So you finally decide you want car finance. Your old car is falling apart and has become something of an embarrassment. Cats and dogs let out howls of fear when you start the engine, backfiring all over the neighbourhood. Children gather on street corners to watch you manoeuvre the car off the drive in the hope of seeing something else fall off.
You've had a scout round the showrooms and forecourts looking at vehicles, and seen the adverts for cheap car finance. So with a glad heart and an optimistic bounce in your stride you head out to settle on the car you've chosen. You take it for a test drive, and all goes well.
You sit down in the comfy chair, enjoy the plate of biscuits you're offered and down the large mug of tea. A few forms later and the sun seems to be shining even brighter. You start planning your afternoon, heading out for a spin - possibly around town, or maybe through the countryside. You even start wondering which CD to play as you leisurely take your new pride and joy for a turn.
It's at about this point you suddenly come to your senses and ask the dealer to just say that again?
What? You've been declined?
They've turned you down for car finance because of your credit rating?
You leave in disgust, and not without a fair degree of embarrassment. You make sure you pocket as many of the biscuits as you can before you go, just to make a point. Oh well, it wasn't a fabulous car anyway - you're sure you can get a better car finance deal elsewhere.
You find a dealer offering cheap car finance, and go through the same ritual, sadly, with the same outcome. You go to your bank for a car loan, They turn you down. You start to get the message. No sunny afternoon driving your new shiny car through country roads with your favourite CD blasting the squirrels out of the trees.
So what do you do? What are your options? Play the lottery and hope to win big?
There's clearly little that can be done quickly to get your credit history rectified, so you start to consider bad car finance or car finance bad credit deals for those with credit ratings less than perfect, or even worse. But perhaps you're somewhat sceptical of car credit finance that's aimed at people with low credit ratings or adverse credit histories? After all, if the banks won't offer you a car loan, why would a car finance company offer you the idea of guaranteed car finance? There has to be some sort of catch, surely?
Guaranteed car finance sounds too good to be true, after all, they don't know you and have no idea what you're like, whether you're likely to pay the car loan back or whether you can even afford a car loan in the first place.
The thing to remember is that actually, neither do the banks.
You could have a perfect credit history, go to the bank, apply for a big car loan and drive your car away without them having the slightest idea that you were made redundant that morning, have no income and will shortly be in dire straits.
On the other hand, you could have a terrible credit history, and be declined for car finance, despite having just been given a job that morning that pays ten times the average wage. Credit histories are weeks out of date most of the time, and don't really give a clear idea of what your current circumstances are - only what your finances were like in the recent past.
Guaranteed car finance companies largely ignore your credit history, and instead focus on your current finances, including what you're earning and what your financial commitments are each month. Based on these figures they'll agree a reasonable car loan figure with you, which you can then use to purchase any car you like, from any dealer you like, anywhere in the UK.
This makes the whole experience of choosing a car far more enjoyable, safe in the knowledge that the car finance is already sorted, allowing you to thoroughly enjoy the biscuits and tea, and even carry your favourite CD with you in preparation!
Author Resource:
Car Finance | http://www.carloan4u.co.uk/ | Car Loan
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