In order to save yourself some time, you should fill out a form and let us do the rest of the work. If you are a huge fan of the Internet, then you might already searched for the services of a dealership financing, which means that you made your research on the topic.

We will get back to you with the best proposals from different dealers, and after this it is only up to you whom you choose to work with. Always make your calculations, because many times the difference between buying an old car and a new one isn’t that huge, so once you make some efforts it is worth buying a new car instead of an old one. Also, check the interest rates the lender charges, because you as a person with a bad credit might have to pay much higher interest rates. In general, check all their terms and conditions and don’t stuck with the first offer just because it sounds good, it may really take some time until you find the car you want and the financing that is convenient to you.

Some important things you need to keep in mind would be that in order to be able to contract a bad credit car loan, most of the time there is a minimum monthly income set (it may be £ 1500 gross or even higher). Basically your income is the only “guarantee” that you are able to pay them back. Also, in many cases they might ask for a meeting of creditors, where if the majority agrees, the credit is yours.

As seen, having a bad credit may really hinder you in your path, even if you just want to buy a car. It is really up to you if you want to settle for cars obtained through dealership financing, although don’t forget they’ve got spicy costs, because you reach the dealership through a funding service, thing which constitutes a triangle: you, the funding service, and the dealership.

If this first choice doesn’t work for you, there is always the bank you can turn to. There, in the form of a secured loan you can have access to your car loan. Surely in the case of a secured loan expect lower interest rates, which is pretty advantageous because you don’t want to end up paying the double value of a car.

As seen, dealership financing and bank financing are pretty different notions, and also the criterias of obtaining of a loan are different. Dealership finance is perhaps more flexible, but there you may pay a bit higher price, while banking has more “strict” rules and less extra charges. Carefully weigh all the available options, and make the decision that is most suitable for your needs.