Keys to Get Car Finance with 'Poor' Credit
Have you been looking to buy a car but your 'poor' credit score has been holding you back from making a move? You reached the right article! There are actually a couple of options you could apply for in order to change the situation to your favor.
What is a 'bad', 'poor' credit really is?
So let's start with the basics. What really "Having a 'poor' or 'bad' credit record" means is your credit record came out as 'low' when your payments made in the past taken into account. It is a sort of an indicator that shows you've mostly struggled to repay your debts in the past. Hence, it gives the lender the impression that this situation might occur in the future as well.
Quite possibly, you could also come out with a bad credit record even if you have never or little-used credit before since lenders would not have a lot of opinion about your credit repayment history in such cases.
Although the ways of improving your credit score are plentiful, one thing that could not be beaten to do so is the time. You are surely going to need it while building up your credit score, so you might want to go for alternative ways to get the vehicle of your dreams. However, here are our recommendations if you have plans for a shorter term.
Don't Make Multiple Applications at Once
When you apply for a credit, your profile gets under the microscope and more it gets under it the more of a disadvantage for your profile. This is called 'hard search' and it certainly does not go any easy on your chances of landing the car finance you desire. The best thing to do before taking any risks is to have informal conversations with lenders and agents. You explaining your situation to them and them giving you the details of the conditions of their particular finance scheme would be a good first step. After contacting different companies with different criteria, you could decide which one makes more sense for your situation and worth the risk.
Check Your Eligibility
Why don't you conduct your own search? Before applying for a loan, run your own 'soft search' and check your eligibility. This way, you will avoid your credit score getting affected by the 'hard search' and have a clearer mind on your options.
Contact Us
Why not come down to our showroom on Penarth Road and let our advisors guide you through the process? As we are working with the likes of MotoNovo Finance, Blue Motor Finance and other well-known names in the car finance field, we will make sure you get the best offer that's available for you on the table!
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02920 341 582