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Bad Credit Car Finance

If you have a low credit score, it can be hard to get the finance you need to buy a car from high street lenders, car dealerships and banks. Not to mention frustrating when you’re shunned because a computer decides your score isn’t "good enough". At Amigo, we believe people should use common sense to decide if you can get a loan, not computers. So if you have struggled to get car finance due to your low credit score, we could offer a helping hand.

Can you get a Car Loan with Bad Credit?

Having a bad credit score can be frustrating, especially if it is due to a simple mistake in your past or a matter beyond your control.

You can acquire a poor credit rating if you have a financial connection to someone that impacts your own score. For example, if you live in shared accommodation and the actions of others meant that bills went unpaid, it could have lasting consequences for your credit score.

Amigo Guarantor loans - as seen on TV

You can acquire a poor credit rating if you have a financial connection to someone that impacts your own score. For example, if you live in shared accommodation and the actions of others meant that bills went unpaid, it could have lasting consequences for your credit score.

Whatever the reason for your low credit rating, it can mean high street lenders and car finance providers are reluctant to loan you money. However, although your options are limited, you may still able to get car finance with a guarantor loan from Amigo.

At Amigo, we believe you should not be punished for small mistakes which you may have made years ago, so we aim to provide car finance for people with bad credit ratings without judgement.

Loan Calculator

Representative Example:

You're borrowing £4000

Over a term of 36 months

Repayment £195.16 per month

Total repayable £7025.76

Interest rate 49.9% (variable)

Representative 49.9% APR (variable)

Guarantor Loans for Bad Credit Car Finance

If you’re looking to get car finance with bad credit, a guarantor loan from Amigo could be the answer. It does not matter if your credit score is low, as long as you are not currently insolvent or on an IVA, we do not take your credit rating into account when approving your loan. Instead, we ask you to have a guarantor who trusts you and agrees to make the repayments if you do not.

Your car finance guarantor could be a parent, friend or colleague, who puts themselves forward to guarantee the payments for your loan will be made. They don't have to be a homeowner, but owning a home does make them more likely to be accepted as your guarantor. Your guarantor promises to make the payments if you do not, so they will need to have a good credit score and be able to comfortably afford to cover the repayments if ever required.

When you and your guarantor have been accepted, we will ensure that the loan terms you’ve requested are realistic and manageable so you can pay for your car without worrying about debt.

Our Guarantor Loans

Advantages of Car Finance with Guarantor Loans

There are several advantages in getting a guarantor loan to pay for your car rather than a traditional car finance deal.

Guarantor loans from Amigo Loans are just like personal loans, in that you can use the loan for anything you need. One loan from Amigo could pay for your car, your car insurance and your road tax, along with any extras like new tyres or a service.

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Guaranteed Car Finance vs Guarantor Car Finance

You may see the term "guaranteed car finance" when shopping for a car loan. However, this is not to be confused with a guarantor car finance loans, which is what Amigo Loans offers.

Some companies will try to entice you by suggesting that you are guaranteed to be approved by them for a car finance deal. However, this kind of advertising is misleading (at best) and illegal (at worst), so ensure you check the small print and be wary of any companies using it.

Even if you have a poor credit score, you could still be accepted for a guarantor loan from Amigo to spend on a new car, so why take the risk with a company who could be making false promises?

For more information on guarantor loans, head to our guarantor loans page or use our loans calculator to find out how much you could borrow to help with car finance.