CCJs, Defaults and IVA
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Rates from 9.9% APR. Representative APR 16.9%
Representative example: borrowing £7,000 over 4 years with a representative APR of 16.9%, an annual interest rate of 16.9% (Fixed) and a deposit of £0.00 the amount payable would be £201.62 per month, with a total cost of credit of £2677.92 and a total amount payable of £9677.92. This is an example only, lender fees may apply. All finance subject to status.
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Rates from 9.9% APR. Representative APR 16.9%
Representative example: borrowing £7,000 over 4 years with a representative APR of 16.9%, an annual interest rate of 16.9% (Fixed) and a deposit of £0.00 the amount payable would be £201.62 per month, with a total cost of credit of £2677.92 and a total amount payable of £9677.92. This is an example only, lender fees may apply. All finance subject to status.
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CCJ CCJ Short for a County Court Judgement. If you fail to repay a debt a CCJ can be granted against you, which outlines a deadline for repaying a loan, how much and how you will pay it. This remains on your record for around 6 years after you have paid off your debt. Default If you have a default, that means you have missed multiple payments in the past that has been noted on your credit file. This is typically after missing 3 – 6 months of payments. IVA Individual voluntary agreement. An IVA is an agreement that your creditors make to help you clear your debts at an affordable rate. This usually stays on your credit file for around six years but does not mean finding finance is impossible
There are a few steps which we can strongly recommend that will increase your chances of securing a car finance deal: Checking your credit score By checking your credit score regularly you can ensure that you have an idea of what your credit status is like, identify any mistakes or errors and work on areas that can be improved. There are many ways in which you can improve your credit score, such as using credit cards and registering on the electoral roll (see below). Prepare your proof of income If you’re in employment you’ll likely have payslips, otherwise you’ll need to provide 3 months minimum of bank statements. It can be helpful to clean up your bank statements, remove any non-essential subscriptions, evaluate if there are any outgoings that can be stopped. If your income is arriving in multiple instalments, ensure you label and identify these accordingly or try to merge them into one payment for ease. Register on the electoral roll It’s free and allows you to confirm your name and address online. It is one of the first things that lenders look at when evaluating your finance application and will help you gain approval for a finance product. Increase your deposit Putting down a larger payment upfront may reduce the amount you need to borrow making it more likely for lenders to approve your application.
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.
