Buying a car is likely to be the second biggest outgoing of your life, after buying your house. There is of course great variation between the prices of cars, and so it is possible to purchase a road worthy car for a few hundred pounds; however, for some even a few hundred pounds is a huge amount.
These people might have bad credit. What is bad credit? This is where you have a negative financial rating, because of your financial history. Perhaps you have accrued debt or failed to meet mortgage repayments; all this and more can affect your credit rating.Credit rating is important because when it’s negative it could affect your life in various ways. These days, it is likely to prohibit you from getting a mortgage, for instance, or taking out a bank loan. It’s clear that these kinds of prohibitions can have a serious impact on the quality of your life.
When you need to buy a car, a bad credit rating could preclude you from some car finance deals. Not so with bad credit car finance, which is designed specifically for those with a less than perfect credit history. Owning a car can really impact quality of life, and so car financing for those with bad credit can be really helpful.Also, meeting repayments on your bad credit car finance could also improve your credit rating, and therefore make it more likely you can get a mortgage etc in the future.