Is your credit history preventing you from buying a car?Many of us are heavily reliant on a car for getting around, whether it's for getting to work or for carrying out personal pursuits. If you've got a poor credit history as a result of redundancy or missed payments, buying a car can be incredibly difficult if you don't have the finances to cover payments yourself. That being said, there are bad credit car finance options for those wanting to purchase a car as soon as possible.
You will have to accept the fact that the rates of interest aren't the best available. However, if you desperately need a car to increase your chance of employment or keep your current position, there are many lenders who offer guaranteed quick decisions on car loans.
In order to get a car loan, you will need to be able to openly talk with lenders about your credit history. This can be difficult for some, but if you want to secure a loan, you must be completely open about your credit history.
How to apply
There are many different lenders that can help finance the purchasing of a new or used car. Using the internet is the best way to find lenders as you can easily compare rates and you won't feel pressured to make an on-the-spot decision over the phone. All you will need to do once you have decided on a lender is fill out a form. Lenders will then have a look at your credit history and get back to you if they think that loan will be possible.
Rebuilding your credit score
If you're unable to get a loan from a lender, your only other option is to rebuild your credit history. This can be a long process, but will prove to be invaluable in the long term. Building a credit rating requires making payments on time, so before you start rebuilding your credit rating, make sure that you're in a position to afford it or you could be faced with large amounts of debt.
Many high street banks offer credit cards for those with poor credit ratings. These cards have a higher rate of interest than regular cards, so you should always be cautious when using them. By successfully making repayments, you can show lenders that you're a reliable individual, which will lead to a better credit rating.
If you've been rejected by high-interest credit card companies, your last option is to use pre-paid cards. These cards allow you to load the card with money before making payments. You cannot be rejected for these cards - but they should still only be used as a last option. If you miss one payment, your credit history will take a real kicking.
If you found this page useful please click the +1 button below to tell Google that its a great page!
Please share this page with others, and leave a comment, we value all feedback!
Was this page useful? Do you have something to add? Do you disagree?
If your comments meet our guidelines then we will publish them (you do not need to register!)
Ttradesman - click here to join our network to receive leads from customers in your area