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My Credit Rating is Bad - How Do I Get Car Finance?

When you have a good credit rating, there are many options available to you when it comes to getting a car or acquiring car finance. In fact, if you’re lucky enough to have yourself a great credit rating then you’ll find that you are spoilt for choice when you start to look for your next car loan. There are companies here in Portsmouth and across Southampton, as well as some national competitors, who will literally fall over themselves to offer you their latest finance deals. The majority of car dealerships will offer great financing options to people with good credit ratings, including packages for repayment and longer periods in which to repay the finance over, simply because their credit history is more reliable.

These people will also usually have more savings and more disposable income because they don’t have any overhanging debts due.

But all is not lost if you do have a bad credit rating – you can still get car finance. Someone with a bad credit history may be able to get financing through a number of steps including:

• The first step is in finding someone who can offer support and payment options for people with bad credit history. Congratulations because you have just completed this first and most important step. Cars For U Lymington do our best to supply guaranteed car finance in Lymington and across Southampton, Portsmouth and Bournemouth, to people who would traditionally struggle to find great credit deals and flexible finance options.

• Filling out applications. Now that you have found a used car dealership in Portsmouth we will do our best to supply you with guaranteed car finance in Southampton, the next thing you will need to do is fill out a quick application form just to make sure that you are eligible for our cheap car financing deals. You can do this by filling out this form . Once you have filled out the form and submitted your details, one of the team will be in touch with you to discuss things a bit further. Alternatively, if you would rather do things in person, then you are more than welcome to come down to our showroom and have a chat with us about how to progress your car finance application further. If you would prefer to do things this way, then you can find out how to locate us here.

• Once your guaranteed car finance application has been accepted, you will be assigned a credit limit. This means the amount of support we are able to finance for you when you, and essentially forms a budget that you can use when shopping for your next new or used car in Portsmouth or Bournemouth.

• Trading in your old car and paying off the difference in finance for the new car. This is actually a lot easier to do than you might think. All you need to do is bring your old car down to our Lymington based showrooms, and we will give you a great trade in price to put towards your next finance package. Doing this can help to dramatically cut down the costs of taking out a car loan, and reduce your repayment times significantly.

• Choosing a vehicle that suits you. Depending on what level of guaranteed financing we can make available for you, you may have limitations when it comes to choosing a car; focus on the repayable amount and see if it is within your means and an amount you can realistically pay back.

The sticky details of car financing

We all know that finding the right car finance package to suit you can be a bit of a bore. It’s hugely time consuming and frustrating to try and filter through all of the car finance companies in and around Southampton and Portsmouth. And it gets even more frustrating for people who may not have the A* credit rating that most financing companies demand. This is why car financing from Cars 4 U Lymington is viewed by so many as being the simplest and most hassle free way to obtain that much needed new car funding. But there are still a few things that you should take into account when considering your finance options. Things like deposits, length of repayment period and APR are important factors in a financing agreement.

The Deposit – This is a concept we are all familiar with, but when it comes to placing a deposit down for a car and you have bad credit, this doesn’t have to be money. It can be a trade-in of your old car, it can be a cash payment or it can be a mixture of the two.

Repayment Period – This is how long repaying your total amount will take you to pay the financing company back. This could be as little as 6 months if you know you can pay a large amount off in the next half year, or it can be stretched out over a period of up to 60 months, although many companies may only offer 24 or 48 month repayment options. Obviously, the longer the period of repayment is, the less you will have to pay on a monthly basis, however, paying more each month means that you can get the payments out of the way quickly.

APR – The APR or Annual Percentage Rate is a rate that is applied to all loans including car finance. It takes into account fees, when and where it is charged, interest rates and other costs.

There are also a number of options when it comes to seeking help from a Portsmouth finance company. Nowadays, thanks to the internet, we don’t need to go out to look for a great deal, we can spend time and do research on our computer at home.

Some online companies can give you a quote quickly and efficiently almost instantly, whereas others take a little longer to process. With companies that mainly operate online, you will usually have to fill in an online application then wait for one of the loan experts to assess your situation before contacting you.

If you prefer a face to face service, you may choose to go to a local car finance company which may operate on its own or in connection to a dealership in your local area.

But remember...

It is important, when applying for car finance, that you are honest about your credit history and some companies will also need to know your net income prior to handing you a quote. Here at Cars 4 U Lymington, it doesn’t matter to us what your credit history looks like. We guarantee to be able to offer a car finance deal to everyone who applies, so don’t be scared or put off from telling us how it is. Unlike a lot of other car financing companies, a full and frank disclosure of a poor credit background does not mean an automatic denial of a credit application.

Random audits may be carried out on your account and your credit rating will generally get found out anyway so you may as well be upfront with us if you want us to be able to offer you the best possible vehicle finance packages. But don’t see this as a cause for panic! There are many people throughout Southampton and Bournemouth who have been surprised to be offered some great car financing options from the team at Cars 4 U Lymington.

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