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Bad Credit Car Financing – Bad Credit Car Finance More Accessible

by | Dec 11, 2020 | Guide | 0 comments

Bad Credit Car Finance – Marketing with Bad Credit Score

Bad Credit Car Finance – Over the years, people have been finding it a struggle to secure car financing as a result of having bad credit ratings.

According to recent studies, the car financing market has been gradually increasing and this growth is projected to continue.

In the year 2016 alone, car finance providers shared the information that they have issued more than £30 billion.

In addition, the consumer credit growth which was experienced in 2012 was all due to car financing.

Data Shows – Car Finance

Since 2012, the bank of England has estimated that the dealership financing has experienced an annual growth rate of about 20%.

About £24bn has been contributed by banks for loans alone. Meanwhile, other manufacturers, including the finance arms of car manufacturers make up for a considerable share of the market of about £34bn.

Based on market growth and demand alone, it makes sense that financing providers like Simply will also step up and get a fair share of the pie by accommodating these types of loans.

 

bad credit car finance - Bad Credit

The Brits’ struggle with Bad Credit – Factors Affecting Credit 

According to a recent study which uSwitch has conducted, about 1 in every 3 Brits are being rejected by lenders on the grounds of bad or poor credit. A lot of Brits are having difficulty to loan due to low score. Even if a lot of Brits are employed there are several factors affecting their car credit score. 

When Brits consent their personal data to car finance companies, the data shows that the 18-34 year old bracket that has received a thumbs down from their respective lenders, about 65% were already turned down several times before while there are about 35% from the same demographic that has been slapped with rejection for more than 5 times. That alone totals to about a million people!

It’s a fact that not everybody is keen on having the latest smart HD TV, a great broadband package, or a fancy smartphone. However, everybody does need a mode of transportation that will make it easier for them to get around.

These days, more and more people with bad to poor credit ratings need help through financing in order to finally afford a car

 

Us vs StoneAcre & Others – Different Website, Different Deals 

Just one look at the problems that have been mentioned above will leave you assuming that there are tons of people who are having some issues when it comes to keeping a decent credit score. A lot of car financing companies such as Zuto and Stoneacre will provide help with people who are the type of having difficulty with the loan approval. A lot of car financing companies are marketing that they can help people with bad credit but aren’t able to help. We, on the other hand, will provide all that we can to help our clients get a loan approval.

The difference between other car financing companies, we will provide the best offer and a variety of options for people who are suffering from bad credit ratings. We will provide an essential guide, information, and one-on-one session to check the current factors affecting the score of our client.

Finance a Car – Car Finance Now Easier

Thankfully, it is so much easier to secure bad credit car financing these days. This is mainly credited to the fact that there has been an increase in market demand.

You’ll also find that it would be so much easier too to secure approval for car financing when you can show to lenders that you have a regular income that could support repayments. At the same time, securing the debt against the car may also help improve your chances.

 

bad credit car finance - New Car Purchase

Advantages of Car Finance – Purchasing A New Car

While it is true that there are disadvantages that are attached to securing a bad credit financing for buying a car, as in the case of larger deposits, higher interest rates as well as how tougher it gets to get approved, there are also unmistakable advantages that one can expect. The purpose of this information is to help those with bad credit score to secure a car finance.

 

  • It is possible to secure a car even by just paying a minimal initial deposit. Bad credit car financing is also handy for those people that would otherwise have a hard time securing not just a decent rate but even an approval if they are to go the usual route by borrowing at banks and other traditional lending platforms.
  • Using car financing to buy a vehicle will make it possible for you to get access to better cars that you otherwise would not have the means to afford if you are to use your limited cash.
  • You should be able to set your budget more effectively via car financing, this is because you will know exactly what your monthly repayment figures are going to be. This makes it so much easier to get your expenditures aptly budgeted, not to mention ensure that you will get some savings set aside as well.
  • It is possible to buy any car from any dealer and this helps ensure that your options are kept open.

 

bad credit car finance - Bad Credit Score

Is car financing something you should consider when your credit is bad?

There will always be disadvantages involved however, it is possible to take advantage of car financing for people with bad credit ratings. Take what Simply is offering, for example.

 

Most would generally worry that sending out one car loan application after the next can have some negative effects on their credit. It is a valid concern. After all, you’ll find that for loans where the lenders will carry out a hard search on your credit history, it can truly bring your credit score down if there are multiple queries carried out within such short intervals. However, at Simply, we search around and make comparisons of all potential financing options that are available out there. Our goal is to make sure that you are given the best prices possible without having to resort to any hard credit searches to make sure that there won’t be any negative impact on your credit score. This article guides our clients to get financial approval even with a bad credit score.

 

We deal with different clients and provide different type of insurance to our clients. Our purpose is to help our current clients by providing the best information, loan, deal, savings, and the like.

 

We specialise in bad credit financing. Apply today and we’ll do our best to assist you.