There is a general skepticism when it comes to car finance with bad credit, this is because most of the companies that offer lower interest on car loans put their applicants through a thorough credit check to make sure that the people they are offering loans can; afford the loan, have no history of missed bills and in general won’t mess them about.
Lenders Specialise for Poor Credit Ratings
At GetCarFinanceHere we offer car finance to people with bad credit, as most of the time their credit history has been affected by something as little as a phone bill that was missed one month. This is because we have lenders that will accept people for loans with poor credit, the only drawback with these companies is the slightly higher interest rates. These companies do this firstly as a form of insurance and secondly because they can, if a person applies for a prime company (lowest interest rates) and gets turned down they have nowhere else to go apart from a sub-prime company that are less strict when it comes to credit criteria and can charge them for this, usually it is only a couple of percent difference between these companies. Check out what’s currently in stock at GCFH by viewing the latest used car offers!
Another option that we can offer is a guarantor lender, a guarantor loan is an unsecured loan that requires the borrower to have a second person acting as a guarantor. Almost anyone can act as a guarantor, as long as they are not financially linked with you (i.e spouse). A family member, friend or even a work colleague could be one as long as they are over 21 years of age with a good credit history and usually a UK homeowner. Find out more how GetCarFinanceHere will broker you guaranteed car finance even if you have no credit rating.