Can I Purchase an Older Car, even with CCJs?


At Specialist Car Finance, we pride ourselves on treating every customer on a case-by-case basis. We know that life can take us on different journeys and that financing those all-important purchases can be stressful. In the case of buying an older vehicle, finding a lender can prove especially difficult.

With cars over 12 years old, it becomes harder to track their future value and the option of balloon payments on PCP (Personal Contract Purchase) agreements isn’t available – only HP (hire purchase). However, this is not always the right choice for car buyers, as we found out with a recent customer.

Case Study – Buying an Older Vehicle with CCJs

A successful businessman came to Specialist Car Finance after trying and failing to find finance for his McLaren SLR. As the customer’s car was over 12 years old and he also had three County Court Judgements (CCJs), he had been unable to find a suitable lender.

A common problem with many car finance companies is that they focus on the age and not the car itself – in this case, the vehicle would likely appreciate in value. Lenders can also lack the expertise to provide an accurate evaluation and would no doubt take three CCJs as another negative factor.

Why Do County Court Judgements Affect Car Finance?

County Court Judgements (CCJs) are court orders taken out against people who’ve borrowed money and been unable to pay back the creditor. Under the Consumer Credit Act, a warning letter needs to be given prior to a CCJ with two weeks for the borrower to resolve it. However, as was the case with our businessman, if no action is taken then the CCJ goes to court without the borrower’s response. If a CCJ hasn’t been paid off within 30 days, it can affect an individual’s credit score for six years.

When applying for any kind of financial support, including for cars, a lender will check an applicant’s credit information. Any details referring to money owed – for example, due to a CCJ – will affect the lender’s decision and make it difficult for the customer to access credit or borrow money. However, the lender doesn’t see the specifics of a CCJ, only its negative impact on the customer’s credit score.

Tailored Car Finance From Expert Lenders

At Specialist Car Finance, we do things differently. We look at each individual customer and their assets rather than focusing on their historic credit data. With this customer, we discovered that the CCJs were for three parking tickets and had been sent to an old address. In all other financial areas, the customer met our eligibility criteria, so we were able to offer a range of car financing options.

We are committed to providing vehicle finance packages that are tailored to each customer’s unique circumstances. Visit our website for details of our application process or get in touch with us today.