Do you think you cannot buy a car on finance if you have poor credit? Good news is you are wrong because bad credit car finance is there to solve this issue. It is a flexible side of the car finance options available to the people with poor payment history. Anyone with bad credit but good repaying capacity can borrow money while exploring varied methods. Occupyloans offers car finance to low credit score people on rational and affordable terms and conditions.
Bad credit finance is a specialised finance option for car buyers who have poor credit situation. It is precisely available for those with a less-than-perfect credit rating. Normally, it is difficult for such borrowers to get funds due to weaker financial conditions, but bad credit car finance in the UK solves this problem.
Bad credit basically results from delayed payments of debts and bills that cause a drop in the credit rating. It makes the attainment of financial services difficult due to an obvious reason.
The types of car finance can be generalized but they are all available for poor credit people. Normally the bad credit car finance by the direct lender are available easily, unlike the conventional lending options. All the finance options are customized and consider individual circumstances
Car finance normally have 5 popular options
Hire purchase
It a finance option of 3 to 5 years of tenure available to bad credit people. The applicant needs to deposit 10% of the total car value, but for poor credit borrowers, the deposit is 12% to 15%.
This option includes an upfront fee, and the payment of the borrowed money goes in monthly instalments. The rate of interest is always according to the latest financial conditions of the applicant.
Personal contract purchase
Also known as PCP in abbreviation, this finance option is also used for borrowing funds. But it works on the factor of depreciation. The reason is that in PCP, the borrower can return the car at the end of the agreement.
The borrower pays a deposit, and the instalments paid monthly are basically the difference between the car value at the time of purchase and the value when the contract ends.
Leasing
The bad credit borrowers normally use the option of leasing for commercial purposes. In this option, the borrower cannot keep the car once the leasing agreement ends. The tenure is 2 to 5 years, and the borrower pays an advance payment equivalent to the leasing amount of 3 months.
Some leasing deals also include maintenance package that includes car tax/service tax etc. However, when it comes to tax the electric cars up to £40,000 will be free from any tax due to the ‘green vehicle-discount’ offer. If the borrower wants to take the car to another country or state in the same country, he needs to inform for a written acceptance. This helps the borrower in the smooth drive.
Personal loans
If you are looking for the personal bad credit car finance loans, then you can rely on this option. We can figure out the best deal for you with flexible repayments. As the term denotes, it is actually a personal loan that one can use for the car purchase. The ultimate nature of this finance option is of personal loans only.
The borrower can apply for any amount that he can qualify for. There is no deposit required, like other options of car finance. This one feature makes personal loans for car a desirable choice. However, the applicant needs to have a strong repaying capacity because the interest rate can be a bit high and the instalments big.
This is precisely the same that you think of. Yes, these are the general and well-known car loans designed to help good, fair, and bad credit car buyers. They have the conditions of the 10% deposit amount the interest rate is according to the market conditions, but they are affordable due to customization.
We can calculate the cost (Monthly + Annual) on our advanced bad credit car finance calculator. We want you to find things predictable because then only, it is possible to take a confident and clear decision on the big purchase. We always suggest the borrowers apply an amount they can afford.
All the above finance options are available all across the UK through us. Whether you are looking for the bad credit car finance in Leeds, Manchester, Galsgow, Scotland, Liverpool or anywhere else, we are right here with all options ready.
Bad credit car finance is already a beneficial term in itself because it is a great support to have funds despite a poor credit score. The deal sounds even better because there are many other features attached to this finance option that proves beneficial for you.
The best bad credit car finance deal can be spotted only when you know the statistics of cost. In the end, you need to pay off every pound you have borrowed, and that has a considerable impact on personal finances. It is necessary to walk in the right direction and reach the correct decision. For that, a car finance calculator is an evident tool.
How does Car Finance Calculator Help?
To get car finance with less-than-perfect credit record and financial condition, you need to have certain conditions. The application process is fast but detailed, and your personal finances get under scrutiny on many aspects.
Several conditions can leave a positive and negative impact on your approval chances in case of poor credit score. It is better to know about them beforehand and play safely without making any big mistake while applying for the funds.
QucikLoansLender makes every effort to make the car finance easy for you. With all the rational ways of working behind our financing procedures, we make sure you get the best borrowing experience.
Occupyloans has everything to offer one can yearn for in car finance in the UK. We make it even better with festive and other seasonal offers on car finance deals. Personal attention by our expert team makes sure that you get the best borrowing experience.
