Having access to your own car to get you from A to B is preferred for many of us and makes our lives easier in a range of ways. Car finance is used as an alternative to buying a car outright – this can be costly and many of us don’t have the funds for this to be a viable option. But what if you’ve struggled to be approved for loans in the past due to a low credit score? Don’t worry, car finance bad credit can offer finance options so you can still benefit from a new car, no matter your financial situation. Read on as we take a closer look at how to get car finance with bad credit.
Car finance is one of the most popular ways of having access to a new car when you don’t have the funds to pay for it outright. And with a range of options available, you can choose an agreement that suits you perfectly. Whether you’re looking for a hire purchase, whereby you pay for your car monthly and finally own it when you make the last payment, or you’re looking for a PCP agreement which allows you to take a loan out to purchase the car, which you pay back monthly, and you can either choose to buy or swap the car for a newer model at the end of the term, there are flexible financial agreements to suit everyone. Here are a few of the most notable benefits:
A low credit score makes it more difficult to be approved for a loan as lenders see you as a risk. However, this doesn’t necessarily mean you won’t be accepted for car finance. Some lenders base their decisions on affordability, rather than how you’ve paid your bills in the past. If you can prove you can afford the finance agreement – by supplying bank statements or evidence of a stable income – there are lenders that will approve you for car finance. Make sure you work out how much you’re able to pay each month and choose a car that accommodates your budget so you can benefit from approval, and the ability to boost your credit score.
If you’re feeling apprehensive around applying for car finance due to a low credit score, here are a few ways in which you can improve your chances of approval, so you can drive away in your new car.
Just because you have a low credit score, this doesn’t mean you won’t be approved for car finance. By taking steps to improve your position, and choosing a lender that considers bad credit applications, you’ll be well on your way to driving away in your new car.
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