Your car dreams can be crushed instantly when you find out that you have a bad credit score. This eventually boils down to the basic definition of a credit score.
What is a credit score?
A credit score is a figure that evaluates the likelihood of a customer paying back their loan.A high score guarantees the loan. The credit score influences your entire financial standing. All of which includes, car finances, mortgages, insurance, etc. Your score is evaluated on your previous and present credit history.The credit score is evaluated from a scale of 1000. The scale bracket of 0-560 is considered very poor. A scale of 881 and above is considered good and might get you loans.
But why should a bad credit score stop you from owing a car? This guide aims to highlight that.
Car Loan with a bad credit score, how?
The good news is that the car loan policy varies. It is highly volatile, hence prone to changes. The first and foremost factor is the condition of the car market. If there are a lot of car buyers, you might get a car loan easily. Also, if you have a good job, you’ll be eligible for a car loan. Furthermore, your job period also counts a lot for your car loan. Moreover, your present debt also counts significantly.
Many people with a good credit score aren’t able to get cars. This is due to market situations. Even though you’ve been informed about car deals. Bear in mind that a bad credit score will be a disadvantage. You might get a loan, but at a higher interest rate. At times, car dealers might mishandle and misguide you.
The best method of securing a deal is to hunt the internet. Searching the web for car deals might save you thousands of bucks. Therefore, it’s best to exhaust all your options and compare them.
One question that we get quite a lot is “Who exactly is eligible for car finance?” There seems to be an ongoing trend of people thinking they’re not eligible to purchase a new vehicle through obtaining a loan. There are many reason why you might feel this way, but we are here to put all the rumours to rest, and reassure you that anyone can get a car on finance in this day and age. Continue reading Can Anyone Get a Car on Finance?
PCP (also known as Personal Contract Purchase) is arguably one of the most popular and the best car finance option. It allows for quite a lot of freedom and it’s rather flexible, making it the perfect choice for those not looking to be tied down to a single vehicle. With many options to choose from however, deciding whether PCP is suitable for you may be a little difficult. Continue reading Is PCP the Best Car Finance Option?
Is Car Finance with Bad Credit possible?
Although car finance for people with bad credit may seem a little too good to be true, in reality is certainly isn’t. There are more options than ever before available for people with poor credit history, which means that virtually anyone can purchase a new vehicle on finance should they choose to embrace the process. Getting a new car with poor credit can come with quite a few limitations, but if you find a reputable finance provider, these limits will not be as bad as you likely expect. Continue reading Car Finance with Bad Credit. Questions And Answers.
If you have never purchased a car on finance before, you are probably curious about how the process works. This is understandable as the sheer amount of factors that it involves can be a little overwhelming at first. There’s no reason however, why you should fear the process as getting a grasp on it can be very simple, as long as you let someone help you. Continue reading How Car Finance Works? Find Out!