Can’t Get Credit
Cant Get Credit? Often it can be tough for borrowers with a bad credit history to get a loan, never mind a good interest rate. Today’s economy sees many people with poor credit due to various things including repossession, bankruptcy, and other defaults. For individuals challenged with credit problems, a car loan can seem an impossible thing to acquire. A bad credit history should not stop a determined borrower from purchasing a new or used vehicle. If your loan applications have been declined in the past, we can help you.
Our network of lenders will aid you in finding the right car loan for you. We also have bad credit options for people who have a less than perfect credit rating. These options allow them to acquire their vehicle with affordable rates, while restoring their credit rating. A reasonably priced bad credit or second chance loan can be offered to people who would like to buy a new or used car. We, and our network of lenders believe that individuals with bad credit deserve a second chance. Depending on your circumstances and how bad your credit rating actually is, your rate may be a bit higher than average. But it will be affordable.
How does this type of Car Loan work?
These are specifically designed for individuals who cannot get accepted for a car loan with normal lending sources like loan companies, banks and credit unions. These lenders usually avoid lending to people with bad credit history, low income, previous vehicle repossession or recent bankruptcy. Specialist car loan brokers know which dealerships have special loans in place to accommodate people that have bad car credit.
It is important to make the correct decisions when applying for a first loan because you are giving your credit history a starting point.
Your credit will be checked by employers when you apply for a job vacancy to see if you are trustworthy, and this will be based on your credit history. Similarly, when filling out a rental application to rent a property, if you have bad credit, you could get turned down.
Car loans are recorded in your credit file, just like your credit cards and the majority of other kinds of consumer credit.