Help Paying Back Bad Credit Car Loans

bad credit car loans

It is well know that bad credit car loans are available online. Car finance can be very confusing, this simple guide will help explain what your options are.

If you are the victim of taking on added money payments each month through a loan to buy a car even when you had bad credit at the start you do have options available to you.

We will discuss what you can do if you can’t make the payments each month to pay back your car loan.

If you are suffering serious money problems you can seek further advise here: moneyadviceservice.org.uk

If you are unable to pay your borrowing you do have options and there is help available to you, do not panic.

If you do not pay back your loan this is what is likely to happen next:

  • Possessions will be seized (if you have a secured loan)

  • Damage your credit score further

  • You may have to declare yourself bankrupt

  • Be issued with a county court judgement (CCJ)

  • Be charged an extra fee and possibly added interest for missed payments

Getting back on track can be quite easy in most circumstances.

You will be charged a fee for the missed payment and interest will be added on, so in turn your monthly repayments will go up.

We found a good UK broker, you can find them at https://www.1stclassloans.co.uk/

Should You Get Bad Credit Car Loans?

So you have bad credit and you want a new car.

Is it possible to get a loan if you have bad credit? Yes, and this is why you should be very careful.

You have a bad credit rating for a reason, right?

Before you go ahead and take any loan, please way up all your other options first.

Can you really make the repayments?

Just take the time to consider the extra stress this will cause you if you miss a repayment.

Missing a payment will mean you are charged extra fees and will result in added interest and more money to pay back in the long term.

If you have bad credit some lenders will not approve you anyway, but there are many out there that will.

bad credit car loans

If you have been rejected for a car loan due to bad credit you will have to seek the advise from specialist lenders.

Some lenders will not only accept you with bad credit but also if you have:

  1. Individual Voluntary Agreement (IVA)

  2. County Court Judgment (CCJ)

  3. Experienced bankruptcy in the past

Do you really want to put yourself under any further financial pressures?

Apply for a car loan online does not take long at all, and in the first stages will not affect your credit score.

Using a broker is a good option to get started, this way you can see all your options across the whole market and be under no obligation to take any of the quotes.

How to get car finance with bad credit

Bad credit loans are available for car finance.

You can fill out of quote form to discover some of the options available to you.

The form takes less than a few minutes to complete and is 100% confidential and secure.

If you have a bad credit score getting a new loan and keeping up the repayments will help rebuild your credit score.

This in turn will open up more financial loan options to you in the future.

So opting for bad credit car loans is not all bad, just be 100% certain that you can make the repayments you sign up for.

It’s also possible to get one of these loans if you are self employed, although the process could take a little longer to complete.