CAR FINANCE WITH BAD CREDIT IS POSSIBLE
Get a decision in minutes – without affecting your credit score
Is bad credit car finance possible?
The simple answer is yes.
At Stoneacre, we do not count your credit rating as a single source of truth - when considering your application for car finance, we also look into other factors, such as your ability to afford car finance.
We like to give everyone a chance to be approved for car finance, even those whose credit score might not be at its best. As such, we provide an online form to see if you are eligible - it is easy to complete, and will not affect your credit rating, regardless of the outcome.
We can offer car finance for bad credit customers due to our flexible panel of lenders, ones who have great experience in helping out such car buyers - so feel free to check your eligibility today to see if you can get bad credit finance for cars.
Representative Example
This represents an average of the deals that our customers receive on other vehicles
We are a credit broker and a lender. We can introduce you to a limited number of lenders and their finance products. We will provide details of products available, but no advice or recommendation will be made. You must decide whether the finance product is right for you. We do not charge you a fee for our services. Lenders will pay commission to us (either a fixed fee or a fixed percentage of the amount you borrow) for introducing you to them, this may be calculated in reference to a variable factor such as (but not limited to) the vehicle age, your credit score and the amount you are borrowing. Different lenders may pay different commissions for such introductions. Offers available to everyone over the age of 18, subject to credit approval.
The car finance calculator is an indication of cost. Your chosen Stoneacre dealership will clarify any final details.
Cars on Finance with Bad Credit
We're bad credit car finance specialists
Stoneacre is a trusted car finance broker in the UK, and we have full FCA permission to offer consumer credit services, such as car credit. We are also SAF-approved (Specialist Automotive Finance), and are able to compare more than 15 different companies when looking to secure car finance for our customers - even those with bad credit.
We also are trusted members of the:
Bad credit car dealership
As one of the UK's largest car dealer groups, Stoneacre offers many benefits for obtaining car finance, especially for customers with bad credit.
Our industry stature has helped us build strong relationships with flexible car finance providers, many of whom specialise in helping those with bad credit scores.
Beyond external relationships, we also have an in-house team to guide you once you've been initially accepted for credit. They'll be able to inform you of how much you're able to borrow, and book you into a dealership to view any car you're interested in.
Additionally, we provide aftersales support like servicing and MOTs, along with ongoing help throughout your time with the car. Take our free finance check today to see what finance packages we can provide for those with bad credit.
How to get car finance with bad credit
As a starting point for those that might have bad credit, it's important to check your initial eligibility for car finance through our online form.
The core reason this is a good place to start is because our form performs a 'soft search' that will not harm your credit score, or be seen by other lenders.
Upon completing the form, you'll get an indication of whether you're eligible for finance or not - for those that are, one of our dedicated, in-house finance coordinators will be in touch to talk through the rest of your application.
From this point onwards, your coordinator will be able to guide you through the process of completing your application, as well as help you find a car that suits your needs at one of our dealerships.
Can I get car finance with no credit history?
Having no credit history is not all that uncommon, especially for those who are younger or are new to the UK, and haven't had time or the opportunity to show lenders that they can make payments.
If you're looking to get car finance without any credit history, you may find you're in a similar position to those with bad credit in terms of getting accepted. This is because lenders haven't been able to see what kind of borrower you'll be.
However, also like having bad credit, it's still possible to get finance - you may just require a specialist lender to help you obtain credit.
Joint applications for car finance
We can't provide car finance with a guarantor, as it doesn't offer strong enough protection for our customers. However, we can consider a joint application for car finance, which may help those with bad credit secure car finance.
You will need to provide proof of ID, income, and address. You will also need a steady income and enough monthly earnings to make the repayments.
When applying with someone else - whether a parent, sibling, or spouse - it’s important to make them aware of their responsibilities before entering an agreement. If you were to default, they may have to take on the financial responsibility for your repayments. By using a joint application, you can help your chances of getting approved.
What if I can't make a payment?
High-risk car finance is offered to customers who have a bad credit history, when mainstream lenders might turn you down. It is highly important that you make any repayments on time - missing payments will likely affect your credit score down the line.
If you can't afford a car finance payment, your lender could issue a late payment charge. Your lender may contact you about the missed payment as interest may accumulate on your debt, and if you continue to avoid making payments, then your car may be repossessed.
If you can't afford car finance anymore, you may have to default. Defaulting on a finance agreement could see a mark placed on your credit report, which can negatively affect your credit score and make it harder to receive credit in the future. As such, it's always best to speak to your lender should you struggle to make any repayments. Your lender may issue a deferral or arrange a new schedule to suit.*
* Subject to T&Cs. Full details are available on request.
Know your credit score
Your credit score is a vital part of obtaining car finance, or any other form of credit for that matter. Not only will it help you determine if you are accepted, but also what you could have to pay.
It’s healthy to be aware of what your credit score is - knowing your credit score gives a good indication of how easy or hard it will be to obtain finance, and also what kind of rates you might get if you are accepted.
While some may think you always need a strong credit score to get car finance, this isn’t necessarily true - motorists can get credit on a car with a range of different credit ratings. It’s correct that your credit score makes a big difference when applying for finance, but your affordability is also a factor.
The rate of car finance offered to you will depend on how big a risk the lender deems you to be. Customers who have a good credit score, for instance, get the lowest rates and pay less in interest as a result. On the other hand, those classed as having a bad credit rating will be seen as more of a risk to car finance lenders, and so will usually incur higher interest rates on their deal.
What is a bad credit score in the UK?
A bad credit score can be subjective. The lenders that Stoneacre are partnered with use credit data supplied by Equifax, Experian or TransUnion, and each Credit Reporting Agency (CRA) has its own way of scoring.
Because of this, there's no one particular number or credit score bracket that puts an individual as having bad credit. If you take Experian, for instance, their scoring is out of 999 - if your score with them is less than 500, then perhaps you have work to do to improve your credit rating.
Credit scores will help creditors understand the risk of lending to you. They will see a high credit score as a green flag, as it shows a low risk of default. A low credit score can indicate greater risk, especially if a person's history shows the likes of missed payments or CCJs (County Court Judgements).
Those with bad credit can still get finance - however, if you are deemed to have very bad credit, you may find it hard to secure a car finance deal. Those with insolvency issues, such as an IVA, CCJ, or bankruptcy, may need additional support when applying for finance.
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