Are you looking at buying a new car with a bad credit history?
Like millions pf people in the UK you are faced with a challenge of buying a car with bad credit.
A car loan is an ideal way to afford a car, granting yourself greater freedom and improved employment opportunities. For many people, a car is an integral component of modern life, but many people find themselves unable to obtain the vehicle they need to improve their life.
Buying a car is one of the most expensive buying decisions we make in life, and most people don’t have all the money available to pay for a vehicle up-front or in one secure payment.
If you are looking for a reliable and dependable car that you trust and which will keep you and your loved ones safe, I think we can all agree you will pay a reasonable price. Therefore, it is perfectly natural that most buyers use some form of finance to buy a car.
You would think that obtaining a car loan is the most sensible way to arrange finance to buy a car. However, not everyone has access to all of the available car loan options. If you have a bad credit score or you have suffered financial problems in the past, you may find some lenders are unwilling to offer you a car loan because e of your credit history. This is frustrating, but there are solutions to your problem.
If you are looking for a bad credit car loan solution, there are different options you can take. Initially, If you aren’t looking to apply for finance immediately, you may be planning ahead; you can improve your credit history first.
Many factors are shaping your credit score, so why not be proactive and try to make your credit score more appealing to lenders. The following steps can positively impact your credit score:
If you follow these steps, you can improve your credit score, hopefully avoiding the issue of a car loan bad credit situation.
However, not everyone has the time or means to impact their credit score in a meaningful manner positively, but this doesn’t mean the person is unable to pay off a car loan. An increasing number of car finance lenders recognise this, and there are steps you can take to arrange a car loan with bad credit.
If you are in a position to pay a larger deposit for the finance agreement, perhaps 10% of the overall loan, you’ll find many lenders are receptive to providing you with the finance you need.
There are some car loan bad credit solutions that are available as an unsecured guarantor loan. If you know someone willing to act as a guarantor for your application, many lenders will look favourably on your request.
It is vital that the guarantor understands the responsibility associated with this role, and the implications if the applicant fails to meet all payments. However, if the guarantor is happy to provide this support, it significantly enhances an applicant’s chances of obtaining car finance, even if they suffer from bad credit.
At NowCompare, we don’t believe suffering from bad credit should exclude you from obtaining car finance. If you’re struggling to get an affordable car finance agreement, contact us, and we will do our best to provide you with options, alternatively use our simple car finance calculator to see how much you can afford.
