Cars have become more or less essential for modern living, but if you have
a poor credit rating or non-existent credit history you may feel like a car is
a luxury that you simply cannot acquire. It is important to realise though,
that having a poor credit rating is extremely common in todayís society
and doesnít have to stand in the way of getting mobile. You are not alone,
and there are a multitude of car finance companies that exist specifically
to help people just like you to get a vehicle with poor car credit.
Bad credit auto finance companies will offer a wide variety of finance packages
to choose from, and some of them donít even require you to have a credit
check at all. They will work out what you can afford based only on your current
situation and not on your past, so as long as you can afford the repayments,
you too can have the car that you want. Using a collection of your financial
information such as wage slips and bank statements, the company can work
out exactly what you have incoming and outgoing and can determine the
amount you could afford to repay. The company will then offer you a car
finance package suitable to your circumstances.
There are several different loans and car finance offers available and you
may be able to choose from many different options. If you have the money
for a deposit, for example, you may be able to acquire a 0% interest rate
on your finance deal meaning you will only pay back what you receive. In
other cases, you may go with the opposite and pay no deposit in exchange
for a high interest rate. Most people will go with an option that is somewhere
in between, laying down a small deposit and taking a finance package with
a medium to low rate of interest.
Sometimes, the car finance company may offer a loan that is less than you
asked for. In these situations there is no need to feel disheartened. The finance
company will offer only what they think is a reasonable sum for you to repay
in your current situation, but will usually still be enough to purchase a decent car.
You can use this opportunity to get mobile and making regular repayments on this
loan will go a long way to making you credit worthy again. In the long term, you
could later on trade in the car you get with this loan as a part-exchange and take
out a larger loan with your improved credit rating to buy a better car. Eventually
this process can lead to a complete renewal of your credit score and the car of
Remember, having poor car credit does not have to stop you getting the car you
desire. There are so many options available for people with a bad credit history
that it can be much easier than you think to drive away a car today.