Having previous bad credit it shouldn’t mean you’re unable to get car finance from lenders. Go Car Credit can help as we are an alternative to banks and payday loans.

We may consider extenuating circumstances when you apply with us, including CCJs or other factors that may have contributed to a bad credit history. We think this shouldn’t stop you from getting car finance. Here at Go Car Credit we make sure you can afford your repayments by looking at your income and expenses.

Our affordable loans are as transparent as possible and we can help our clients get back on track and restore their credit rating.

We regularly fund people who are self employedwe may ask you to provide some documents such as proof of income such as bank statements for the last 3 months but this will be explained to you by our team.

If you think you might want to apply for a car loan, make sure you can afford the repayments, as well as your ongoing expenses and other credit commitments. Find out if you can safely manage extra credit by knowing exactly what money you have in and out each month.

Car finance budget

A “family budget” is an ideal way to see if you can afford the monthly car finance repayments, put together a list of monthly expenses to calculate how much money you have left once all living expenses and utility bills they have been paid.

What to include in your car finance budget

If many of your bills or expenses don’t come out on direct debit, it can be easy to lose them from your budget, here is a list of costs to consider:

Your home

• Mortgage or rent
• Municipal tax
• Water tariffs
• Home and contents insurance
• Gases
• Electricity
• Television fee
• Telephone, mobile and internet service

Existing debt

• Refunds to credit and/or store cards
• Loan repayments
• Hire purchase or repayment of the store credit agreement (for example for furniture or TV)

To travel

• Fuel
• Car Insurance
• Car tax
• Vehicle maintenance
• Auto loan repayments
• Other means of transport, such as train or bus tickets

Essential

• Go shopping
• Clothing
• Toiletries and cleaning products

Other staff

• Pension contributions
• Life insurance premiums
• Other insurance, such as critical illness or income protection coverage

Children

• Child care expenses
• Maintenance payments
• Clothing
• School trips
• Private tuition/school

Fun

• Eating out
• Drinks away from home (including coffee and spirits)
• Gym subscription
• Hairdressers
• Lottery tickets
• TV subscriptions (eg Sky)
• Subscriptions/purchases to magazines and newspapers
• Trips (for example to the cinema or events)
• Vacation
• Hobbies

Please do not view this as a comprehensive list as every family is different and think about specific costs that are unique to you or your family.

Bank statements and credit card statements are a good way to start your family budget list. By reviewing the last 3 months you can record any quarterly bills ensuring you get a true reflection of your monthly outgoings over a year.

Once you calculate your exact monthly expense, you can see if you can safely afford to make your chosen car finance commitments.