Bad Credit Car Finance Explained
Bad credit car finance is a term that you might well have come across frequently on your searches on the Internet before you came to our website and it is an area that is highly specialised. MSG Cars are a company that deal primarily in obtaining car finance and car leasing for those customers that the mainstream lenders just don’t want to deal with. The Non Prime product is available to any UK resident and often can be completed in as little as four days to receive your new vehicle. Previous poor credit problems won’t affect your chances of getting Car Finance Bad Credit approval through MSG Cars as we only require that you are able to prove that your current financial situation is satisfactory – and its not about what has occurred in the past necessarily. The main requirements that you will need to provide to us are two full months bank statements or pay slips to show your income as this is what decides how much the car you can fund will be. The typical proofs of identification also include passport, drivers licence and birth certificate. As long as you can provide the information that our adviser’s request then getting your approved deal paid out on the car of your choice is just a mere formality.
No Credit Check?
What constitutes Bad credit? Well with difficult market conditions in the current financial markets – a high percentage of the UK population are finding out they don’t meet with the lending criteria of the mainstream car finance companies. The laymans reason for this is simply termed ‘Bad credit’ and in reality it means anything including – missed or late repayments on finance accounts, CCJ’s or county court judgements, IVA’s, debt management plans, arrears on mortgage, poor electoral or voters roll trace, no credit rating, defaults and bankruptcy. With MSG Cars this is what we deal in day in day out as so are well placed in the market to be able to offer you an option that will allow you to drive away in the car of your choice. Many people presume that in order to get accepted it must mean that no credit check is carried out otherwise they would surely get declined. But first we need to consider what a credit check is and how companies use the information held within it to make decisions on finance proposals. A Credit File holds the details of each and every credit agreement a person has active or previously held over at least a 6 year period. This means that every month is accounted for and so if a person was late or missed a repayment even 18 months ago the lender will be able to see this in an instant. When it comes to standard car finance the companies involved will be looking for immaculate ratings and so wont tolerate even one missed payment in the last years! Obviously for someone with bad credit who has a search on their Credit report carried out by these type of lenders will find they get declined. But then what people need to realise is that every company has a different set of lending criteria when it comes to accepting new customers and so as you go down the scale of lenders you find that they may become more and more lenient when it comes to accepting poor credit. So – ok so far we understand that a Credit Check is basically a look at a persons repayment profile and that it is a combination of factors and not just a warning sign that states a customer who might be someone with bad credit is a ‘Higher risk. Where MSG Cars come into all this is that the lenders we operate with are the only funders in the UK that work to a different set of rules when it comes to approving the Hire purchase, Car Loans and Car Lease deals. Factors that usually would get you refused don’t apply and as long as you have a provable income and can for instance be seen at your address or previous addresses on the UK voters roll or by old or existing credit agreements then common sense comes into play much more. So while we can’t promise you no search we can assure you that in the field of sub prime motors we are experts and our advice is second to none. Working closely with our lenders means we won’t keep you waiting either as for most cases we get an instant decision from our first choice of provider. All that is left is for you to find the car you want, send in copies of you id and salary and then sign your agreement. With being an Internet business we are well aware of the pitfalls and charlatans that are out there and we strive to maintain good reviews for our customers to read to help highlight the work we carry out. On many occasions we receive telephone calls from customers on the day they pick there new car up saying how they are in shock as they didn’t believe until that moment that the deal would be real. At any step of the process we are happy to talk to you and even have an out of hours contact number meaning we are available 7 days a week until late to answer your questions or even issue a quote. With the high diversity of cars available on the market the staff of MSG also like to think of themselves of experts on what is available. While some will prefer to purchase brand new or pre registered vehicles others will appreciate the fact that they can seek a quality used option upto 7 years old. With some excellent bargains to be had why not take advantage of the huge depreciation suffered by some manufacturers and check out the slightly older offerings – you won’t be disappointed.
Common FAQ’S for Bad Credit Car Finance
With all applications you will need a Full UK passport that is valid or if this isn’t available we will need a copy of your birth certificate. The name that is on the identification needs to match that on the application form completed. You will also need to provide two months payslips or bank statements to support your proof of income.
The clock starts as soon as you hit send on the application form on our website and you can be assured of a quick turnaround. The great majority of customers will receive a decision Instantly with the rest within the hour and so there is no waiting days for someone to come back to you. As soon as you have then picked your new vehicle and are happy with the price we can issue your finance or lease documents for you to sign and return. All that is required then is for us to send the dealership the funds and away you go in your new motor!
As a rule being on the electoral roll will always strengthen a financial application as it shows to potential lenders that you have a degree of traceability and can usually be located should the account go into arrears. Those that have never been recorded on a voters roll might cause the lender to think the reason is so they can avoid repaying creditors. Obviously not everyone is on the roll and there will be a trace from any existing credit providers you have such as credit cards or loans. That being said the voters roll is only just one part of the process and so we often see customers approved on the best rates with no difficulty. It will be part of a whole picture that the lenders system looks at so in our opinion if you are thinking of applying in a couple of months its always best to notify the relevant authorities and get added to the system.