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Comparing cheap or bad credit car loan firms

There are a lot of cheap or bad credit car loan firms, these are aimed at people who need to get a loan quickly and can put a car up as collateral, or those in need of a loan to buy a car and would not pass a credit check for loans from other sources.

Flm-loans.co.uk

This company offer loans between £500 and £5000 for all purposes and deals with those with bad credit. The APR is around 49%, which is high, but if someone is desperate for a loan then they may have no choice.

Rather than doing traditional credit checks the site requires a guarantor, someone able to pay the loan if you fail to do so. This reduces the risk for the company and allows them to help more people out then theymight otherwise be able to.

Full details on qualification can be found on their website.

Bristol-car-finance.co.uk

This site specifically offers credit for those looking to buy a new car. It does require that anyone applying for a loan is in full time employment; however they do accept those who have CCJs and bad credit. They state the APR is around 39% and the application process seems very simple.

The site stocks a selection of second hand cars as well so the company handles everything from securing the finance through to the purchase of the new car. This means that the whole transaction can be dealt with by the same people, and once the finance has been approved it won’t fall down because it is all being dealt with by the same people.

There are other sites that can offer help for those looking to compare cheap or a bad credit car loan. These companies are designed to help people get back on their feet, but as with any types of loans make sure that you read any small print and are fully aware of the payments before you sign any kind of credit agreement.

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