Having a car is pretty much one of the most important things in any person’s adult life. It can be the deciding factor between whether you get a job or not, whilst it can give you freedom that nothing else can. If you’ve been struggling financially over the last few years, especially because of the financial crisis, buying a car could be filled with difficulties that were previously unforeseen. If you’ve got a bad credit rating, a county court judgement, mortgage arrears, or anything that else that makes you a potential risk to a traditional lender, you’re going to struggle to get the finance you need to buy your car.
Car finance is just like any other short term loan, and is generally provided in small amounts, which obviously reduces the risk to the lender. The car finance company will be able to provide you enough money to buy the car you are looking for, provided they don’t think you are too much of a risk, which is unlikely. The main reason guaranteed car finance companies may reject you is a history of fraud.
The guaranteed acceptance car finance company will not perform a credit check on you; they simply don’t care about your financial history. All they care about is your financial present and future, which is massively helpful if you’re simply looking to get back on track after a difficult couple of years.
Your credit rating could have been harmed for a number of reasons, things like a bad history of repayments, or even just errors about your identification can cause you to be rejected. For these reasons, it’s sometimes unavoidable that you get rejected by traditional finance companies, which is why thousands of people every year turn to guaranteed acceptance car finance.
One problem many people find is that they have been left unemployed and looking for work. Whilst looking for work, they realise that they need a car, not only during their job but also to be move to different locations for interviews. Because of their unemployment and bad credit history, these people are unable to get the finance they need in order to buy a car. This means that they can’t find the jobs they want, or aren’t accepted for a job they applied for, and the cycle begins again. This problem is extremely difficult to get out of, which is why car finance companies are so useful.
Look to use a reputable car finance company, who has years of experience in dealing with these kinds of situations. Despite being a relatively new form of business, guaranteed acceptance finance still has its major players. Choosing smaller, less well trusted, companies can be a risky move if you’re looking for hassle-free financing.