Bad credit car finance provides you with loans to buy a new car or an old one in spite of your bad credits. The lenders who offer such bad credit car finance keep track of your credit records and provide you loans according to your credit status. These lenders provide you money even if you have bad credits tagged to you.
Factors affecting Credit Rating:
Credit reference agencies constantly keep record of your credit worthiness in the financial market. Any deviation from the acceptable standards puts you under the bad credit category. The deviations may be due to,
· Default in repayment of loan amount
· County court judgments
· Bankruptcy
· Arrears
· Missed installments
Bad Credit Car Finance: Lending Procedure
If you are tagged with bad credit and want to own a car, then bad credit car finance can help you a lot. You can get bad credit car finance from the physical market or even get it through online application. Online applications has the following advantages
· Fast approval
· Better rates
· Less paper work
· Saves time
There are two types of bad credit car finance, they are secured bad credit car finance and unsecured bad credit car finance. In secured bad credit car finance you are supposed to keep your car as collateral, whereas in unsecured bad credit car finance there is no need to pledge anything as collateral. Secured bad credit car finance provides you loans with lower interest rates and longer repayment tenure, but this may not be efficient since longer repayment tenure means paying interests for a longer time which will sum up to huge amounts. Therefore it is advisory to take unsecured bad credit car finance since it is provided with higher interest rates for a shorter repayment period.
Bad Credit Car Finance: Precautions
There are two types of interest rates; they are fixed interest rates and flexible interest rates. The fixed interest rates do not vary with market forces while the flexible interest rates vary. You have to read the documents produced carefully to stay out of trouble. You also have to check whether the lender is reputable and authorized in the financial market.
Steve Clark can tell you how to look better, live better and breathe better by giving you tips to improve your finances. He writes on loans. His ideas can help you rejuvenate your money. To find Personal loan UK, secured loans, unsecured loans visit http://www.ezpersonalloansuk.co.uk
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