If you’re wondering ‘Can I get approved for Pay Weekly Car Finance if I have bad credit?’, the answer is YES. There are several specialist fair and bad credit car finance providers in the UK that can set direct debits up to accommodate weekly or monthly repayments.
If you find a Pay Weekly Car Finance specialist dealer, broker, or finance provider, just inform them once you have been approved that you would like to make weekly repayments and they will recalculate your payments on a weekly basis.
This all depends how often you are paid and how/when you pay your other financial commitments.
If you are paid weekly and pay all your financial commitments weekly, then it would make sense to continue to pay everything weekly so you can budget your money for every 7-days.
If you are paid weekly and pay some of your financial commitments monthly, paying your car finance weekly might leave you short on the weeks that your other commitments get paid.
If you are paid monthly, it makes very little sense to pay your car finance weekly.
Ultimately, you just need to consider which option works best for you taking all of the above into consideration.
Car finance providers that offer weekly or monthly repayments calculate the interest they charge annually using APR (Annual Percentage Rate) and once they have the yearly figure, this is divided into 12 equal payments for a pay-monthly car finance plan or divided into 52 equal payments for a pay-weekly car finance plan.
Here is an example:
You are borrowing £7999 over 48 months (208 weeks) at 12.9% APR representative.
The total repayable over 48 months is £10,147.69 which works out at £2,536.92 per year.
So, monthly payments work out at £211.41 (£2,536.92 divided by 12) and weekly payments work out at £48.79 (£2,536.92 divided by 52).
No you don’t. Every car finance provider we deal with offer monthly payments and only some of them offer weekly payments.
Each Pay Weekly Car Finance provider that we deal with use their own credit scoring system to decide who gets approved and who doesn’t. We have seen some customers with a very low credit score get accepted for car finance in the past but the only way to know for sure is to apply for car finance. We would always recommend applying with a dealer, broker, or finance company that use soft search so there is no impact on your credit rating.
No it isn’t. There is no such thing as guaranteed finance and anyone that advertises it is misleading you.
You can get pay weekly car finance with bad credit but it is subject to a credit check and affordability assessment.
You can do this with most car finance companies but the only way to know whether your car finance provider will accept a weekly direct debit is to contact them. It is usually the case that they will want to have received 4 weekly payments by the date your monthly payment usually comes out.
Here is an example:
If it is the 1st of the month and your monthly payment comes out on the 28th of each month and you are looking to change from paying monthly to paying weekly. Your finance company might say that they will need to have received 4 payments by the 28th in order for your account to remain up to date. If you make a payment on 7th, 14th, 21st and 28th then this would satisfy that request.
