It gets you down, doesn’t it? Being continually refused car finance due to having bad credit, that is. When enquiry after enquiry yields nothing, and making yet another (potentially pointless) phone call to a broker just feels impossible. You’ve had enough. You absolutely can’t face explaining your position from scratch to yet another dealer. It’s starting to feel like pleading, or begging, in fact!
Life is about to become easier
Imagine: no more hassle or wasted effort in trying to simply get a car sorted. Just a straightforward car finance application process and an answer, with an extremely high possibility that it will be the answer you’re hoping for, even if you’ve got bad credit.
It’s true. Securing car finance can often seem like the impossible job. And, of course, lenders have their reasons for turning applications down. But, it’s not like you’re asking to ‘do a Tim Peake’, is it? You’re not looking to orbit Earth and traverse the Universe in a space station complete with solar arrays, external trusses and a hi-tech docking navigational system. No, you probably just want a decent reliable motor to get you around, from A to B, to the shops, local school, leisure centre, and maybe the occasional motorway trip up North to visit the relatives?
When it comes to transport, you’re thinking economical not astronautical, right? Right. So let’s consider the possible reasons, or rather stumbling blocks, as to why something that should be pretty painless to sort out, can prove as easy as nailing strawberry jelly to a sycamore tree:
- You’re claiming Benefits at the moment (and there ain’t no shame in that)
- You’ve been made bankrupt
- You’ve got a County Court Judgment against you (a CCJ – if you don’t know what that is, read about CCJs here)
- Part-time work is all you can get or manage for the time being (no shame in that either)
- You work for yourself, as a freelance graphic designer, photographer, or in some other kind of self-employed capacity
- You’re not renting but your Mortgage is in arrears
- You’ve fallen behind with some other type of property-related loan
Or you simply have:
- Bad credit
If one or more of those apply to your situation, don’t be deterred from at least making an application for car finance. Cos if you never try, you never know…
Credit ‘health check’ time – ask yourself these questions
What with everything we all have to do these days, it’s easy to take your eye off bank statements each month. That’s not a crime, but it could mean that you are building up or heading towards a bad credit rating without even realising. Do yourself a favour and get out all your bank statements ASAP, or print off copies from the Internet. Then, after getting the kettle on, get a fine tooth-comb out. Go through each statement, and ask yourself the following questions:
- “How are my credit card balances looking? Have I missed any payments?”
- “Have I checked all credit cards, or only the large ones? Just because I’ve only borrowed, say, fifty pounds on a rarely used card, it’s still a debt, and it needs sorting.”
- “Have any of the limits initially imposed upon my cards changed by the card issuers? If they’ve been lowered, that’s a sign that I’ve got bad credit.”
- “I might have bad credit too if they’ve put my interest rates up, so I’d better check that also.”
- “I recently applied for credit with another provider, but haven’t heard back yet. And it’s not showing on my statement that the credit has been approved. That probably means I’ve been turned down – another indicator that my credit is far from good and may actually be pretty bad. Time to check my credit score, I think.”
Time to do a credit check indeed!