Have you been turned down for car finance because you have a less than favourable credit rating? Don’t panic, because this doesn’t necessarily mean that you have totally exhausted all your options. There are still choices available to you, and it’s just a case of educating yourself a little bit and knowing what’s out there for you to take advantage of. Read through the following information to help you to move forward and get that step closer to getting the vehicle that you’ve been dreaming of.
Try another provider
Different car finance providers have different criteria, so just because you don’t qualify for one, it doesn’t mean that there aren’t others out there who will be happy to provide you with the finance that you need. In fact, there are even options that cater especially for those with poor credit ratings. Pick up the phone and make some calls. You could find that there are plenty of other options for you to choose from, despite the fact that you have already been turned down once. You don’t have to commit to anything, but it helps to gather all the information you need and then make an informed choice about moving forward.
Seek to improve your credit rating
Many people think that improving their credit rating is a lifelong task, but there are actually things that you can do right now to improve your score. Here are just a few:
- Apply for a copy of your credit report, so you know exactly where you stand, and what the specific problems are.
- Ensure that you’re on the electoral roll. It’s unlikely that a lender will give you credit, regardless of your history, if you aren’t registered to vote. You can print off the application online, and then just pop it in the post.
- Cancel any unused credit cards or store cards
- Avoid taking out payday loans
It can also help your application if you have a landline telephone number, and a long-term employment history.
Consider other options
Even if you can’t get the finance deal that you were hoping for, it doesn’t mean that your dream of owning a vehicle has to be over. Could you possibly save up a decent cash deposit over the next couple of months? Or could you take a loan out from your bank? Do you have a family member that would be willing to help you, of course under the understanding that you’ll have a proper repayment plan set up? Sometimes, it’s just a case of thinking outside of the box and exploring the other options that are available to you.
Loan a car
Perhaps you need a vehicle to help you to get to work, or you were planning on using it for a family holiday in the UK. Is there really a need for you to buy? You can get some great deals on long term lending, and many people like this option because there is less commitment, and you’re not stuck with the same car for any longer than you’re happy with. Call into a dealership in your local area and ask about deals that they might currently have available on car loans. It could be the quick fix solution that you have been looking for.
Hopefully, you’ll now see that you have plenty of options, even if you have been turned down for finance due to a poor credit rating. Don’t be disheartened, as there’s still every possibility that you could be driving the car you’ve been hoping for in the not too distant future. Which of these tactics will you be trying first?