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Representative example: Borrowing: £1,200 Interest: 0.34% per day for up to 75 days (124% per annum, variable) Representative: 49.7% APR (variable)
You may think that you are out of options when you need to finance your car, but you have bad credit. Although in the past, it used to be harder to find bad credit car finance options, today there are more lenders available to fund borrowers with low credit scores.
NowLoan could help match borrowers find loans from our panel of varied UK lenders. It can be time-consuming filling out applications on lenders’ websites and making phone calls. We’ve tried to make it easier for you. All you need to do is fill out our online form. We use special software to find lenders that will accept your application and we can provide you with quotes within minutes.
Compare car prices, not monthly payments. Be sure you’re getting the best price for your car whether it is used or new. Do your research and find the going rate for your car. Sometimes car salesmen will make it confusing by wanting you to look at monthly payments instead of the overall price. Be sure you know exactly what the car is worth, and what you are paying.
Compare loan rates. Once you know your car price, you can shop around with multiple lenders and compare rates. After all, even one percentage point in your loan rate can make a big difference in how much you end up paying over the life of the loan. It’s important to shop for rates even when you have bad credit.
Avoid multiple hard credit checks. Yes, you want to compare rates, but you need to be careful of applying for several different loans on lender websites. They may do a hard credit check, which can show up on your credit report and bring your score down. What can you do to avoid hard credit checks? You can apply with NowLoan. We allow you to retrieve quotes and get a good idea of who will approve you without affecting your credit score.
Compare different loan terms. You may find you can get a lower rate on financing your car by taking out a loan with a shorter repayment term. However, you need to be sure you can afford the monthly payment. Even though you are paying less in interest on a shorter-term loan, you could have higher monthly payments.
Don’t think that you don’t have bad credit car finance options available to you. There could be options out there. By comparing multiple quotes with lenders that accept your application, you could get a better loan rate.