With the advent of the so called credit crisis over the last few years it has proven much more difficult to find a finance lender who has a flexible approach in its decision making process. We have found that a Car Finance with bad credit product is in high demand in the United Kingdom with more and more of the population falling into what is termed the ‘sub prime’ or ‘Non Prime’ bracket. This isn’t just a UK problem as it has been experienced the world over by all financial houses and funders. What we have seen is a tightening up of the lending criteria meaning that getting approved for car finance is now much harder than it was previously. All companies will carry out their own internal credit scoring using the data that is given to them on any applications and compare this to internally set guidelines against what the result is. Basically this means that the finance lender will compare your profile against either its own customer database or National average and decide if you pose a risk should it lend to you. A number of factors will be used such as voters roll trace, time at address, previous finance accounts held and also if you have had either late or missed payments or defaulted on credit agreements entirely. To get approved for car finance with bad credit it is still the same procedure in that the application will be instantly compared to an in house scoring system and if your case is the same or higher then it will get accepted.
As the last few years have taken their toll on many lenders in this country we have found that the number of companies we can approach for our customers lending needs has greatly reduced. This is a combination of factors including not wanting to expose their business to high risk customers, going out of business or a change of business model to prevent the company from going out of business. As far as Bad credit cases go – there are non riskier so only those fully experienced in handing customers with a poor credit rating will survive. At MSG Cars we are one of the top companies in the country for getting our customers approved for the car finance on the vehicle of their choice – no restrictions! We work with a small number of highly specialist lenders whose business model revolves entirely around the bad car credit industry and are well placed to continue to grow year on year. What this means to you as a customer of MSG’s is that you can be rest assured that if you are searching for a car finance for bad credit product that you have come to the right place. We only succeed in our industry because we do as we say and if we aren’t getting customers placed and approved for the funding then we are not going to be still trading!
Car Finance with Bad Credit
At present we can provide our customers with one of three differing rates dependant on the severity of the previous bad credit issues and can tell you instantly which level you look destined to achieve. At one end of the scale is the type of person who might have had some problems many years ago but just not long enough for it to have fallen off the credit report. It takes 6 complete years for this to happen so it could even be something you had forgotten about and often unless you actually order a copy of your report you may not even be aware what it is! The very borderline customers could simply have been late on a few monthly repayments – perhaps as a result of something simple like a bank mix up or failed direct debit. Once your application has been declined from one or two mainstream finance houses it can become very easy to become disillusioned as there really isn’t anywhere else to consider and most people would rather not bother than have to pay very high rates. Fortunately that is where out car finance for bad credit entry level product comes in handy. At the other end of the approval scale with MSG Cars is the type of lending reserved for those who may well have a bankruptcy or IVA on their file or even a high number of CCJ’s or county court judgements for failed finance agreements, this can include car finance plans that resulted in the vehicle being repossessed. We can still proceed even with this severity of case and ensure that you are driving the car of your dreams.
There we have it and if there is anything that you would like clarifying please give us a call on 01613677590. Remember bad credit car finance is all we offer and are very experienced with all types of circumstances.