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  5. Car loans with bad credit

Car loans with bad credit

If you have had problems, in the past, repaying a loan, credit cards, CCJs (County Court Judgements) then you might have a poor credit history. This does not mean you can't get a car loan, but it makes getting credit more difficult and your finance payments will normally be higher.

There are many car finance companies which can help you find a loan even if you have a poor credit history or have previously experienced difficulty getting a loan, CCJs etc. Some car finance companies even specialise in bad credit car loans, with access to a number of lenders with deals for car buyers with bad credit.

Bad credit car loans can help car buyers with a poor credit rating. Here are a few examples of people who might be considered as having a bad credit rating:

  • you have suffered a county court judgement (CCJ)
  • you are a registered self employed
  • you have been discharged bankrupt
  • you have no proof of income
  • you have no credit history

Bad credit car loans are usually provided as secured loans so you may need to be a UK homeowner. Some bad credit car loans are secured on the car itself so you can drive away your car straight away, but if you miss payments it may be repossessed.

You should check out a number of lenders as the finance terms and loan payments vary between them. The Auto trader car finance quotes can search through a number of companies and provide you with a number of suitable lenders.