There are a number of reasons that you could find yourself with a bad credit rating; from missing a mortgage repayment to having a partner with a lot of debt. Regardless of the cause, having bad credit shouldn’t mean your life should be put on hold.
Having bad credit can be frustrating and many people feel embarrassed about their financial situation. The depth of choice in the UK finance market means that you may still be able to get the products you want and need despite your previous credit history. For example, when you need to replace your car, you will find that there are still many doors open to you.
When you’ve got bad credit, it can be hard to get accepted for finance for anything, even if your financial problems are firmly in the past. If your current car is on its last legs and needs to be sent to the scrap yard, then before you get rid of it you’ll need the reassurance that you will be able to afford a replacement. For most people, buying a vehicle, whether it’s brand new or used is an expense that they can’t afford to pay for in cash, so spreading the payment over a set period of time is the best option.
You may well find that having bad credit will mean that you can’t shop for your new pride and joy at many of the big name dealerships as, like many of the high street banks, their own finance departments or companies will probably turn you down if you applied for a finance package. It is possible to still get a great choice of approved vehicles though and arrange your finance in the one place, even if your credit is not up to scratch.
The convenience of choosing your next car or van and arranging the finance for it in the same place can take a lot of the hassle out of making lots of finance applications, only to be turned down time and time again. Before you know it you could be driving away a great vehicle without any embarrassment or hassle. If that sounds appealing then you may also be able to trade in your current vehicle too which will help to offset some of the cost.
Personal money issues can be complicated and for many people choosing bad credit car finance allows them to replace their existing vehicle with a more suitable one without many of the associated stresses that go with a poor credit rating.