Can I take out a car on finance with bad credit?

I'm nearly 19 and I'm about to do my driving test in the next few weeks. I hope as soon as I pass to be on the road as I commute to work a lot. My parents aren't the richest so I get my own things. I want to buy a car either new, or used. I have bad credit due to taking out a loan months ago when I was unemployed but now I have a very well paying job. Will I get accepted to get a car on finance? What company and did you have bad credit and still get accepted


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Most Helpful Guy

  • Maybe , if you do have "bad credit" not sure how bad is your credit score , most banks probably either won't take it or hike that interest rate up to Everest. MAYBE some dealership have finance programme and MAYBE they'll take it but the interest would suck either way. Can you drop cash on it? Personally I just took the bus till I saved enough money to drop cash.

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What Guys Said 5

  • Of course you can. Did you ask your parents to cosign for you? If they have good credit. Is thata thing in the UK?

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  • its possible however you are looking at a 18% to 21% APR... i would suggest savings some money and putting down a heavy down payment or at the very least try to get a good co-signer as to use their credit score to drive down the APR

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    • My maximum Down payment would be £800. Would you suggest a new car or a used one?

    • with a used car you generally will get a higher APR than a new one because the bank will have less equity if you fall into collections.. so in short they can't make much off the car if they auction it off.. But for you id suggest saving some money and put down a good size down payments of 35% to 40% and finance the the rest and pay it off quick

  • Yes.

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  • With a body like that you don't need money...

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  • Most likely. If you have guaranteed employment for the foreseeable future you should be quite fine. But it isn't as if we can guarantee anything. You might be asked for an increased downpayment or alike for example.

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    • Okay the car I want is an Audi a1 will Audi accept bad credit or do you think I should try other companies? Also would you recommend a new car or a used car? Will be using this car for the next 3-4years

    • I would recommend you have someone else take the loan and you pay for it. But I am not sure if that is an option. Your parents being signed on the car for example would be quite ideal if they are more credible.

      As a first car? Unless you're planning to ship into a fancier model and swap every few years before the value depreciates you are better off with a used one probably. But buying a used car can always come with hidden expenses you didn't expect.

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