- In Motoring matters - The workings of vehicle finance, Scary scores - Credit scores and your finance
Car finance has come along way in recent years. As has the credit scoring system – a reflection of your financial history that is available for all potential lenders to view.
You are probably quite aware if you have a default on your credit file – it may be a simple phone bill that you had been in dispute over, or it could be something more serious, such as a financial default for a loan or credit card from years ago.
This does not mean that all hope is lost, and that even though you have learnt from your mistakes, that you wont be able to get a car loan. There are a variety of options available for those in this situation, and you could even qualify for an interest rate that is no higher than a regular personal loan. (Yes its true that car finance rates are much lower than personal loan rates, however this is still quite a rosy option for those whom thought they would never get a loan, whilst their credit file is blurred).
Yes, even with poor credit history, there are still options available for brand new businesses, whom don’t have any inch of financial statements available, to purchase a new or used car under finance.
To find out more, talk to us at Bee Finance Savvy, on 1300 140 554.
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