Car Finance FAQ
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Hi, I am looking for some car finance as I need a new car urgently for commuting to work. Unfortunately, I have a bad credit history, however, I don’t have any CCJ’s, but I have missed a couple of payments on one credit agreement I had in the past. Can you help?
Thank you for your question.
The fact you are working and have no CCJ’s is great news. Along with the fact you need to borrow a small amount of money to finance your desired car, I am fairly confident we can get you accepted with at least one of our lenders.
Please complete our simple online application and once approved you can purchase a car from any reputable dealer within the UK.
Justin Cottrell
Founder
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I am a self employed taxi driver and require finance to purchase a new cab? As I don’t have a perfect credit score are you able to assist me in financing?
Unfortunately, although Motorly helps people with bad credit purchases their next vehicle, we don’t currently have a lender on our panel who approve customers looking to use the vehicle as a minicab.
Justin Cottrell
Founder
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I have a Vauxhall Corsa worth approx £2,000 and would like to understand the process and pros/cons of part-exchanging?
Having a vehicle free of finance that you wish to part exchange is treated in the same way as a deposit. Whilst no deposit car finance is available, part-exchanging your old car can remove the hassle of selling your existing vehicle, along with allowing the value to be used as a deposit which reduces of the amount of money you need to finance. By reducing the amount you need to borrow, your monthly repayments will be lower.
Should you have finance outstanding on the car you want to part exchange, the existing finance will need to be settled. Things become a little more complex when the amount of finance outstanding exceeds the current value of your car. You can read more about part exchanging a vehicle with negative equity here.
Justin Cottrell
Founder