There are offers which are displayed on the automotive market which state â€œNo Credit Check Car Financeâ€, or â€œGuaranteed Car Finance for Poor Credit with No Depositâ€, however unfortunately, no Car Finance Dealer, Finance Company or Credit broker are able to guarantee that you can obtain car finance. An abundance of factors determine a customer's eligibility to obtain car finance, which are largely based on each person's individual economic status, personal circumstances from the past and present and of course, criteria from each individual finance company when taking the applicant into consideration.
The Financial Conduct Authority states that a lender must carry out the appropriate checks and assess a client's credit situation to ensure that they are able to effectively pay the loan back before they enter the agreement.
In 2010, the Consumer Credit (advertisements) Regulation was enforced and detailed that it is illegal for a finance company, broker or dealer to advertise their finance packages as ""guaranteed for those with bad credit', unless they are able to provide a loan for every single applicant without fail, which is naturally, unachievable.
So, although we cannot guarantee that you will be accepted for a car finance loan, we do have an array of Bad Credit Car Finance Companies at our fingertips who are eager to help you get your dream car, and will consider multiple different financial scenarios.
We do pride ourselves in having a very high acceptance rate for Bad Credit Car Finance, but if you are concerned about getting your application declined, then please read through our helpful tips below.
We Can Help
The prime way that people get into bad credit is caused by falling behind on repayments and being unable to amend this because the cost keeps stacking up against them. The world-wide credit crisis has caused more and more people to fall into the Sub-prime finance category, and has left millions of people with bad credit ratings. Here at Hilton Car Supermarket, we have various different lenders who specialise in offering great finance options for those who have been unlucky enough to be caught out by the economic crisis. They can offer tailored finance packages which will help to raise a client's credit rating, and which will not break the bank in the process.
CCJ's: County Court Judgement's (CCJ's), can be potentially damaging to your credit file if the correct course of action isn't taken. Some of our customers don't even know that they have a CCJ against them because they have moved to a different property. Our specialist lenders can help you get car finance even if you have or have had a CCJ.
IVA's: If you have an Individual Voluntary Agreements (IVA) set up with a creditor, our lenders are able to assess your financial situation and determine if you are able to get car finance. You will need to get a written confirmation first from your insolvency practitioner which proves that you are able to borrow money. If you have had an IVA in the past and your debts are settled, then our lenders are eager to assess your application and get you on the road.
Bankruptcy: If you have been dismissed from bankruptcy for at least three months, our lenders will be keen to assess your application and help you obtain car finance.