Representative APR 49.9%
Representative Example: Borrowing: £1200 for 18 months, Total Repayable: £1628.28, Total Interest: £428.28, Interest Rate (Variable): 49.9%.New Horizons is a registered trading name of New Horizons Finance Limited, which is an Introducer Appointed Representative of Flux Funding Limited, who are a credit broker, not a lender.

Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk.

Car Finance for people with bad credit

Understanding that loans are required for many different reasons, lenders in the UK now offer a wide-range of loans designed for specific purposes. One such loan is car finance. Because cars and other vehicles range greatly in price, lenders offer a variety of loans both in terms of how much you borrow and how long you need to repay the loan. New Horizons partner works to find car finance loans that are appropriate for you, using your information to help you find the most suitable lenders for you.

How does car finance work?

Car finance can usually come through several different deals, popular options include personal loans, Personal Contract Purchase (PCP), hire purchase, Personal Contract Hire (PCH) and dealer finance. All of which have different advantages and typically involve monthly repayments over a specified lending term, which is usually a period of 12-36 months.

According to whatcar.com, a personal loan is the most popular way to finance a car as it gives you instant ownership of your vehicle, unlike several other methods which only offer car hire. New Horizons partner searches through car finance loans from the UK’s leading lenders to find the best deal for you.

What is guaranteed financing?

When taking out a personal loan, a credit check is a fundamental part of the process so that lenders can determine your reliability. However guaranteed financing doesn’t involve a credit check, instead dealers base their decision solely off the individual’s income. Guaranteed car finance may seem like an attractive option, especially for those with bad credit, however it is not a trustworthy route.

Because cars and other vehicles range greatly in price, lenders offer a variety of loans both in terms of how much you borrow and how long you need to repay the loan.

New Horizons

What is the law on guarantee car finance?

With an increasing number of people looking for car finance, many lenders have appeared claiming to offer guaranteed car finance. Whilst guaranteed car finance for bad credit seems very appealing, these lenders are not being entirely truthful. This is because all authorised lenders in the UK are required by law to conduct a credit check on all applications. Therefore, whilst many lenders will offer you a loan after a successful check, there is no such thing as guaranteed car finance, particularly one involving no credit check.

To help you avoid such pitfalls, New Horizons partner ensures that all its direct lenders are fully authorised; they strive to make the entire process as simple and stress-free as possible. Using your information to find the most suitable lenders for you, they significantly reduce the time it takes to find the right loan.

Can I be guaranteed car finance with no credit check?

The short answer is no. Whilst many lenders now offer loans designed specifically for people with bad credit, there are no guarantees that you will be successful. This is because lenders must base their decision on a credit check. Pass the credit check and you can get the loan you need, fail it and not only will your application be denied but your credit score may also be negatively affected. Therefore, if a lender claims to offer you guaranteed car finance with no deposit, they are either not telling you about the credit check or they do not perform one because they are not a recognised lender with UK authorities.

To help you get access to competitive loans with some of the most-trusted UK direct lenders, we allow you to perform a Soft Credit Check. This allows you to see which lenders are most likely to approve your loan before you even apply. As such, you can be guaranteed to find the very best car and van finance loans quickly and effortlessly. With no fees or hidden costs, we strive to make the entire process as simple and stress-free as possible. Using your information to find the most suitable lenders for you, we significantly reduce the time it takes to find the right loan. Furthermore, with many lenders now offering loans online, you can get the money you need faster and easier than ever before.

If you are struggling with your debts and require assistance. You can speak to the companies below, free of charge.

moneyadviceservice.org.uk
stepchange.org
nationaldebtline.org

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