Car Loan

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.

 



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