Car finance on benefits

Being on benefits doesn’t mean you can’t get car finance. Moneybarn are specialists in helping those with bad credit move forward onto a better road ahead

Car finance on benefits

Being on benefits doesn’t mean you can’t get car finance. Moneybarn are specialists in helping those with bad credit move forward onto a better road ahead.

Can you get car finance on benefits?

A common misconception about car finance is that you won’t be approved if you’re on benefits. However, it is still possible to get car finance if you’re receiving benefits. 

Getting a car is an important part of many people’s lives. At Moneybarn, we believe that just because you are claiming benefits, you shouldn’t be denied access to getting a car on finance. 

How does car finance for people on benefits work?

When you apply with us, the following benefits will be classed as primary sources of income:

  • Disability Living Allowance (DLA)
  • Carers Allowance (CA)
  • Personal Independent Payment (PIP)

Other benefits will only be accepted as an additional income. This means that you must have an income, pension, or one of the three benefits listed above for it to be accepted. Additional benefits that we accept include:

  • Universal credit
  • Child tax credits
  • Working tax credits
  • Child maintenance payments
  • Housing benefits
  • Child benefit
  • Guardian’s allowance
  • Industrial injuries disablement benefit

Your income for a single application must total a monthly amount of £1,000 after tax. If you are making a joint application, then your combined monthly income must total £1,300 after tax.

If your benefit isn’t listed, we might still be able to help. Get a quote or give our team a call on 0330 555 2505 for help and advice.

Car finance to help keep you moving

We can provide car finance to people on benefits as long as it meets the following criteria:

  • Financing a car from £4,000 – £25,000
  • Maximum of 120,000 mileage on the vehicle
  • No older than 15 years at the end of the agreement

To get car finance you’ll need:

  • Monthly earnings over £1,000 (after tax)
  • To be aged between 21 and 70
  • A full valid UK driving licence
  • 2 consecutive months of payslips or bank statements

Can you get car finance on benefits?

A common misconception about car finance is that you won’t be approved if you’re on benefits. However, it is still possible to get car finance if you’re receiving benefits. 

Getting a car is an important part of many people’s lives. At Moneybarn, we believe that just because you are claiming benefits, you shouldn’t be denied access to getting a car on finance. 

How does car finance for people on benefits work?

When you apply with us, the following benefits will be classed as primary sources of income:

  • Disability Living Allowance (DLA)
  • Carers Allowance (CA)
  • Personal Independent Payment (PIP)

Other benefits will only be accepted as an additional income. This means that you must have an income, pension, or one of the three benefits listed above for it to be accepted. Additional benefits that we accept include:

  • Universal credit
  • Child tax credits
  • Working tax credits
  • Child maintenance payments
  • Housing benefits
  • Child benefit
  • Guardian’s allowance
  • Industrial injuries disablement benefit

Your income for a single application must total a monthly amount of £1,000 after tax. If you are making a joint application, then your combined monthly income must total £1,300 after tax.

If your benefit isn’t listed, we might still be able to help. Get a quote or give our team a call on 0330 555 2505 for help and advice.

Car finance to help keep you moving

We can provide car finance to people on benefits as long as it meets the following criteria:

  • Financing a car from £4,000 – £25,000
  • Maximum of 120,000 mileage on the vehicle
  • No older than 15 years at the end of the agreement

To get car finance you’ll need:

  • Monthly earnings over £1,000 (after tax)
  • To be aged between 21 and 70
  • A full valid UK driving licence
  • 2 consecutive months of payslips or bank statements

What your car loan could look like

Summary

  • Monthly payment: £000.00
  • Total to repay: £00,000.00
  • Calculated APR: 00.0%

Representative 31.9% APR

What your car loan could look like

  • Monthly payment: £000.00
  • Total to repay: £00,000.00
  • Calculated APR: 00.0%

Representative 31.9% APR

Car finance on benefits with bad credit

Just because you claim benefits doesn’t mean you have poor credit, but even if you do, we could help. We understand that your current financial situation or difficulties making payments in the past might have left you with bad credit. You might have found it difficult to get finance or may even have been declined by mainstream lenders.

That’s where we could help. We’re bad credit car finance specialists who can help people get finance when refused. Even if you’ve been declined by mainstream lenders, or if you have a CCJ or IVA.

The first step is to try out our car finance calculator above to see what your car loan could look like. Once you’re happy, submit an online application for a quote and we will tell you if you’re accepted, accepted in principle or declined.

Our simple 5-step application process

Car finance on benefits with bad credit

Just because you claim benefits doesn’t mean you have poor credit, but even if you do, we could help. We understand that your current financial situation or difficulties making payments in the past might have left you with bad credit. You might have found it difficult to get finance or may even have been declined by mainstream lenders.

That’s where we could help. We’re bad credit car finance specialists who can help people get finance when refused. Even if you’ve been declined by mainstream lenders, or if you have a CCJ or IVA.

The first step is to try out our car finance calculator above to see what your car loan could look like. Once you’re happy, submit an online application for a quote and we will tell you if you’re accepted, accepted in principle or declined.

Our simple 5-step application process

Get a quote using our online application or speak to our expert Direct Sales Team.

We will then run an initial soft credit check to see if we can offer you car finance. This will not impact your credit score.

