Review our helpful list of frequently asked questions to see if we have previously answered any queries you might have about Red Potato.
Applying for car finance through Red Potato is easy. Simply fill in our online application form and send us your documentation, including:
- Your full driving licence
- Copies of bank statements for the last 3 months
- A months’ worth of payslips to prove income (most recent Unique Tax Reference (UTR) if you are self-employed)
You can then browse through our collection of available cars to find one that suits you. We recommend using our car finance calculator to work out what might be affordable and the length of your finance agreement. Our how it works page includes further information regarding our application process.
Your credit agreement will be with Premium Plan Limited. The type of credit provided is hire purchase (HP)
. Red Potato is a trading name of Premium Plan Limited. Premium Plan Limited is authorised and regulated by the Financial Conduct Authority.
Your credit score
You can choose to borrow between £2,500 – £15,000 when applying for a car loan with Red Potato. Our car finance calculator
can help you work out how much you can afford for your monthly payments.
In order to provide you with a decision in principle, we will perform a soft credit search so we can get a better understanding of your financial circumstances. A soft credit search is only visible on your credit file to you and not other lenders. If you are approved and decide to proceed with a full application
then we will perform a full credit search which will be visible on your credit file. We specialise in providing finance for customers who have a history of bad credit and have helped many with a less than perfect credit score.
Lending decisions are based on your credit score and whether the loan is affordable based on your financial circumstances. This includes your current earnings and most recent payments. This information helps us to decide if you can afford to make the monthly payments on a car finance agreement.
We offer finance from 19.9% APR to 29.9% APR. We will confirm the APR you are eligible for when we provide you with a lending decision. The APR you are offered is subject to our underwriting checks once we have received your documents and completed our affordability checks.
Representative example: Loan amount of £7,500 with a monthly repayment of £191.63 over a term of 60 months at a rate of 10.66% interest per annum (fixed). This is equivalent to 19.9% APR representative. Interest repayable is £3,997.80 with an option to purchase fee of £10.00. Total amount repayable is £11,507.80.
Bad credit car finance
Red Potato specialises in providing bad credit car finance
and has a wealth of experience in helping people who have a poor credit history. We understand you may be in a difficult situation but having a car is vital to you. To help, we will work with you to understand your circumstances and provide you a suitable and affordable finance agreement.
As specialists in providing bad credit finance, we could provide finance even if you’re in a debt plan. Your debt plan is likely to be either a DMP (Debt Management Plan)
or an IVA (Individual Voluntary Arrangement)
. We have experience helping people in both types of debt plans and recognise that if you’re in a debt solution then you’re working towards a better financial future. Because of this, we will assess your application on an individual basis and try to provide suitable and affordable finance.
Unlike some finance providers, we will still consider your finance application even if you have previously been made bankrupt
. We understand that bankruptcy has a negative impact on your credit rating, but as long as your bankruptcy has been discharged we may still be able to help. We know that if you’ve been made bankrupt, this isn’t always a true reflection of your finances now.
isn’t an issue with Red Potato; whereas it often is for other car finance providers. We will try to provide finance even if your monthly earnings are not consistent. We will require some extra documentation including 3 months’ worth of bank statements as well as your Unique Taxpayer Reference (UTR) number. These will help us to determine whether the application for car finance is suitable and affordable.
On average, vehicles are available between 2-5 business days from signing your finance agreement. This is often supplier dependent and if you have chosen a vehicle from Red Potato, we will liaise with the supplier on your behalf to get your vehicle to you as soon as possible.
If you would like to test drive a vehicle before purchasing just give us a call on 0800 197 9758
to speak to one of our advisors or send us an enquiry
and we’ll get back to you.
You don’t need to pay a deposit
for the car you choose to purchase. We can provide finance for up to 100% of the purchase price of your chosen vehicle if your application is approved. If you decide to pay a deposit then this will reduce the amount of finance you require which will reduce the monthly repayments.
We work with a number of large dealerships across the UK so we can access cars on a national scale. Our available car feed
shows where each one of our cars is located so you can easily see where this is in relation to you.
We can reserve a car for you whilst we process your finance application. We can only do this once we have received the documents we need to process your application. For more information on reserving a car call us on 0800 197 9758 or send us an enquiry
and we’ll get back to you.
During the term of your car finance agreement, Premium Plan Limited will own the vehicle. This means you cannot sell the vehicle without our written permission. Once you have made all payments due under the agreement, you will become the legal owner. A hire purchase agreement is different to bad credit car leasing
as you will be making payments over a period of time for an asset that you will eventually own, however the monthly payments are typically higher than leasing agreements.
We can still consider your finance application even if you have found a car elsewhere. If you already know the value of the car you wish to purchase then our car finance calculator will help you calculate an affordable monthly spend. Alternatively, fill in our application form
to find out if you will receive approval for your application.