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|Amount to Finance||£7,000|
|Total Amount Payable||£9,096.60|
If you have bad credit, finding the funds to buy a car can be tough. After all, mainstream lenders and high street banks are often unwilling to lend to anyone with so much as a missed payment, let alone a default, CCJ (County Court Judgement). Or worse – a mix of all three.
However, we look at things differently. Rather than dwelling on the past and whether or not you've defaulted on historical financial commitments, we focus on your current situation instead. This includes looking into whether our car finance products are suitable and affordable, based on an assessment of your individual circumstances.
This approach aligns us with one of the Financial Conduct Authority's (FCA – UK regulator for consumer credit) key principles – Treating Customers Fairly
In addition to being a direct lender, we also have a panel of alternative lenders, plus our own large team of in-house underwriters and finance specialists. These are all on hand to provide expert help and advice through the application process.
'Bad credit' is a blanket term used to describe an individual who has failed to maintain one or more of their financial commitments. An example is a person who is unable to make a payment on time, or refuses to pay altogether.
Despite this often being the unwelcome consequence of unemployment, sickness or unexpected expenses, the result is generally one or more of the following markers being recorded on your credit history:
Missed Payments - Whenever a payment is missed, the lender will record this on your credit file. When applying for car finance with a record of missed payments, banks and mainstream lenders are likely to see you as an increased risk and may assume that you're likely to miss payments with them too.
Defaults - A default is recorded on your credit file by a lender when you fail to meet your legal obligations relating to a finance agreement. It's usually only recorded after multiple payments have be missed, or a period of several months has lapsed since the payment was due.
This record remains on your credit file for six years and is almost definitely going to rule out the possibility of a mainstream lender or bank accepting an application for credit.
For alternative lenders such as ourselves and those on our panel, a default won't necessarily be an issue.
CCJs (County Court Judgements) – Other than bankruptcy, a CCJ is the most serious outcome of failing to stick to a financial commitment. It's essentially an order from the court, enabling the lender to commence doorstep debt collection activities. Although it sounds serious, it doesn't necessarily mean you'll be unable to obtain car finance.
Bankruptcy – This is the final stage in the life of a debt and can be instigated by the debtor or the lender. Applying to finance a car whilst bankrupt may be against the terms of your bankruptcy order, so it's important to seek legal advice beforehand. Not only that, even lenders who specialise in bad credit are likely to decline an application based on this alone.
When applying with Stoneacre the short answer is no. Whereas traditionally, lenders and brokers carry out a full credit check when an application for finance is made, we prefer to conduct what's called a 'soft search'.
This is the same as a 'quotation search' carried out by car insurance companies when generating a quote, and won't leave a footprint on your credit profile. In fact, the only person who will see it is you - provided you have access to your credit report.
A soft search also lets us match you with the most suitable lender, without having to carry out a full credit check with several lenders (multiple credit checks are sometimes seen as a sign of desperation and can result in an application being declined.) Working this way enables us to give you a provisional decision within minutes.
Yes you can!
Each lender will have its own underwriting criteria - something that most are tight-lipped about. This means that refusal by one lender doesn't necessarily mean refusal by all. We'll work to find the most suitable lender, based on an assessment of your real-life circumstances.
Here's a brief overview of our application criteria:
UK Resident – You must have been a UK resident for at least three years.
Over 18 years of age – This isn't just our threshold: UK law stipulates that you must be at least 18 years of age before you can apply for and enter into a car finance agreement.
Earn £600+ a month after tax – Most lenders (including ourselves and our panel) look for a minimum income of £600 a month. This can come from employment, self-employment or benefits.
Not bankrupt – If you have completed your bankruptcy order we may be able to help. However, if your bankruptcy order is still in place then we'd suggest seeking both legal and financial advice before applying.
If you’re struggling to maintain your current financial commitments, adding more debt in the form of car finance is likely to make the situation worse. Instead, it's better to regain control of your finances and in the meantime consider alternatives, such as saving a little every month and buying a car outright, car sharing, or even using public transport.
For professional help or support you can reach out to – Money Advice Service Step Change or Citizens Advice. All offer free, impartial and confidential advice on issues surrounding budgeting, bad credit and debt.
Stoneacre has a multi award winning car finance team – We're immensely proud of our customer-focused philosophy, including our innovative approach to assisting customers who’ve had previous financial problems.
2 out of 3 applications are approved – We’re also proud to say that we approve as many as two-out-of-three applications made via our website. Furthermore, the average turnaround time between us receiving you application and one of our car finance specialists contacting you to complete the process is under 10 minutes.
Family-run for more than 20 years – Stoneacre is still a family owned and run business. We’re registered in the UK, have full FCA permission to offer consumer credit services such as car finance, and we’re Specialist Automotive Finance (SAF) approved.
For the purpose of this promotion Stoneacre is not acting as a lender but as an independent credit broker working with a panel of lenders. A list of these lenders is available upon request. Stoneacre do not charge a fee for an introduction to a finance provider, however, we may or may not receive a commission.
Decidebloom Ltd t/a Stoneacre, Omega Boulevard, Capitol Park, Thorne, DN8 5TX, is authorised and regulated by the Financial Conduct Authority. Our FCA number is 308726. You can verify this by visiting the FCA website or by contacting the FCA on 0854 606 9966.
Sasha McCormack is a Sales Manager at Stoneacre Motor Group
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