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Car Finance FAQs

Review our helpful list of frequently asked questions to see if we have previously answered any queries you might have about Red Potato or our associated lender.

Find Car Finance Today!

We could help you get car finance, even if you:

  • Have no deposit
  • Are in an IVA/DMP
  • Have a CCJ
  • Have previously been declared bankrupt

Apply for Finance

Review our helpful list of frequently asked questions to see if we have previously answered any queries you might have about Red Potato.

Application Process

  1. Submit your application online and we will work with our panel of lenders to see if we can secure a finance offer.
  2. One of our team will contact you to discuss your application and to request and supporting documentation which may include;
    • Your latest full months bank statement
    • A copy of your full UK driving licence
    • A months’ worth of payslips to prove income (A unique tax reference number if self-employed)
      Our finance experts will guide you through the lenders process to secure the best finance offer.
  3. If your application has been successful, our experts will help you find your new vehicle in line with the chosen lenders car criteria (age and mileage).
  4. Once you have decided on your vehicle, you can digitally sign your finance agreement quickly and easily through the lenders e-sign process.
  5. You are ready to get your new car! We will help to arrange everything with the dealer for you, including a date of collection or delivery to your door where possible.

Apply now!

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.
We have previously provided finance to customers who have either resolved or unresolved CCJs (County Court Judgments) or defaults as a result of missed payments. If you have any of these on your credit file, please don’t let them put you off applying for finance with us.
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.
We will still consider your finance application even if you have been refused by other providers.
Some finance providers can be cautious when lending to you if you haven’t taken out any form of finance in the last 6 years. We realise there can often be a good reason for this so will still consider your application, even when others won’t.
Self-employment 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.

Our cars

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.

We can help you part exchange your current vehicle for a new car. If you part exchange your current vehicle, the part exchange amount can be used as a deposit towards your new car.

Read more about part exchanging your current car >

This website is operated by Premium Plan Limited. Red Potato is a trading name of Premium Plan Limited, which is registered in England with Company No 05977118. Registered office: Kempton House, Kempton Way, PO Box 9562, Grantham, Lincolnshire, NG31 0EA. Premium Plan Limited is authorised and regulated by the Financial Conduct Authority (FRN: 742272). The Red Potato name and logo are trademarks of Totemic Limited. Premium Plan Limited is a member of the Finance & Leasing Association (FLA).