Bad Credit History

In a nutshell, this means you have borrowed money before and have either made late repayments or have failed to repay the loan completely. If you haven’t done so already, you can check your credit rating here.

The problem is that lending companies will now consider you a high risk. This means they will either refuse you credit or they will charge you a higher interest rate - this could make many loans unaffordable.

What will constitute a bad credit history?

Late payments on any debts.
Missed payments on debts - including council tax.
Unfulfilled financial contractual commitments.
Too many changes of address.
County Court Judgements
Bankruptcy
Failure to appear on the electoral register.

If you want to check or repair your credit history, click here for advice.

There are companies who specialise in lending to people with bad credit histories. Click the links below for more help. But, if possible, until your credit rating has improved, it is best to buy a cheaper car for cash - that way, you won’t be paying fortunes in interest payments.

No Credit History

Surprisingly, this is pretty much the same as having a bad history. If you haven’t been able to prove you are a responsible borrower, the lenders feel they know nothing about you and consider you a bad risk. So, yes, it’s a catch 22 - it’s difficult to borrow without having previously borrowed. Again, there are companies who can help and advise with this - click the links below.

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