Having a car can solve lots of problems as well as create the status in the society. Bad credit car finance has been framed to support the people who wish to buy a car but do not have much finance to afford it. Also due to poor credit other alternatives are closed for such people. But with the changing mind and increasing competition in global financial market, now a days many prestigious financial companies are providing these loans. People with CCJs, IVA, insolvency and default are now easily procuring cash to buy their dream car.
Moreover these schemes are also obtainable for purchasing used cars. The basic idea to offer these by lender are that, now your current financial standing is given more weight than your past credit scores. So if you have a well paid job and adequate bank balance; then go for this option without any wavering.
In order to explore this, you may need satisfying certain prerequisites such as:
• The applicant must be above 18 years of age.
• He should be an U.K. dweller.
• He should have a good job.
• The applicant must be living at current address since last 6 months.
• He should have a bank account.
Above this certain lenders may ask you about your imperfect credit history and car you wish to buy. The amount is decided seeing your repaying power and value of the car loans for bad credit. You may also need to make a down payment in some cases, so you must be prepared for that as well. Otherwise you can search for lender that can give you money with no condition of down payment.
This option of help can be secured and unsecured. You must think before choosing secured option because your property is at risk. Also the car can be seized by the lender if you do not pay back the amount timely. So you must make a plan and prompt in the reimbursement of the debt
