According to a report in the Independent newspaper on the 5th of January 2017, the Society of Motor Manufacturers and Traders (SMMT) predicts that car prices are going to rise in the 12 months ahead.
With those increases in the offing, now might be a good time to think about buying your new car or replacement second-hand vehicle. Either way, the purchase is likely to require some form of finance — record sales of new cars in 2016, said the SMMT on the same day as the Independent’s story were made possible largely because of the availability of attractive and affordable finance deals.
Attractive and affordable finance is all very well, but what if you have bad credit? Isn’t that likely to mean that any lender is going to regard any application for credit with utmost suspicion and reject your request for the necessary finance? Aren’t bad credit car loans going to be impossible to arrange?
Many lenders consider your bad credit to represent a greater risk of your running into difficulties in repaying, and defaulting on the repayments, of any loan. The assessment of your credit status is carried out by lenders through requests to the principal credit reference agencies in the UK, Experian, Equifax, and CallCredit.
The credit reference agencies might reveal a bad credit record for a number of reasons, but principally because of your past difficulties in managing debt. Those difficulties might be evidenced by:
Any of these events is almost certain to result in your acquiring bad debt status and make many lenders reject any application you make for further credit.
Whatever the reason for your bad debt status, here at Carfinanceplus.com we are able to help you secure the finance you need to buy a new or used car.
If you are looking for a new car and have bad credit, therefore, we are typically able to help you secure the required finance.View more from The Car Finance Hub