One thing which can really complicate any important purchasing decisions is a bad credit score. There are many things which seem to become inaccessible to those with bad credit, or at the very least a lot more challenging. One thing which often has a question mark raised over it is cheap car finance and in particular zero deposit finance. If you are concerned about whether or not a poor credit history is going to affect your ability to get a good no deposit finance deal, keep reading.
Whenever you take out a credit card, or any sort of finance scheme like a loan or a mortgage, you begin to build a credit score. As most of us know, the general principle is that by having credit and consistently paying it back in a timely fashion, you improve your credit score. Naturally then, if you are late in making payments, or default on a loan altogether, you are going to build a bad score instead of a good one.
But in addition to late and of defaulted payments, you might actually have harmed your credit score simply by using a single credit card for everything. This is to do with a calculation called ‘utilization’ which aims to establish what percentage or the credit available to you is being used. Similarly, you might also have damaged your credit score simply by applying for too many credit cards or loans over short period, regardless of being otherwise fiscally responsible. This is especially true if you’d had only minimal credit history prior to that. Getting behind on mortgage payments will obviously also hurt your credit score, even though it might have been because of your partners financial situation rather than your own.
Regardless of the real life factors or technicalities, if you build a bad credit score, it won’t be long before the majority of lenders will not extend you any form of credit.
No! The good news is that there are still some lenders out there who understand that people are more than their credit score. What’s more, Car Finance Giant specialize in connecting them with people in more challenging financial circumstances – helping them not only find a way to finance their next car, but also to get the best possible deals on the type of car they want most. Our intelligent systems will cross refence your details with an extensive database of both lenders and dealerships in order to detail all the available options without the need for a credit check.
We are confident that we can find a no deposit car finance scheme for you regardless of your bad credit score. Allowing you to get your hands on a new car with no upfront costs at all. Perhaps best of all – by making regular payment on your shiny new car, you will actually start to improve that bad credit score that was holding you back.
While it’s great that your bad credit score doesn’t have to hold you back from getting the no deposit car finance deal you need, it might be prudent to look at other areas where you might further help your credit score to improve. Making sure you keep up with all other payments is key of course, but you might also want to review a credit report and look for any disputable items. If you have the means, you should also look for ways to pay off any outstanding balances on cards and loans at a faster rate as this could help afford you greater financial flexibility in the long run.
In the mean time though, don’t let a bad credit score hold you back! Car Finance Giant is here to make sure you get the car of your dreams though a manageable car finance scheme.