Let’s say that you are planning to buy a car, or moreover, you are in a position where for a variety of reasons, a car purchase has to happen fairly imminently. Problem is, though, you have got a low credit score, which could prevent you from being approved for certain deals, certain cars or even, depending on its gravity, any finance plan with a reputable provider whatsoever. It is unlikely to be this extreme, but it can certainly restrict your options and make the process of buying a car more stressful. Here are some handy hints on how you can navigate your way towards purchasing a high-quality car despite you having low credit.
The first option is to try and improve your credit score by repairing any damage caused by questionable decisions, rising debts or other contributing factors. Depending how soon you need your vehicle and how much the credit scale has dipped into a negative direction, you may find that it could only take a few weeks or so to put you back in a positive position. It may delay your purchase, but it could open the door towards a larger range of options, as well as generally making your overall financial situation a lot easier to handle.
The second option is to consider why you are in poor credit, and whether it was actually your fault or if you have been collateral damage for a company entering bankruptcy or a landlord suddenly increasing rent at a sharp rate. If you can put together sufficient evidence which explains that you are in poor credit due to external parties and that you would normally be in full control of your finances, then you may receive some benefit of the doubt, thus allowing you to forge ahead and end up buying the car that you wanted. You would need to have clear examples of how your finances were strong prior to such unexpected events, as well as proof that you can and will rebuild your situation in the coming weeks and months, but this can be achieved so long as you have a reputable case.
If that is not possible, though, then the simpler step to take is to set yourself a much lower budget and to be realistic with your options. It doesn’t have to be this way for the rest of your life, but for your present position, it would make more sense to go in with low expectations to ensure that you at least end up with a functional, safe car that does what you need it to do. Then, you can slowly recover your financial situation so that, by the time this seemingly short-term plan comes to a close, you will be ready then to justify to your finance provider that you are able to enter into a finance plan for a larger, more expensive vehicle. Simply put, if you’ll struggle to keep up payments for a cheap model, then it is hardly worth considering a top of the range motor. By planning to keep expenses for your car down, the finance company is more likely to present you with a vehicle that is agreeable to all involved.
Save up for your deposit and putting a large upfront payment towards your car purchase is one of the best ways to ensure you don’t borrow more and have your debts in check.
These are just a few tips on how to buy a car despite having bad credit. When you’re ready for your next purchase, contact our Cheshire based team who will happily assist you our most attractive finance offers on some of the most sort after car brands, visit the links below:
So, these are just some of the reasons why we are considered a leading car finance specialist, but you can learn more by contacting our vehicle financing team here or if you just want to browse our stock page first, feel free. For an instant No Obligation quote, Apply today or Call us on 01925 230360.