Do you have bad credit history and you are in need of purchasing a car? Some may advise you to save money until you can pay for it. Although it is a prudent advice, it takes time and commitment to build your savings. Do not worry. You may get approved instantly for a loan. There are services that offer guaranteed car finance options for problematic cases as well. Are you concerned about a guaranteed car finance? You should know that the offers are quite competitive and it is advised that you research the market so that you avoid having to pay high interest.
It may happen to get denied for a loan and this generally occurs if you have bad credit history when applying to a bank or lending institution. Where should you apply for guaranteed car finance instead? We recommend you try an online application with one or several brokers. You can do it right away and obtain instant approval for a low interest rate from a range of various providers, all from the comfort of your home or office.
As soon as you receive the approval, go to the car dealer as if you had money in your bank account to pay cash. Once you are approved you will get an email or a phone call. Then be very careful about the terms and conditions, and if you accept them, you will get information on how to sort your finances. Have in mind that you are not compelled to take a loan just because you got approved. Even if you sign the documents, in Europe you are covered by a 14-day cool off period. It means you can change your mind and back out of the deal. In other countries different rules may apply.
Research on the best options for guaranteed car finance. Did you know that older cars can be purchased for less money? Also, we advise you to plan on how to pay for it. Will you be able to keep up the monthly repayments during the next couple of years? It is important that you have a high credit score and be aware of it before you start the process of financing the purchase of a car. The higher the score, the better your chances and the lower APR you can achieve. However, a lower credit score will not affect your chances to get a secured car loan. You should have in mind that your APR may not be as good as you wanted them to be.
Bad credit may not lead to many options for guaranteed car finance indeed. Applying for such a car loan can be problematic with buyers who already have poor credit history. Therefore, we recommend you apply for a car loan when you have fixed the situation. It doesn’t take much to repair a credit score. Not to mention the fact that there are additional expenses owning a car than just paying the car loan. For someone with bad credit, the costs are quite reasonable even though the interest rates of the loans are bigger than regular car loans.
