Car Finance for bad credit
With a figure that reaches into the tens of millions of UK residents now being pigeon holed as having bad credit it’s no wonder that the usual routes to securing car finance are proving more difficult. As the financial ‘crisis’ continues to panic mainstream lenders into only offering their financial goods and services to only the best of applicants it certainly leaves a problem for the typical man on the street. With many finance companies often rejecting seemingly solid proposals for slight reasons such as one missed credit card payment or one month’s arrears on the mortgage due to a redundancy it’s obvious that more and more borrowers are looking to the Non status market to secure Bad credit car finance. Here at MSG we specialise in offering car finance to those deemed to have Bad credit or those that are seen as being a higher risk than normal in their previous account repayments. Put simply – there’s no such thing as Bad credit as all that is listed with the credit reference agencies are your existing or old finance accounts repayment history. This means that if you perhaps made late payments on a credit agreement even 4 years ago this could cause you to be unsuccessful in the present time. The car finance for bad credit that we are able to offer is usually based on a 4 year contract and depending on the value of the vehicle the ownership will pass to you on completion on the term. If the cars cost over £15k then you may wish to add a balloon payment to the end of the car finance in order to reduce your monthly repayments but these are typically low. Car finance for bad credit is one of the most popular methods we offer customers as it allows the customer to contribute towards owning the car rather than simply returning it as with contract hire.
The main requirements to secure Car finance for bad credit on any UK car or van is that you will need 2 months bank statements and be able to be traced at your address – usually on the voters roll. Some forms of id are needed but these are the main requirements to get approval on any car or van.
July 3rd, 2009 at 4:11 pm
could you please email me back I am trying to finance either a lease or purchase of 4×4 preferrably mercedes ml or audi Q7 and have had trouble getting finance could you let me know my options thanks brian tompkins.