A Comprehensive Guide to Conditional Sale Finance
Conditional Sale Finance is a straightforward and popular way to finance a vehicle. If you’re looking for a car finance option that allows you to spread the cost of your…
It is possible to get car finance with bad credit, but the terms may not be as favourable compared to individuals with good credit. For instance, you might have to pay a higher APR because of the perceived risk that a lender places upon an individual with a poor credit score. However, understanding the basics of your credit score and the steps required to improve and maintain it will help you to not only improve your chances of securing car finance with bad credit but also improve those less favourable terms.
Credit scores are measured by the Fico Score Ranges which you can see in the above graphic. And the difference between an excellent, good and poor credit score depends on how many points an individual has -the more the better, with the top end of the range hitting 850.
There are other types of credit score available, that operate in the same manner, but if you would like to check your Fico credit score, then you can view this by opening an account on Experian.
Many traditional lenders, such as banks and credit unions, may be less likely to approve a car loan for someone with bad credit. However, there are specialised brokers who work with individuals with bad credit and can offer car finance like ourselves.
The interest rates and fees on car loans for individuals with bad credit may be higher than those for individuals with good credit, and the down payment required may also be higher. It may also be helpful to work on improving your credit before applying for a car loan. This can include paying off any outstanding debts, making all of your payments on time, and keeping your credit card balances low.
Other tactics you can do to improve your credit score are:
-Up to 30% of your credit score is made up of amounts owed. If you can, pay your credit card bill in full every month to clear the balance.
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In summary, it’s possible to get car finance with bad credit, but it may come with more challenges and higher costs. It may be easier to use a specialist broker who can perform soft search checks like ourselves to obtain the best possible rate whilst not impacting your credit score.
Chelcie RoweExcellent customer service. Friend, helpful and patient. Knowledgeable and reassuring. This company helped when nobody else could in regards to finance, and Leon was exemplary.
Celin RoisinKirsty has been an absolute star the entire way - even when we had to change car last minute, she had it sorted and kept me feeling confident and secure throughout the entire process! I would recommend her to anyone and whoever gets her as an advisor is so lucky!!!!
Andrew DeanReally smooth process, the guys were great from start to finish and couldn't be happier with my new car. Legends!
Dyan WalkerExcellent service. Ali was professional, attentive and extremely thorough. He explained everything clearly and was able to close the deal for me quickly. Initial contact was made on Saturday and by Monday everything was completed. 5* service.
Martin BallHello well had never brought a car this way before but was helped though the whole thing by great staff found a great car and within 24hours had a new car 5⭐ customer service
Toni SeraphinWas not expecting to be looking for another car so soon... and this was at no faulty of Happy motors... They handled the issue with my first car rapidly. Damian, Leon on the day of the bad event went above and beyond to rectify the issue and dealt with the dealership. This meant that Kirsty had to put up with me once again to find another car... and bless her understanding and patience again for dealing with me haha! I eventually found my car, and again Kirsty and happy motors were superb, quick and efficient fro. Auto trader add to the car being at my door... superb. I recommend this team to anyone and will spread their name far and wide.. and sorry to say Kirsty... I will definitely be back again without doubt or hesitation.
John Henry Oluebube MadukaI recently had the pleasure of working with Kirsty at Happy Motor Finance to secure financing for my new car, and I am beyond impressed with the service I received. From the moment we connected, Kirsty was incredibly knowledgeable, patient, and attentive to my needs. They took the time to explain all the financing options available to me, ensuring that I could make an informed decision.What stood out the most was their commitment to finding the best possible Car, rates and terms that fit my financial situation. Kristy navigated through the paperwork with ease, making the entire process smooth and stress-free. A couple of times I was feed up and wanted to give up but Kirsty reassured me that this will workout in the end. Thanks to Kirsty's expertise and dedication, I am able to drive away in my dream car with a financing plan that works for me. I highly recommend Kirsty from Happy Motor Finance to anyone looking for a reliable and supportive finance company and representative. Thank you, Kirsty, for your outstanding service! I appreciate You😊
Kane MillerThank you so much for the help and it was fast, easy and straightforward thank you Ali for the help if I could give you a 10 star I would 🌟⭐️
Hashem AhmedAs a seller, the whole process was absolutely professional and swift. Would highly recommend and definitely work with again!
Alex Timmins-JonesVery helpful and a personal touch. 99% of companies just click a button and leave you alone if rejected. Happy actually worked hard to understand my circumstances and make efforts to match. All completed in a couple of days start to finish. They obviously have a unique selection of finance companies on hand to support. Very happy with happy
