How can i get approved for car finance with an unhealthy credit rating?
In current times this could be hard to believe especially since many general car finance lenders or lease companies will only offer a new automobile approval to those with the very best credit rating. Many of the companies that previously worked in this so called troubled credit industry ran for the hills when the credit crunch hit as they looked to secure that all of their lendings were very low risk. For those automobile drivers who have experienced any credit problems over the last few years this meant that their options were very limited when it came to funding a new motor. Typically troubled credit motor finance would be required if a high street lender turned a customer down. The reasons vary but on the whole it means that a credit file could show anything from late or missed payments on an account, a County court judgement resulting from non payment or even a default notice when a credit agreement falls 3 months behind. All these would effectively get the automobile finance application declined due to the higher risk associated with the consumer and the higher likelyhood of them defaulting on the payments. Thankfully there are still some lenders in the market who will consder applications that fall into this bracket and so this is where MSG come in with our top drawer knowledge of getting customers accepted for auto finance even with bad credit. The criteria that we need to consider are the current circumstance and not what might have happend in the past. This means that as long as the customer can show through either payslips or bank statements that they can manage the repayments then we are half way there. Another item that is also by and large required is traceability and this means that you can be located at your home or previous address – often through existent credit and finance contracts including the electoral voters roll. So we have affordability and now traceability as two factors that most genuine customers can supply. Other areas to consider when looking to get a new automobile with unfavorable information displayed would be having the funds for a deposit of around four times the monthly payment. This is the industry standard for the non prime sector and cannot ordinarily be reduced so with our customers this is the final hurdle towards getting validated. We can also look to get clientele into a new auto even with other factors such as mortgage arrears and bankruptcy. Often clientele of MSG dont believe what we tell them and it only sinks in that this type of finance is possible when the delivery driver arrives at the house with their new automobile – why not give us the chance to show you what we can do.
To speak to one of our agents in more detail on ordering a new motor simply proceed to our main website on Bad credit car finance and you can read more on the subject.
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