Bad credit van finance: how to buy a van if you have a poor credit rating

If you’re struggling to get finance for a new van due to your poor credit rating, a bad credit or subprime van finance solution might be able to help you get the commercial vehicle you need. There are specialist lenders who may be able to help, although the deals available might not be as attractive as those offered to buyers with higher credit scores.

A bad credit rating could be the result of a number of different things including a limited or poor credit history, outstanding debts, county court judgements or failure to make payments in the past. A bad credit score simply means that a lender will be taking a bigger risk by offering you finance on a van because your credit report suggests you might have trouble making payments.

It tends to be much easier to get finance when you have a good or excellent credit rating but it’s still possible to get finance if your credit rating is bad or poor. When it comes to commercial vehicles, it can feel like a catch-22 where you need a van to work but you need to work to prove you have the money to pay for finance. There are ways to get yourself out of this vicious cycle and buy a new van whether you’re a small business, self-employed or just in possession of a less than pristine credit rating.

Bad credit van finance: things to consider

Firstly, if you’re struggling to get finance you can look for ways to improve your credit rating such as registering for the electoral roll, paying off any outstanding loans or closing accounts that are linked to someone with bad credit.