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Car loans for people with adverse credit ratings
Updated: Thursday 21 September, 2011 By becca.talbot@consumerchoices.co.ukWhen it comes to buying a car, a poor credit history may prevent you from getting the best finance deal. Therefore it’s important you look at all the options available and shop around to find finance that suits you
Looking to take out a car loan? Then have a butchers at Creditchoices.co.uk’s top tips on making sure you get the best deal you can…
- Work on your credit rating - The worse your credit rating is, the higher the rate of interest you will have to pay on any money you borrow, because lenders are taking a risk by lending you money.
- Car finance companies - If you absolutely need a car but have been refused a low-rate loan on the internet or on the high street, a car finance company is a far better than a secured loan, despite the high interest rates. The worst that will happen if you can’t keep up the repayments is that you’ll lose your car – rather than your home.
- Find a cheap car - If you’re strapped for cash you should also go for the cheapest car possible, and definitely not a new one. But beware of false economy and make sure that you don’t buy a car that will cost you money in maintenance instead.
- Any purpose, Any value
- Free quote
- No obligation
- No credit check at this stage
Read our top tips to fix your credit rating for ways to help improve your credit rating and thus improve your chances of being approved for car finance.
Our recommendations
If you do your homework, choosing an adverse credit car loan will be a lot easier. Take your financial situation into account and don’t commit to anything you can’t afford.
Whatever you do, make sure that you compare the APRs of all the loans that you’re considering so that you can see how much each will cost overall.
And download our free complete guide to credit reports to help you understand and improve your credit rating.
Get a free loan quote |
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THINK CAREFULLY BEFORE SECURING ANY DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP
REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.