The 5 Things You Need To Know Before Applying For Car Finance If You’ve Got Bad Credit

The 5 Things You Need To Know Before Applying For Car Finance If You've Got Bad Credit
Hi, It’s Steven here from Really Easy Car Credit.

Over the years I’ve helped thousands of people with bad credit, buy a car and rebuild their credit rating in the process.

Now if you’re watching this video and you have a poor credit rating then I suggest you keep watching because Im gonna tell you the 5 Things You Need To Know Before Applying For Car Finance If You’ve Got Bad Credit

Apply now here:

Car Finance

So Number 1!

YOUR PERSONAL CIRCUMSTANCES ALWAYS TRUMPS YOUR CREDIT RATING

Your bad credit history isn’t the only thing lenders look at to determines your eligibility for car finance. You may have a few defaults in the past or whatever, but since then your circumstances might have changed, you might have a new job, you may be on more money etc.

9 times out of 10 as long as you can prove that you have the ability and the intent to make the repayments going forward then there is a strong chance that lenders will accept your application.

Apply now here:

Car Finance

Number 2

DO NOT KEEP APPLYING

Heres the deal, A normal everyday car dealer only uses 1 maybe 2 finance companies that they deal with all the time. And what I need you to be aware of is that most of them use the same companies. So when you are applying at 4 or 5 different places you are going to get the same answer every single time. DECLINE!

If this sounds like whats been happening to you then you need to STOP!

In fact Stop applying anywhere for finance, and not just car finance, I mean any form of credit, credit cars, loans, everything! All you are doing is causing more harm to your own credit profile. You see Finance companies share all this information with each other through Experian and Equifax. They are the 2 main companies who hold all of credit data for everyone in the UK.

So when you apply to another random car dealership for finance and they run a search then the finance company knows that you have applied at another 17 places in the last few weeks. They see it as desperation cos no one else will accept you.

What you need to do is find a specialist dealer or broker who eats sleeps and breathes car finance who have access to all the funders in the marketplace and know exactly where to place your application for the best chance of acceptance. Don’t get me wrong even at Really Easy Car Credit we can’t get everyone who applies an acceptance. (Anyone who tells you they can is lying to you.)

If it turns out that a specialist still can’t help you, then do yourselves a favour, Stop applying everywhere and work on building your credit back up first. Download your credit report, see what the issues are, get on the voters role, get your finances in order, even better follow our page, we are always giving hints and tips on how you can improve your rating. It can be done, trust me. Send us a pm if you need any advice we’d be more than happy to help

Apply now here:

Car Finance

Number 3

YOU ARE NOT ALONE

As i mentioned earlier we’ve literally helped thousands of people with bad credit drive away the same day in a car they love. A lot of people are conscious of their credit history but HONESTLY, you have nothing to worry about! One of the great things about BUYING a car with bad credit is that not only are you getting a nice new car to show off to your mates but you are also rebuilding your credit rating in the process by making sure that you are keeping on top of the payments

Apply now here:

Car Finance

Number 4

SHORT TERM PAIN FOR LONG TERM GAIN

If you’ve got bad credit, you’re not going to be able to get THE best interest rate out there. Thats a FACT!

Don’t get me wrong you’ll still be able to get a competitive interest rate but the likelihood is, your monthly repayments are going to be slightly higher than say your mate who has perfect credit who’s bought a similar car.

Don’t let this put you off! Remember, every payment you make is working towards you improving your credit rating so that when you come back in a year or two to change your car you will more than likely qualify for a MUCH better rate!

Apply now here:

Car Finance

Number 5

DON’T WAIT IT OUT, FIGHT IT HEAD ON

Unless you can wait 6 years for all your bad debt to drop off your credit profile you need to do something now to prove to lenders that you’re reliable in the meantime!

Like i said before you’re going to have to bite the bullet and maybe pay a little bit extra for a car because of your bad credit history. You will honestly be surprised at how quick your credit improves after keeping up your repayments!

Apply now here:

Car Finance



The 5 Things You Need To Know Before Applying For Car Finance If You’ve Got Bad Credit