Can I Apply for Car finance with Bad Credit?
You have decided you would like a new car, yet you know that your credit is not the best. You could have been unlucky; you could have just missed a few payments in error; whatever the reason; you are playing at a disadvantage when it comes to finance. But do not worry; all is not lost. You can still get car finance with bad credit.
Can I Apply for Car finance with Bad Credit? The answer is YES. Despite having bad credit, you can apply for Car Finance Online. You would apply by entering your details using the Car Finance application form. It is simple, easy to do and you will usually get you a decision on your application within hours of applying.
The only difference between applying for finance with good credit compared to bad credit is likely going to be the rate you are offered from the lender. Those with bad credit will get a lesser rate, which ultimately means over the duration of the loan they would pay more monies back. The decision is based on the lenders due diligence that is usually rate for risk. The lender needs to be sure you will pay back the monies and if you have bad credit on paper, they will believe you are less likely. This is something not to take personally, but to take professionally.
You may have bad credit now however there is nothing stopping you from having good credit in the future. You are in control of your score; and if you make your payments; whatever they are, on time and in full, your credit score will improve. For example; you could get a car on finance with bad credit; pay the loan off over a period of time and then presuming you have made all your payments on time by the time you come out of the loan its likely you will have good credit. Which means; when you apply for finance on the next car you purchase you will be offered a much better rate. The future of your credit score is yours to determine.
Really, bad credit car finance is just a loan for consumers who have a poor credit history. When it comes to finance; the most popular choice for clients that have bad credit is Hire Purchase (HP.) Hire Purchase is a straightforward popular finance option where you pay a certain amount each month over a duration of usually 5 years (60 months.) For more information on HP; check out our information packed blog post: Buying a Car Through Hire Purchase: HP Explained by clicking to: https://carfinancedeals.com/blog/78/buying-a-car-through-hire-purchase-hp-explained
If you have a poor credit rating it can be difficult to get an approval for car finance. You do have options though as here at Car Finance Deals although we deal with the prime end of the finance market, we are also a specialist in the subprime car finance market. This is especially for customers who have bad credit. So if you are to be approved with bad credit anywhere online, you have a great chance of being approved with us. Even if you are unsuccessful applying on your own; there is always a chance to get finance via a joint application. This is another option we can offer. We really will try to do everything we can to get you finance even if you have a poor credit history.
At this point you are probably wondering about any other ways to improve your credit score. Well wonder no more! We have also done an extensive article on this; How to Improve your Credit Score: Bust Myths and Improve your Rating: https://carfinancedeals.com/blog/104/how-to-improve-your-credit-score-bust-myths–improve-your-rating
The page is packed with helpful tips on improving your score. If you follow the advice; your score will not improve overnight however it will be updated at a minimum every month. Pay close attention to this article if you want to make sure when you apply you will get approved or even better – you get approved with a very good rate from lenders.
By now you understand you can apply for finance with bad credit. You also know how to improve your credit score and its highly likely you will end up getting a car loan on HP if you are approved. Long term, you can improve your credit score yourself. However right now, you just might want a car no matter what. If this is the case, it is time for you to apply for car finance online.
So, how do we apply for finance with bad credit? Simply head over to our website application page here: https://carfinancedeals.com/apply
You will be presented with a screen that will look similar to this image below;
Choose how much you want to borrow and what type of vehicle you would like. Then answer all the questions following this screen. Hopefully within a few hours you will have an answer, where you will either be approved or declined. If approved, which we of course hope; then you will be offered a financial package from the lender. At this point, one of our dedicated account managers will help you through your journey.
If you are declined; do not be down. You know where you stand with lenders and it is up to you to improve your credit score so that next time you apply you will get approved. You can do this. You just need to be disciplined. Make sure you pay everything on time. Yes, this will not help you right now; however, you need to build today for a brighter tomorrow. For now, find an alternative solution to your transport issue. As I have mentioned earlier in this post; your credit score is updated monthly so you can always apply next month. Every month you make your payments on time; your score will increase. Keep this up and its only a matter of time before you are approved. Good luck!