Car finance calculator for bad credit

Good credit
Bad credit
Amount to borrow:
To repay over:
5 Years
Car finance rate XX% APR
Cost of credit £ XXX
Total repayment £ XX,XX.XX
48 monthly payments of
£ 245 /mo

Representative example - Borrowing £5,500 over 4 years with a representative APR of 19.8%, and a deposit of £0, the amount payable would be £162 per month, with a total cost of credit of £2,282 and a total amount payable of £7,782.

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How to get a car loan when you’re in a debt management plan

First, it might be helpful to explain just how a debt management plan works.

If you are struggling to pay off debts such as loans, credit cards or store cards, a debt management plan is an entirely informal and voluntary arrangement, which lets you add all those debts together and make a single repayment each month, for sharing between your various creditors.

If you are in a debt management plan, therefore, it suggests two things:

  • you are having some difficulty managing your debts at the moment; but
  • you recognise the need for action and have taken the initiative of coming to an agreement with your creditors on the repayment of those debts.

What are the chances of getting approved?

Because you have a debt management plan, that shows that you have had trouble keeping up with the repayments on previous loans and other lines of credit. You have a less than perfect credit record, in other words.

For some lenders, that blot on your credit record may be enough to warrant the rejection of your application for a car loan — or the demand for a large deposit or a punitive rate of interest on the loan if you are successful.

We find a way

Here at Carplus, however, we are experts in poor credit vehicle finance. It means we work closely with a number of lenders who are specialists in the provision of car loans for individuals with a less than perfect credit history, including those who are currently in a debt management plan.

Whilst checking your likely eligibility for such a loan, we are careful to avoid any further damage to your credit record, which happens if your application for a loan is turned down.

Therefore, we conduct an initial “soft” credit check when you make your online application to us, so as to significantly increase the chances of your formal application being accepted by any interested lender willing to make an offer.

Our expertise and experience helps us to secure some of the most competitive rates for your loan and, even with a less than perfect credit history, you may still be able to get a no-deposit loan — a loan that is equal to the full value of the vehicle you want to buy, without you having to try to raise the cash for a deposit or to offer another vehicle in part exchange.

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