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What is Bad Credit Car Finance?
Bad credit car finance is designed for people who may have found it difficult to obtain vehicle finance through traditional lenders.
Your credit history is only one part of a finance application. Depending on the lender, other factors may also be considered, including your current income, affordability, employment and recent payment history.
Having missed payments, defaults, County Court Judgments or a previous IVA does not automatically mean that car finance is unavailable. Applications are considered individually and approval is not guaranteed.
How bad credit car finance works
- Complete an application with your personal and financial details.
- Your affordability and current circumstances are assessed.
- Your application is matched with an appropriate lender.
- You receive the available finance terms before deciding.
- If approved, the finance is used to purchase your chosen vehicle.
Why apply through Concierge?
- Access to a panel of motor finance lenders.
- Options for a range of different credit circumstances.
- Personal support throughout the application process.
- Clear information about the finance terms available.
- A finance solution tailored to your circumstances where possible.
Can I get car finance with bad credit?
It may still be possible to obtain car finance when you have a poor or limited credit history. Every lender has its own criteria, and every application will be assessed based on the individual circumstances.
| Credit circumstance | What it means | Can you still apply? |
|---|---|---|
| Missed or late payments | Payments have previously been made after their due date or have been missed. | Yes. The lender may consider how recent and frequent the missed payments were. |
| Defaults | A lender has recorded that an account was not maintained according to its original terms. | Yes. Some lenders specialise in applications involving historic defaults. |
| County Court Judgment | A court has ordered repayment of money that was owed. | You can still apply. The lender may consider the amount, date and whether it has been satisfied. |
| IVA | An Individual Voluntary Arrangement is a formal agreement to repay creditors. | It may be possible, particularly after the IVA has been completed. Lender criteria will apply. |
| Bankruptcy | A legal process used when an individual cannot repay their debts. | Options may be limited, but an application may be considered after discharge, subject to lender criteria. |
| Limited credit history | There is not enough borrowing history for lenders to assess past credit management. | Yes. Income, affordability and stability may be particularly important. |
| Previous finance refusal | Another lender or broker has previously declined an application. | Yes. Different lenders use different criteria, although approval cannot be guaranteed. |
How the application process works
Applying does not need to feel complicated. We will help you understand the information required and the finance options that may be available.
Apply online
Tell us about your circumstances, income and the type of vehicle you are looking for.
We review your application
Your details are reviewed to identify a suitable lender from our available panel.
Review your options
We explain the finance terms available so you can make an informed decision.
Choose your vehicle
Once approved, you can move forward with an eligible vehicle that fits the agreed budget.
Bad credit finance vs standard car finance
| Feature | Bad Credit Car Finance | Standard Car Finance |
|---|---|---|
| Credit profile | Intended for customers with adverse, limited or developing credit histories. | Generally aimed at customers with stronger established credit histories. |
| Assessment | May place greater emphasis on current affordability and recent financial circumstances. | Credit score and established repayment history may carry more weight. |
| Interest rate | The rate offered may be higher to reflect the lender's assessment of risk. | Lower rates may be available to applicants with stronger credit profiles. |
| Deposit | A deposit may improve affordability or help widen the available options. | Deposit requirements vary by lender, vehicle and agreement. |
| Approval | Subject to affordability checks, lender criteria and status. | Also subject to affordability checks, lender criteria and status. |
| Best suited for | People who have experienced credit difficulties or have a limited borrowing history. | People with an established and generally positive credit history. |
What could help your application?
Approval can never be guaranteed, but providing complete and accurate information can help lenders assess your application properly.
- Provide accurate income and expenditure information.
- Choose a realistic vehicle and monthly budget.
- Make sure your address and employment history are correct.
- Consider whether you can provide a deposit.
- Avoid making several finance applications in a short period.
- Be open about previous credit issues when asked.
Finance is subject to status, affordability and lender approval. Terms and conditions apply. Rates and finance terms will depend on your individual circumstances and credit profile. A poor credit history may result in a higher interest rate. Concierge Motor Finance acts as a credit broker, not a lender, and may receive a commission from the lender.
