Why use Bad Credit Car Finance?
Nowadays more and more people find themselves unable to get the car credit they need because they have bad credit history and a low credit score. This could be because of a number of reasons
- such as you have taken out too many loans previously.
- you have defaulted on an existing loan.
- perhaps you have been declared bankrupt in your past.
- Some people who have no history of previous borrowing can find that even they have an adverse credit rating because they cannot prove an example of good borrowing in the past and so any future lenders have nothing on which they can base the suitability of an applicant on.
This can prove to be very problematic when it comes to getting car finance and many find that their own banks will not provide them with the loan that they need to finance their new car. In some cases you may not be in employment or maybe you are self-employed and cannot prove that you have a good set of accounts.
There are providers who won’t require you to have this and may instead ask that you have a guarantor who will be the security that they need to in order to accept your application and approve your loan. However with this option your guarantor will need to be either in employment or have enough in their savings accounts to show that they can then make your repayments for you should you find yourself unable to do so yourself.
There are options available to anyone who has bad credit but wants to purchase a new set of wheels and in a lot of cases your bad credit rating may not affect your eligibility for a loan. Some providers specialise in giving credit to those who are turned down elsewhere and can help at times like this.
- You always need to be aware of what you are agreeing to and ask your loan provider as many questions as you need to give you a full and clear picture about what you are committing yourself to.
- You will need to check details such as your APR, the repayment period agreed and the amount you will be paying back each month to make sure that you can afford to keep to your financial obligations. What you need to remember is that there are always lenders who may be able to help you get the money you need and finance your new car.
It’s not as difficult as you think!
Decide which is the best option for you, find out who can provide your car finance and what they require from you, in most cases you can still be able to get your loan and can start your application online in a few easy steps.
Don’t let your bad credit history from getting the new car you need, start your application today and find the best provider for you who can get you on the road. Affordable finance options are out there and available for you!