cheap car finance deals are second to none with Car Finance Machine as we have a panel of over 300 lenders that take into consideration all of your financials. If you have had an IVA or CCJ or are unemployed you can still get a great deal on cheap car finance.
We cover this in our FAQ page but having credit report's in poor shape is easier than you think. It's not like an unsecured loan as there is an asset that can be taken and used as payment should you struggle. No one wants this but it's a fact that if you don't pay then the finance company can repossess the car. Car finance for bad credit individuals means that yes you've had problems in the past but it doesn't necessarily mean that you will do in the future, and that's why Car Finance Machine has a 96% acceptance rate.
As there is an asset or collateral, car finance for bad credit is easier to be accepted for than not, in most cases. If you just needed cash or to pay off debts then an unsecured loan would be more difficult to obtain, but with car finance and having bad or poor credit, you are more likely to be accepted than not, just you'll get a unique interest rate depending on your circumstances.
So, if you want to get car finance but have a poor credit history or a bad credit rating, then we can still help you buy a car. We know that most people buy cars to get to work to pay bills, without it sometimes it's impossible to get to work or it makes not getting buses so much more convenient. This is why we often accept finance deals on bad credit applicants as it usually part of a wider scope of why you want car finance.
The best bet for people with bad credit to get car finance is to apply and see what happens. We can probably do you a great deal and you will probably find it awesome and perfect for buying that new car that you've always wanted.