On Tuesday, non-prime auto finance organization Moneybarn released the first car finance calculator designed for people with poor credit. Web site visitors can receive an instant bad credit car finance quote by providing the car registration number and some details regarding mileage and purchase price. The tool is designed to work for a range of credit scores.

This is more than a simple loan calculator because it provides users with prices for specific vehicles and particular credit profiles. A vehicle look up resource helps the site issue an accurate bad credit car finance quote in under ten seconds. After they enter in the auto registration number, sale price, deposit amount, and mileage information, users receive three prices based on different credit profiles.

The pricing levels are tiered, starting with a near prime consumer with only small blemishes in the credit history. Consumers with defaults or CCJs fall into the second level, and those who have experienced an IVA will find themselves in the last tier. Moneybarn Managing Director Peter Minter said the calculator is unique within the market sector.

This tool also makes use of new technology, drawing from internal modeling and industry information to provide accurate pricing. Consumers no longer face uncertainty regarding vehicle prices. They use real figures, not estimates, when budgeting and applying for car loans. Price quotes can be customized by type of car, financing agreement term, and deposit amount. Users can even have the three figures emailed to them for future reference.

Consumers who are ready to take action can fill out an online car finance application in under two minutes. Once they have submitted it electronically, a provisional answer is provided within five minutes. This tool makes it easier for consumers to identify auto finance costs and apply for car loans without leaving home.