Bad credit car finance is a term that you might well have come across frequently on your searches on the Internet before you came to our website and it is an area that is highly specialised. MSG Cars are a company that deal primarily in obtaining car finance and car leasing for those customers that the mainstream lenders just don’t want to deal with. The Non Prime product is available to any UK resident and often can be completed in as little as four days to receive your new vehicle. Previous poor credit problems won’t affect your chances of getting car finance approval through MSG Cars as we only require that you are able to prove that your current financial situation is satisfactory – and its not about what has occurred in the past necessarily. The main requirements for Bad Credit Car Finance that you will need to provide to us are two full months bank statements or pay slips to show your income and for some case the expenditure also. Items such as rent and mortgage will also need to be identified and even an area such as arrears on your property payments won’t stop you from being successful for Bad credit car finance. The typical proofs of identification also include passport, drivers licence and birth certificate. As long as you can provide the information that our adviser’s request then getting you approved finance on the car of your choice is just a mere formality.
No Credit Check?
What constitutes Bad credit? Well with difficult market conditions in the current financial markets – a high percentage of the UK population are finding out they don’t meet with the lending criteria of the mainstream car finance companies. The laymans reason for this is simply termed ‘Bad credit’ and in reality it means anything including – missed or late repayments on finance accounts, CCJ’s or county court judgements, IVA’s, debt management plans, arrears on mortgage, poor electoral or voters roll trace, no credit rating, defaults and bankruptcy. With MSG Cars this is what we deal in day in day out as so are well placed in the market to be able to offer you an option that will allow you to drive away in the car of your choice. Many people presume that in order to get accepted it must mean that no credit check is carried out otherwise they would surely get declined. But first we need to consider what a credit check is and how companies use the information held within it to make decisions on finance proposals. A Credit File holds the details of each and every credit agreement a person has active or previously held over at least a 6 year period. This means that every month is accounted for and so if a person was late or missed a repayment even 18 months ago the lender will be able to see this in an instant. When it comes to standard car finance the companies involved will be looking for immaculate ratings and so wont tolerate even one missed payment in the last years! Obviously for someone with bad credit who has a search on their Credit report carried out by these type of lenders will find they get declined. But then what people need to realise is that every company has a different set of lending criteria when it comes to accepting new customers and so as you go down the scale of lenders you find that they may become more and more lenient when it comes to accepting poor credit. So – ok so far we understand that a Credit Check is basically a look at a persons repayment profile and that it is a combination of factors and not just a warning sign that states a customer who might be someone with bad credit is a ‘Higher risk. Where MSG Cars come into all this is that the lenders we operate with are the only funders in the UK that work to a different set of rules when it comes to approving the Hire purchase, Car Loans and Car Lease deals. Factors that usually would get you refused don’t apply and as long as you have a provable income and can for instance be seen at your address or previous addresses on the UK voters roll or by old or existing credit agreements then common sense comes into play much more.
Car Finance for a Non Prime customer requirements
- UK Passport
- UK Drivers Licence
- Two Months Payslips or Bank Statements
- Traceability via Voters roll or previous finance agreements
Even with items listed on your credit report that you believe would hold you back from getting approval on a new car we can still help and this includes the following;
- Bankruptcy
- Debt Management
- IVA
- CCJ or County Court Judgement
- Default
- Mortgage arrears
- Previous failed business
- Early terminated vehicles
- Self employed and Tennants
