'Subprime' Finance • How It Works

Subprime loans are a type of loan that is offered at a rate above prime to individuals who do not qualify for prime rate loans. Quite often, subprime borrowers are often turned away from traditional lenders because of their low credit ratings or low credit score other factors that suggest that they have a reasonable chance of defaulting on the debt repayment.

Subprime loans tend to have a higher interest rate than the prime rate offered on traditional loans. The additional percentage points of interest often translate to tens of thousands of pounds worth of additional interest payments over the life of a longer term loan.

However, getting a subprime loan could still be a good idea if the loan is meant to pay off a higher interest debt (such as credit card debt) and the borrower has no other means for payment.

The specific amount of interest charged on a subprime loan is not set in stone. Different lenders may not value a borrower's risk in the same manner. This means that a subprime loan borrower has an opportunity to save some additional money by shopping around.

We view the wording bad credit car finance as a negative term. It's similar to using the word blacklisted or subprime - when in reality, bad credit car finance can mean anything from car finance for a customer who has missed the odd payment on a home shopping catalogue or had a late payment on their mobile phone contract right the way through to customers who have been through bankruptcy. Our customers aren't bad, that's why we offer car finance for people with bad credit, which seems to be the popular way to describe it nowadays. We offer car finance for good people with bad credit history in Liverpool, Merseyside and The Wirral

Has Your Credit History Been Affected by Circumstances Out of Your Control?

Having a poor credit history can simply the result of bad luck or unforeseen changes in your circumstances. This can be due to losing you job or the unexpected illness of a family member, this can make a huge difference to day to day living and make you financial circumstances strained and under pressure, we always recommend planning the purchase of your new vehicle, we believe you need to consider all factors including all your outgoing payments and always stay within your means, do not overstretch your budget and always consider how you would manage if a "rainy day" affected your financial circumstances.

When making our decision we will consider your affordability based on your personal circumstances, we will also consider if you can comfortably afford the monthly payments without having to struggle, for those customers that need a car but can't get credit, we, as a responsible broker on behalf of a finance house would need to answer these questions before you can obtain car finance for people with bad credit history whether you have poor credit, bad credit, CCJ'S, EX Bankcrupt, Low Credit Score, HM Forces, New Job, recently immigrated and not on the voters roll or only have a provisional licence we are here to help.

We Can Help All Customers With The Following:

  • Late or Missed Payments
  • Self employed
  • CCJ's Defaults, Arrears
  • New Job
  • HM Forces
  • EX Bankrupt
  • Low Credit Score
  • Previously Declined
  • Provisional Licence
  • Not on voters roll

Contact Pay As You Go Car Credit today for a FREE, No Obligation discussion about your individual circumstances and your personal requirements.

About Pay As You Go Car Credit

We are a family run business with family values, established for over 10 years in the motor trade we offer the very best in high quality customer service and are specialists in providing good and bad credit at the best available rates.

We are based in Liverpool and are experts in providing car finance for most people regardless of their past credit history. We are here to help and our information is free, we can offer some basic advice on debt counselling including the process in regard to the early settlement of an existing car finance agreement, we can also offer advice in regard to the options available for those customers who are in a negative equity position on their vehicle and how this may affect your decision to purchase or to defer you purchase decision to a later time when you have returned back into a positive equity position, we will discuss all the options available to you without influencing your decision, our aim is to provide the information on the products that are currently available which help you as a customer to make an informed decision, in our view we consider our process as treating the customer fairly.

There are many different finance products available on the market, you need to be sure that you are looking at the best product for your circumstances, In general we offer our services to those people who have had previous bad credit issues and are unable to obtain finance from the mainstream finance providers, however as this is not always the case if we discover that we are able to obtain finance through a more competitive lender we will inform you of this and offer that option, depending on your individual circumstances your credit risk may also mean that you may have to pay considerably more than you would from one of the mainstream prime finance companies, however we try to keep our process transparent and keep you informed so you are able choose the best option for you. We try to minimise credit searches for the customer as this can affect your credit score but if you are confident that you can obtain finance via one of the mainstream finance companies please advise us early during the process and we will process your application through the mainstream finance channels.

Complaint Process

Our complaint process should be addressed as follows, Please address any complaint in regard to our business dealing to "the complaints manager" at the address on the website, detailing your complaint in full, we will respond to your complaint within 14 working days.

Please find below links to the FCA Website, and also Citizens Advice Bureau who can advise you if we are unable to satisfy your complaint.


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