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|Amount to Finance||£7,000|
|Total Amount Payable||£9,096.60|
Mainstream lenders are often unwilling to lend to anyone with so much as a missed payment. So if you have bad credit, finding the funds to buy a car can be tough.
We look at things differently. Rather than dwelling on the past, we look at whether our car finance products are suitable based on your current circumstances. This aligns us with one of the Financial Conduct Authority's key principles – Treating Customers Fairly.
‘Bad credit’ is a blanket term used to describe anyone who has failed to maintain one or more financial commitments. Although this is often the consequence of unemployment, sickness or unexpected bills/expenses, the result is one or more of the following markers appearing on your credit file:
Missed Payments - Whenever a payment is missed, lenders will record this on your credit file. Other lenders may then view you as an increased risk, assuming you’re likely to miss payments with them.
Defaults - A default is recorded on your credit file when you fail to meet your repayment obligations. It's usually only recorded after multiple payments have be missed, or several months have lapsed since the payment was due.
A default will remain on your credit file for six years and is almost certainly going to lead to a mainstream lender declining an application for credit.
CCJs (County Court Judgements) – A CCJ is an order from the court enabling the lender to commence doorstep debt collection. This is one of the most serious consequences of not sticking to a financial commitment.
Bankruptcy – This is the final stage in the life of a debt and can be instigated by either the debtor or the lender. Applying for car finance whilst bankrupt may be against the terms of your bankruptcy order, so it's important to seek legal advice beforehand.
Traditionally, lenders carry out a full credit check when you apply for finance – multiple checks can affect your credit rating.
We prefer to conduct what’s called a ‘soft search’, which won’t leave a footprint on your credit file. This lets us match you with the most suitable lender, without carrying out a full check. We can also provide a provisional decision within minutes.
Each lender has its own underwriting criteria, so a refusal by one lender doesn't necessarily mean refusal by all. It's about finding the most suitable lender, based on an assessment of your real-life circumstances. Here's our application criteria:
UK Resident – You must have been a UK resident for at least three years in order to apply for finance.
Over 18 years of age – UK law states that you must be at least 18 years old before entering into an agreement for car finance.
Earn £600+ a month after tax – Most lenders look for a minimum income of £600 a month. This can come from employment, self-employment, or benefits.
Not bankrupt – If you’ve completed your bankruptcy order we may be able to help. If your bankruptcy order is still in place, we'd suggest seeking financial advice before applying.
If you’re struggling financially, adding car finance is likely to make things worse. The best thing to do is to regain control of your finances and consider alternatives, such as saving a little every month and buying a car outright, or even car sharing.
Stoneacre has a multi award winning car finance team – We're proud of our innovative approach to assisting customers who’ve previously had financial problems.
2 out of 3 applications are approved – We approve as many as two-out-of-three applications made via our website. Furthermore, the average turnaround time between us receiving an application and contacting you to complete the process is under 10 minutes.
Family-run for more than 20 years – Stoneacre is 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, plus 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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