No credit check car finance is one of the buzz words that some companies tend to describe the financial products that are advertised to customers who fall in the ‘sub prime’ bracket. If you have spoken to a company that advises you that this is how they operate we would suggest that you should be cautious and perhaps check to see if that company has any reviews from previous customers.
Declined from Mainstream Lenders?
For anyone who has found that they have been declined for car finance they will find that with all mainstream lenders this will mean that they have failed to make the companies score card to be approved. When an application goes into a car finance lender many details are taken and fed into a computer programme that has been designed to calculate the risk of lending money to the potential customer. Put simply this generally involves a complete credit check where the computer will access your personal credit file and pull out the details on all of your current and past financial accounts. Every lender has there own requirements on what they would like customers to be able to demonstrate in regards previous financial repayments but as a rule a credit score is calculated. If you have had any recent or previous problems then this is the point when the lender will decide to decline the application – partly due to the increased difficulties in the financial markets and also due to the fact that any Bad credit is deemed a risk to their profitability.
Specialist Lenders based on Current Situation
At MSG we operate with a number of specialist lenders who whilst they don’t tend to offer No Credit check car finance they will still underwrite their bad credit car finance decisions in person – by hand. All current personal information is collected before hand so they are able to see the full picture and look at your application based upon your current circumstances as opposed to your previous. It may well be that you have previously been bankrupt several years ago but your current situation is excellent and you have a great income. Mainstream lenders will still penalise you on what has occurred before hand but at MSG Cars we are happy to advise our customers that this doens’t always have to be the case.So while No credit check car finance might not be necessarily available with our lenders a search is carried out for identity and address confirmation as opposed looking for adverse information and so we will require an ability for you to show two months bank statements and proof of id along with a utility bill. All makes of car are allowed through our funders so you don’t have to settle for second best and providing you can supply what we ask you for then there is no reason we cannot get you the car finance approval you are looking for.