The family car has become an important part of daily life, and is especially convenient for getting to work, school, and the shops. However, buying a car outright would mean that many of us would have unreliable and old cars simply because we don’t have the capital to invest in a new, or newer car. With cheap car finance, it is possible to buy a car and make regular and affordable repayments to pay off the capital that was borrowed and the interest charged.
Responsible lenders will consider all of your personal circumstances when making a decision regarding the provision of a car loan, and many will use this information to determine the interest rate and repayments that you must make. Personal circumstances not only include your credit history details, but also your employment and address history. Have this information ready in order to expedite a speedy loan application.
Determine the ideal terms for your car loan. If you intend to keep the same car for several years, you can consider a longer loan period, but if you cover a lot of miles on a regular basis then you may want to shorten the term of the loan so that you can upgrade your car to a newer model in better condition more often. Be aware that the longer you take to repay the loan, the more it will cost in interest payments.
Bad Credit Car Loans
Not everybody has a perfect credit rating, but even if you have CCJs and defaults against your credit report, it may still be possible to get cheap car finance. Gather all the information you need, check that there are no erroneous entries in your credit file, and be realistic about the level of cheap car finance you actually need to have the best chance of being accepted.
Like Car Finance
Like Car Finance can help arrange cheap car finance regardless of your credit history. As long as you have been resident in the UK for three years, are aged 18 or over, and have been discharged bankrupt for more than 12 months we may be able to help.