Bad Credit Car Finance
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No impact to your credit score
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Car Finance
Rates from 9.9% APR. Representative APR 21.9%
Representative example: borrowing £7,000 over 4 years with a representative APR of 21.9%, an annual interest rate of 21.9% (Fixed) and a deposit of £0.00 the amount payable would be £220.16 per month, with a total cost of credit of £3,567.81 and a total amount payable of £10,567.81. This is an example only, lender fees may apply. All finance subject to status.
Vehicle Price:
£ 7000
Initial Payment (Deposit):
£ 0
To Pay Over:
48 Months
Best Available Rate:
6.9%
Initial Borrowing:
£
Total Cost Of Credit:
£
Total Amount Repayable:
£
48 Monthly Payments of
£
Rates from 9.9% APR: the exact rate you will be offered will be based on your circumstances, subject to status.
Representative example: borrowing £7,000 over 4 years with a representative APR of 21.9%, an annual interest rate of 21.9% (Fixed) and a deposit of £0.00 the amount payable would be £220.16 per month, with a total cost of credit of £3,567.81 and a total amount payable of £10,567.81. This is an example only, lender fees may apply. All finance subject to status.
What is Bad Credit Finance
We know that credit scores and financial circumstances can vary between individuals. Whether you’ve had a CCJ, IVA or missed payments. Don’t let this put you off getting car finance.
At Vizion Finance, we offer a zero-judgement approach to our finance brokering and are committed to finding the best deal for your situation.
We take out the hard work for you, and collaborate with our panel of trusted lenders to find the best deals for you.
Process of your finance application
Finalising
If you are happy, we will finalise the deal with the lender on your behalf.
Enjoy Your Car!
Collect your car from the dealer and enjoy it for the duration of your contract.
How does Car Finance work?
Here’s a quick example:
Let’s say you want to buy a car worth £10,000. You wish to pay a 10% deposit - which is £1,000. Your lender pays the remaining £9,000 for you.
You sign a 48-month contract at 8.9% APR. So, your monthly payment will be £222.
With the interest, the total amount you end up paying will be £10,730. You pick up the car immediately and use it directly after the deal is finalised.
At the end of your contract you pay a small option-to-purchase fee around £200* and own the car outright.
*Option-to-purchase fee varies by lender
What is considered Bad Credit ?
There is no threshold for when a credit score is considered low, however, different credit reference agencies use a particular band in which they consider a credit score to be particularly low.
These include:
- Equifax - 0 - 438
- Experian - 0-720
- TransUnion - 0-566
Although your credit score can be low, you can take measures to improve this score. Taking out an affordable car finance deal and making the repayments timely can even help improve your credit score!
How can I find a Bad Credit car deal?
If you are looking to finance a car, here are a few tips to help you get the best deal:
- Shop around: Don't just go with the first or cheap car finance option you come across. Instead, take the time to compare different lenders and guaranteed car finance options to find the one that best fits your needs and budget.
- Read the fine print: Before signing any car finance contract, carefully review all of the terms and conditions, including interest rates, repayment schedules, and other fees or requirements. It will help you avoid any unpleasant surprises down the road.
- Keep your payments on time: One of the best ways to improve your credit score is to make all of your loan payments on time. For example, if you're financing a car, stay current on your costs to avoid damaging your credit score.
If you follow these tips, you can increase your chances of getting car finance with bad credit. Then, with the proper planning and financial discipline, you can acquire the car you need while minimising the impact on your credit score.
How can I improve my poor credit score?
You can always take steps to improve your credit score.
Whilst each credit reference agency uses a different system to calculate your score, a few underlying principles can help to fix your credit score quickly:
- Pay your bills on time
- Check for mistakes on your credit report
- Don’t use all your available credit
- Don’t make lots of applications at the same time
- Get on the electoral roll
If you follow these tips, you can increase your chances of getting car finance with bad credit. Then, with the proper planning and financial discipline, you can acquire the car you need while minimising the impact on your credit score.
Why come to Vizion Finance for bad credit finance?
If you have bad credit and need to finance a car, Vizion Finance is a great place to start.
Here at Vizion Finance, we believe car finance is more than just a new car. It’s a journey to improving everyday life.
Whether you need a car for your new job, to carry the kids to school or just to be proud of your achievements, we’ll work with you and our lenders to bring you guaranteed car finance and competitive interest rates and terms, helping you get the car you need or want.
We’ll read the fine print for you, and you’ll have a point of contact adviser to guide you through the decision.
What’s next? How do I apply for bad credit finance?
Get a free no-obligation quote by filling in our quote form.
If you’ll be approved in theory by one of our panel lenders, we will reach out with your offers and explain what you have available.
We will be able to answer any questions you may have and we will leave you to find your perfect car (or you might already have one in mind!). You can search our vehicle stock or let us know about a car you have found elsewhere.
Use our calculator to find out how much you could afford to repay monthly.
Comparison of Finance Options
| Finance Features: | Hire Purchase (HP) | Personal Contract Purchase (PCP) | Personal Loan |
|---|---|---|---|
| Requires initial deposit | Optional | Optional | |
| Car is yours at the end of the agreement |
|
Optional | |
| Fixed monthly payments |
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| Optional balloon (final) payment |
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| Avoid excess mileage charge |
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| Secured against an asset (e.g. a car) |
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| Support with vehicle issues |
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Frequently Asked Questions
Can I get car finance with bad credit?
Yes! We work with a panel of lenders to help you secure a car finance deal. Whilst you might be approved, these can typically come with higher interest rates or may require security.
Should I pay a larger down payment to counter my bad credit?
Having a large down payment will not affect your credit score, but it would mean you’d need to finance less money from a lender. This would mean your total loan amount will likely be lower, your monthly repayments could be more affordable, and you would incur less interest over time. So a larger down payment which might improve your chances of being accepted but does not guarantee it.
Will a car finance deal affect my credit score?
In short, yes. However, it can be affected positively as well as negatively. If you responsibly borrow an affordable amount towards your car finance and make your repayments in a timely manner, your credit score will improve. However, if you choose an amount which you cannot complete the repayments in a timely manner, your credit score can reduce.
It's also important to remember when you first take out your finance deal your credit score might dip as you have taken on a new financial risk.
What is the lowest credit score I can have to get car finance?
There are no minimum scores or cut-off scores for car finance. All your financial circumstances are taken into consideration when obtaining a quote or applying for car finance. Whilst having a poor score might not give you the best interest rates available, we’re committed to finding a balance between affordability and practicality for you.
How does the process work?
It starts with a free no-obligation quote from Vizion Finance by filling in our quote form.
If you’ll be approved in theory by one of our panel lenders, we will reach out with your offers and explain what you have available.
We will be able to answer any questions you may have, and we will leave you to find your perfect car (or you might already have one in mind!). You can search our vehicle stock or let us know about a car you have found elsewhere.
Once you have chosen your car, we will handle the conversation, paperwork and brokering with your lender, leaving you to just sign on the dotted line and get ready to drive your new car!
Let's get started?
Getting a Free Quote with Vizion Finance only takes 5 minutes, and will not affect your credit score
Get in touch
Phone:
0203 322 1905
Email:
sales@vizionfinance.co.uk
Business Hours:
Monday to Friday 09:00 - 20:30
Saturday 10:00 - 19:00
Sunday 10:00 - 17:00
