How to Get Approved for Bad Credit Car Finance with Pay Weekly Car Finance Nottingham

What are your options if you have bad credit?

There are 15 specialist fair and bad credit finance lenders that are active in the UK at the moment so there are actually several options to get approved for no deposit car finance if you have bad credit.

Getting an approval depends on whether your credit file and your income demonstrate that you have affordability to maintain car finance payments over the course of the car finance agreement.

I have bad credit, can I still get approved for car finance?

Yes you can. Here are the most important factors that fair and bad credit car finance providers look at when deciding whether to offer car finance:

1. Does your credit file show signs of current financial struggles? If you are in arrears with any credit that you have right now, or you are over your arranged overdraft, or credit card limit, these may show creditors that you aren’t in a position to take out a car finance agreement right now.
2. Does your income outweigh your outgoings? You will need to be able to pass an affordability check as every finance company is obliged to complete one. Any active credit and old debt will be taken into account as part of your affordability check.
3. Have you defaulted on car finance in the past? If you have defaulted recently, then your approval chances are going to be very limited, but if this was several years ago, you may stand a chance. Defaults stay visible on your credit file for 6 years.
4. Do you have a Full Driving Licence? There are no fair and bad credit finance providers that will offer car finance on a provisional licence.
5. Have you applied and been declined in the past 30 days? If so, you are likely to be automatically declined if you apply again in this timeframe.

All of the fair and bad credit car finance providers use soft search, so there is no impact on your credit rating if you choose to apply for car finance.

Who are Pay Weekly Car Finance?

Pay Weekly Car Finance (or Pay Weekly Cars) are a dealer that organise car finance loans, specialising in helping customers with a fair or bad credit rating. We work with every fair and bad credit car finance provider in the UK to ensure we offer you the best car finance approval for your personal credit rating using a soft credit check to have no effect on your credit score. We also specialise in helping customers that are paid weekly to get approved for a car finance agreement where they can pay their payments weekly instead of monthly.

We are commonly known as Pay Weekly Car Finance Nottingham and Pay Weekly Car Finance Derby as the 2 closest cities that we cater to but you can apply for pay weekly cars regardless of where you live.

How does No Deposit Car Finance work?

If you apply, and get approved for 0 Deposit Car Finance, this means that the finance company will pay the dealer in full for the car, leaving you with any spare funds to be spent on insurance, road tax, fuel etc.

If you make an application for car finance, and want to get approved without a deposit, just enter ‘0’ when you reach the ‘Deposit’ section of the application form and your application will be considered with no deposit.

Might I still need a deposit for my car finance approval?

Yes, it is possible. All finance companies use independent valuers to determine a value of the car and will offer a percentage of this valuation when approving a customer. So, there are occasions where the finance company might offer a 85% or 90% approval meaning that a deposit may be required.

We will discuss this with your chosen dealer to see what options you have to allow you to pay the smallest deposit possible.

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