Car credit – Improving your choices

Finding the best deal on car credit isn’t easy but with a little effort you may be able to find deals that offer you a wide choice of options and vehicles. How easy is it to get a car loan? That depends upon a number of things including your financial and employment position, your credit history, the amount of deposit (or part-exchange) you have and the vehicle you’re considering purchasing. Can I get car credit if I have a poor credit history? Yes, but you may need specialist help. Typically the banks, forecourt dealers and other high-street lenders will be uneasy about lending to someone with a poor credit history. There are though specialist providers of car finance who are experts in obtaining loans for borrowers with less than perfect credit histories. Do I need a big deposit? It may be difficult to find a deal that offers you 100% of the finance for a new car. In particular, many lenders in the high street will probably expect you to find a significant deposit by way of a percentage of the new car cost. The good news is that a specialist car purchase and finance site may well be able to handle your new purchase using your existing vehicle as part-exchange. This may reduce or in some cases even cover the deposit amount. Do I have to buy a specific vehicle to get the best deals? If you buy a car from a manufacturer’s outlet, they may at times offer good deals on financing but you may also find that you are restricted to choosing one of their specific makes of vehicle. By contrast, there are online specialist dealers that can source virtually any make of car for you and the finance at the same time. You may even be able to choose from a selection of finance deals they have on offer. Can I have the car taken away from me? Yes, of course. In some, hopefully unlikely circumstances, if you do not keep up the repayments on any loan then the lender may be forced to recover their money. This may involve the seizure of the asset – in this case the car. However it may be worth remembering that finance companies don’t want to own cars or the overheads of trying to repossess them. If you do experience short-term difficulties in keeping up with the repayments, it may be advisable to contact the finance provider of the car credit as soon as possible. They may well be able to provide some help and short-term understanding. How can I find out more? It may be worth searching the Internet to find a specialist car finance and purchasing dealer. You will be able to browse their various options and offerings for car credit as well as perhaps some interesting vehicles!

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