Should you have a perfect credit score, then you may not have to worry about buying a new or used car. You could be able to walk into any showroom, choose the make, model of the car you want and enter into a hire purchase agreement with the dealer. Alternatively, you could go to any high street lender and borrow the money to buy the vehicle. If your credit file has suffered damage then you could be somewhat limited as to where you might be able to get money as lenders look at your credit file before approving credit. In this case, you might need to look into taking out guaranteed car finance.
Benefits to taking out car finance that is guaranteed
? Hire purchase is a way of spreading out the cost of new or used vehicle over a period. You may be able to spread out the monthly repayments over 1 and up to 5 years. However when deciding how long to take your car finance agreement over you may want to take into account that the longer you are paying the loan, the more you will pay in interest.
? Some car finance deals ask for a deposit while with others you may not even have to find a deposit.
However, you may want to consider that a small deposit means that you would have less to borrow. This could allow you to cut down the time the loan has to be taken over.
? If you have a poor credit rating, and have been turned down for credit in the past, a bad credit loan that you pay on time, every month can help you to right your credit rating. This is because it proves to a potential lender that you are managing your finances responsibly.
? You may have more chance of finding a better deal on your car finance if you look for your loan online with a specialist car finance website.
They may be able to find you the cheapest possible deal based on your circumstances. If you are looking to purchase a used vehicle, you may even be able to search for it with the same website.
? If you take out a loan yourself, rather than
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Source: http://www.best-consumer-finance.info/guaranteed-car-finance-you-could-get-a-loan-2.html
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