Are you trying to get financing for a car but keep getting turned away? Well, there’s no need to worry because bad credit car finance may be the answer to your problems. Bad credit car finance is a type of loan created to help people who have bad credit scores and are having trouble getting a loan for a car. Trying to get financing for a car with bad credit can be a stressful process. The constant rejection from loan companies can be exhausting. Many people simply settle with purchasing a car that they don’t really like, but it is all that they can afford. Luckily this does not always have to be the case; John Charles Motor Group may have the perfect solution for you. Here is what you need to know if you have bad credit and are in need of car financing.
What is a good credit score for car finance?
A credit score shows your creditworthiness. A credit score is based on a credit report from credit bureaus. Credit scores are important because they show how financially dependable you are. A good credit score increases your chances of being approved for loans, and this is because financial lenders will not see you as a risk. Good credit scores may differ between rating agencies. These are the range of credit scores that are considered good in three of the largest credit rating agencies in the UK:
- Equifax good credit score: 420 - 465
- Experian good credit score: 881 - 960
- TradeUnion good credit score: 604 - 627
If your credit score is not sitting between these ranges, this does not mean you will not get a loan for a car, but it can mean that you are less likely to get a loan.
How to buy a car with a low credit score
Having bad credit or limited credit does not mean that you won’t get a car. Thanks to options like bad credit car finance, you may still have a chance of getting the car you want. Before you apply for a low credit score, you must know where you stand financially. Once you have this information, you will be able to start applying for bad credit car finance. Now, where do you apply for bad credit car finance? If you live in Liverpool, you will John Charles Motor Group will be the perfect option for you. Their team of experts will provide you with a customised used car finance pan. If you are not able to put down a deposit or if you can only afford to you can put down a low deposit, you will not need to worry. John Charles Motor Group has several different options that will cater to your needs. This means that you don’t need to settle for a car that you don’t like because you will afford one you love. All you have to do is complete their 2-minute application process, and they will help you find your dream car with a finance plan that you can afford.
Tips to improve your credit score
- Consider increasing your down payment - If you can put down a higher down payment, this may increase your chances of being approved for a loan.
- Select an affordable car - while you should still look for a car that you love. It is also important that you remain realistic because you will not need an extremely luxurious car. Make sure you get a car that has what you want and is still in your price range.
- Look over your credit history - if you can find any areas that you can prove in your credit history, this may improve your overall score.
In conclusion, while you may have been turned away by multiple loan agencies to finance a car, this does not mean that you are left with no options. Bad car credit finances can make it possible for you to get still a car that you love. While being able to manage the payments in the way that you will be able to manage. Let’s make your dream car your reality with John Charles Motor Group.