Bad credit car leasing in 2009
For many UK consumers 2009 has been a rollercoaster of a year when it comes to personal finances and as so often shown in the mainstream media the ‘credit crunch’ has hit hard on many of the population. In times such as these you will often find that many of the financial institutions re-assess their lending criteria and companies that perhaps 12-18 months ago would have more than happy to finance car leasing contracts with customers of a higher risk ratio than that of the majority of their customers. Over the last year we have seen many of these ‘specialist’ lenders pulling out of the Bad credit car leasing market altogether and in the cases of some – ceasing trading altogether!! When these finance companies start to review their customers then it goes without saying that they will often view the sub-prime or Non status market base as a much riskier proposition to have outstanding and so have in the majority decided to simply no longer offer the car leasing funding required. With many of the Bad credit car leasing companies operating there is now only a very small number still offering car finance products to this category of road user. With MSG we have excellent relationships with the specialist companies offering financial products to our customers who are unable to get approval from the mainstream lenders such as Banks, Main dealerships and car manufacturers own car finance packages and mainstream car leasing brokerages. We have been able to increase our Bad credit car leasing business throughout 2009 – despite the mainstream car leasing companies finding the trading much tougher due to the Prime funders all making it much more difficult to get customers approved for the lease’s. Compared to 2008 many brokers have found that customers with good incomes and who are also homeowners with no previous credit problems are often being rejected for car leasing finance due to perhaps one late payment on a credit card or for simply not having enough credit. There are many different reasons why our Bad credit car leasing customers approach us to take care of their car leasing requirements and these include; divorce related problems due to joint liabilities, redundancy and job loss meaning they might have been late on some repayments etc, loss of company car schemes so they have to secure their own car finance or lease and are unable to do so and also factors such as old defaults or CCJ’s showing on their credit files. So don’t despair if you are having difficulties in getting finance approval as at MSG its more than likely possible that we will be able to help you to be driving any UK car you want.
