Getting a Car with Poor Credit

It can be difficult enough to get a car without having the extra burden of poor credit weighed against your favour. Getting a car with poor credit can mean higher finance rates along with all the usual dealership tricks to add up those pennies and pounds. Poor credit will contribute immensely to the “loading factors” of your car loan making it dramatically higher than those who enjoy a clean record. It seems that these days the motto is “kick them when they’re down”. In fact, some dealers will pick up on this credit history as a sign they can walk all over you and have increased finance rates, insurance and guarantees added to your bill hoping you won’t kick up a fuss. Anything they want, so long as you can finally get your hands on a car, right?

Well actually, no. It’s possible to get a car with poor credit, don’t let those dealers walk all over you! In fact one of the key points to remember when car hunting, is that in any deal situation you can walk away and find a similar deal elsewhere so it’s no skin off your nose if you don’t get the car that morning or from that particular dealership. The car dealer on the other hand will be left out of pocket if they lose your custom.

First step when tackling the issue of getting a car with poor credit is to find out exactly how bad your credit rating is. You may have an inclination that it’s quite low and you may have problems getting other types of loans such as credit cards or store cards.

You should find out what your actual credit score is with a quick online test using a credit check company such as Experian. Find out exactly what you are dealing with first so you can tackle the finance numbers head on and know where you stand.

Having a poor or non existent credit rating does not have to end your search for a car or anything else you may need. There are many companies out there these days that specialise in low rates for people with poor credit and are only concerned with your current ability to be able to repay the loan.

Another good step to finding automobile bliss is to have a look online at the various deals and offers available. These include part exchanges, so you can trade in your old car in whatever condition as part payment for your new one. Your old car does have to be salvageable and the amount you will get towards your new car will depend on the estimated value of your old one. You can also search for sites that specifically provide you with quotes from companies that offer finance to people with poor credit. Getting a car with poor credit is possible! There are even companies out there that can help if you are self employed and have an unreliable or irregular source of income.