Bad Credit: What are your options?

Advice

Bad Credit: What are your options?

Posted By James

Having bad credit does not mean that you can’t buy a car. Nor does it mean that you can’t get a car loan with terms that are not over your budget. Bad credit is a matter of opinion and degree. If your credit score is borderline, some dealers might consider loaning money a risk while others may see potential profits. It’s important that you scope the market. Much like with everything else you buy, you mostly visit more than one shop, do some online searching and try to make the best possible decision. Credit scores are very much the same. Make sure you do the necessary background work before you lose all hope over your bad credit. Do not take the first rate that you’re offered!

Some of the reasons other than the condition of your car that results in bad credit include:

  • Your credit cards are over their limits
  • You have been refused credit elsewhere
  • You’re in a debt management plan

Keeping these factors in mind, a bad credit car finance score will be interpreted differently by different lenders. Having a good credit history can do you wonders for your bad credit in such a situation. This is because car loans involve comparatively less money than mortgage loans and are also easier to repossess in case of payments not being made. Thus lenders are more inclined to make better offers in the automobile market.

Even if you think you can’t get a loan with your bad credit, go to your bank and apply and see your options. The rates being offered are too good to not take the chance. It’s all about making the right plan so remember to do your homework. Owning a new car might not be so difficult after all.

Feel free to drop us a line if you have any suggestions, and remember to come back shortly for more useful content and helpful materials.

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Bank of England Takes Action over Bad Loans

News

Bank of England Takes Action over Bad Loans

Posted By James

With banks not learning from their past mistakes, a car finance crisis is just around the corner. Banks continue giving loans to even bad creditors. There is also the fear of sub-prime loans as well. With increasing complaints from customers over bad loans, the Bank of England has stepped in. Many guaranteed car finance garages have also sprung up to help customers find the right cars and the right loans.

Forcing Banks to Increase Their Finances

By handing out loans and PCPs, banks are putting themselves at the risk of bad loans. This is why the Bank of England has stepped in since banks themselves refuse to take charge. The Bank of England has asked all banks to increase their finances by another £11.4bn in the next two years. This additional financing is meant to secure banks against potential bankruptcy due to bad loans.
Banks are also asked to keep a substantial amount on hand for the next six months. This is because there is an immediate threat of a financial crisis taking place soon. Guaranteed car finance garages are to be utilised for better advice about the right loans and the right vehicles.

Bank’s Financial Policy Committee Takes Control

The Bank of England’s FPC has taken control on the issue of bad loans. It has declared that banks are to blame for the bad loans. This is because banks, supposedly, have become complacent about their lending. Instead, customers should approach guaranteed car finance garages for a better perspective. FCP has also worked to stop banks from getting around key tests so easily. Key tests are tests designed for the betterment of banks themselves. They are designed to stop the banks from lending too much to customers.

In short, banks are falling into the trap of bad loans themselves. They need to follow the changes implemented by the Bank of England to avoid disaster.

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Who is eligible for car finance?

Advice

Who is eligible for car finance? The ultimate guide

Posted By James

Car finance is an opportunity that allows you to borrow a certain amount of money from the bank. There is a specific interest rate that you will have to pay. It varies from bank to bank. Man banks in the UK provide this facility which lets people afford to buy a car for themselves. It can be otherwise difficult to save up and buy a car on your own but lending the money and then returning it gradually gives you a lot of benefits. (more…)

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  • about 1 month ago
Buying a used car on finance

Advice

Buying a used car on finance?

Posted By James

The car finance sector is constantly growing. With new car registrations in the UK reaching all-time highs in the recent years, it’s easy to understand why. More people have become enticed by the simplicity of the process and the numerous benefits that it offers. Although, buying a car with cash is still a popular option, it’s slowly getting pushed out with the slightly more appealing car finance. If you have never purchased a used car on finance, it can be rather difficult to wrap your head around everything that the process required. Many are still unfamiliar with the process itself, and many questions are constantly being asked. (more…)

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Bad credit? Find the Best Car Finance Deal.

Car finance

Bad credit? Find the Best Car Finance Deal.

Posted By James

Car finance is one of the most used ways by people of UK to get a car. It is a very convenient way which has flexible option to offer to the customers, but there are some restrictions in this contract system too. The person must have a good credit score to get a good deal. (more…)

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  • 5 months ago
SUV on Finance - Choose the Right One

Car finance

SUV on Finance – Choose the Right One

Posted By James

Choosing the Right SUV on Finance

With SUVs becoming increasing popular in the last couple of years, the demand for them is constantly growing. Manufactures seem to be taking advantage of the trend by introducing new SUVs on a regular basis, so the choices are virtually endless for those interested in purchasing a larger car. (more…)

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  • 6 months ago
Is Car Finance Expensive?

Car finance

Is Car Finance Expensive? Check out our guide!

Posted By James

Many people are under the impression that car finance is extremely expensive. Some believe that it’s strictly reserved for those with an excellent credit score and lots of cash in their account. (more…)

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  • 8 months ago
Used Sports Cars porche 911

Advice

Buying a Used Sports Cars – quick tips

Posted By James

Used sports cars have always been popular with car buyers; however, in the recent years they became even more enticing for those who don’t have the cash to purchase new. (more…)

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  • 11 months ago
Volkswagen to discontinue diesels in America

News

Volkswagen to discontinue diesels in America

Posted By James

It has just emerged that Volkswagen is planning to discontinue selling diesel vehicles in America, in the wake of the “Dieselgate” scandal. (more…)

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  • 12 months ago
choosing right SUV

Advice

Choosing right SUV – Top tips and advice

Posted By James

The SUV market is currently booming. With more manufacturers trying to cash in on the trend, there are more SUV on the market right now than ever before. (more…)

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  • 12 months ago