If you’re provisionally accepted, we’ll be happy to discuss your options and monthly budget that you can afford based on your personal circumstances. 

We will tell you what paperwork we need from you. If you’re still looking for a car, we can help you with your search.

Once the car loan is approved, we’ll pay the dealer and you can collect your new car!

Get a quote using our online application or speak to our expert Direct Sales Team.

We will then run an initial soft credit check to see if we can offer you car finance. This will not impact your credit score.

If you’re provisionally accepted, we’ll be happy to discuss your options and monthly budget that you can afford based on your personal circumstances. 

We will tell you what paperwork we need from you. If you’re still looking for a car, we can help you with your search.

Once the car loan is approved, we’ll pay the dealer and you can collect your new car!

How Moneybarn can help

As one of the UK’s leading lender of specialist car, van and motorbike finance, we’ve been supporting thousands of people up and down the country with bad credit car finance for many years. We’re motivated by our focus on achieving great customer results, and aim to make financing a car as simple and seamless as possible. 

Our hard work has earned us many major industry awards over the years. Most recently we were awarded ‘Sub-Prime Lender of the Year’ and ‘Independent Finance Provider of the Year’ at the Motor Finance Europe Awards 2021, ‘Specialist Lender of the Year’ and ‘Vehicle Finance Provider of the Year’ at the National Credit Awards 2021, and the Feefo Platinum Award 2021.

We only use a soft search at application, which means it won’t affect your credit score. As a vehicle finance company who want to help all their customers onto a better road ahead, we accept applications when other lenders might not. 

  • Specialise in poor credit
  • We accept IVAs
  • We accept CCJs

We understand the importance of having a reliable car whether it’s getting to work, doing the school run or going about your daily lives. Our broad finance option should help you find the right car for you.

  • Financing a car from £4,000 - £25,000
  • Maximum of 120,000 mileage on the vehicle
  • No older than 15 year at the end of the agreement

How Moneybarn can help

As the UK’s leading lender of specialist car, van and motorbike finance, we’ve been supporting thousands of people up and down the country with bad credit car finance for many years. We’re motivated by our focus on achieving great customer results, and aim to make financing a car as simple and seamless as possible. 

Our hard work has earned us many major industry awards over the years. Most recently we were awarded ‘Sub-Prime Lender of the Year’ and ‘Independent Finance Provider of the Year’ at the Motor Finance Europe Awards 2021, ‘Specialist Lender of the Year’ and ‘Vehicle Finance Provider of the Year’ at the National Credit Awards 2021, and the Feefo Platinum Award 2021.

We only use a soft search at application, which means it won’t affect your credit score. As a vehicle finance company who want to help all their customers onto a better road ahead, we accept applications when other lenders might not. 

  • Specialise in poor credit
  • We accept IVAs
  • We accept CCJs

We understand the importance of having a reliable car whether it’s getting to work, doing the school run or going about your daily lives. Our broad finance option should help you find the right car for you.

  • Financing a car from £4,000 - £25,000
  • Maximum of 120,000 mileage on the vehicle
  • No older than 15 year at the end of the agreement

Frequently asked questions

Yes, you can get a car loan with disability benefits, however it depends on exactly which benefits you receive. Only an income, pension, Disability Living Allowance (DLA), Carers Allowance (CA) or Personal Independent Payment (PIP) will be accepted as your main source of income when applying for car finance.

If you are in receipt of Universal Credit we may be able to help you with car finance. Get a quote today – its simple and should only take you 5 minutes to find out if we can help you into the car you need.

No, unfortunately guaranteed car finance is a myth even if you have bad credit – it doesn’t exist. This is because a lender will never be able to guarantee you any type of finance without running the appropriate affordability and credit checks. Only once they have done these checks will they be able to tell you for definite that you can get car finance.

Everyone’s circumstances are different, and we recognise that it might be hard to put together a deposit for car finance. Getting approved for finance with no deposit depends on a number of factors.

There is a lender out there for everyone, no matter what their credit score is, or even if they have no credit history at all. At Moneybarn we can help you with car finance even if you have a bad credit score.

Many different factors can affect your credit score and result in poor credit. We’ve put together a handy guide on how to improve your credit score.

Frequently asked questions

Yes, you can get a car loan with disability benefits, however it depends on exactly which benefits you receive. Only an income, pension, Disability Living Allowance (DLA), Carers Allowance (CA) or Personal Independent Payment (PIP) will be accepted as your main source of income when applying for car finance.

If you are in receipt of Universal Credit we may be able to help you with car finance. Start an application today – its simple and should only take you 5 minutes to find out if we can help you into the car you need.

No, unfortunately guaranteed car finance is a myth even if you have bad credit – it doesn’t exist. This is because a lender will never be able to guarantee you any type of finance without running the appropriate affordability and credit checks. Only once they have done these checks will they be able to tell you for definite that you can get car finance.

Everyone’s circumstances are different, and we recognise that it might be hard to put together a deposit for car finance. Getting approved for finance with no deposit depends on a number of factors.

There is a lender out there for everyone, no matter what their credit score is, or even if they have no credit history at all. At Moneybarn we can help you with car finance even if you have a bad credit score.

Many different factors can affect your credit score and result in poor credit. We’ve put together a handy guide on how to improve your credit score.

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