When searching for car finance, particularly when you have bad credit, you will probably be inundated with advertisements for “car finance no credit check”; however these eye-catching notices may well be misleading.
The Financial Conduct Authority (FCA) requires lenders to lend responsibly and a credit check (making reference to data about the customer supplied by credit agencies) is part of their expectation, so any lender offering to provide car finance without undertaking a credit check should ring alarm bells.
Our lenders undertake credit checks on each and every application and would never approve a customer before performing thorough due diligence, including a credit check. So in our case it would be impossible to get credit without the credit check. This should be true for all reputable lenders too.
“No reputable car finance lender will offer no credit check car finance or no credit check car loans as this would not be considered responsible lending by the Financial Conduct Authority. Nor would it be a sustainable business practice.”
With all that said, no matter what financial difficulties you may have now or have had in the past, you should not fear or try to avoid the credit checking process. Professional lenders use the information received from credit reference agencies as part of a holistic responsible lending process. It is important to note that credit reference agencies do not decide the outcome of your application by returning a ‘pass’ or ‘fail’ and even though a ‘credit score’ may be returned, this will only be one of many factors considered during the Underwriting process.
While we consider the credit checking process to be a vital part of responsible lending and do make reference to the information received, we are more interested in your future than your past. If you receive a regular, provable income and manage your bank account properly, we can help - Even if you have been turned down elsewhere.
Many of our customers have struggled with debt in the past, with missed payments, defaults or arrears, so do not feel put off applying to us. We regularly help people with bad credit to access used car finance. Even if you have County Court Judgements (CCJs). However bad you consider your credit to be, you can still apply to us and we can say yes even when others have said no. Just complete the quick and easy form above to apply now and you could be approved within the hour.