Vehicle Finance for Bad Credit | Aspire Money

How to get a car when you have bad credit

Having bad credit / history doesn’t mean you can’t borrow money to buy the vehicle you need, but it may mean some lenders won't approve your application.

If you have bad credit / history or if you've been rejected by other lenders in the past, then Aspire Money may be able to help. We have a panel of accredited lenders who will review your application and provide you with feedback quickly. Lenders will consider your credit history when you apply for a loan and will base your amount, interest rate and repayment terms on this.

Fortunately, there are options available to you if you are looking to finance a vehicle;

- Get your credit report

This is a great place to start. Make sure that all your details are correct and up to date. To get the status of your credit profile use a reputable credit checking service like This will tell you about any active credit you have and any missed payments that may be negatively affecting your score.

- Break ties with those that have bad credit

You may have an old joint account with someone who has since fallen into bad credit. In cases like this, it is possible that the black mark against their name is dragging you down. To break ties, you may need to issue a notice of disassociation. After some checks, credit reference agencies should be able to remove this person from your life.

- Pay your debts on time

Keeping up with your repayments is a good sign to lenders that you can borrow responsibly. This will - over time - help to improve your credit score. Also try not to exceed 75% of your credit limit. Running yourself into the red repeatedly may also be an indication that you’re not great at managing your money.

You can shop more realistically when you have a pre-approved loan amount to work with. Talk to your bank or credit union about getting a car loan and to find out the pre-approval process. If you can't get approved with your bank, your car salesman may be able to put you in contact with a lender who caters to car buyers with bad credit.

People with bad credit are the target of countless scams. Don't fall victim to predatory loans, no matter how much you want to be in a new car. Too often this ends badly for the car buyer and may result in yet another blemish on an already tarnished credit record. No matter how desperate you are for a new vehicle, take your time, get all the facts, and make the most financially sound decision you can.

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