Financing the purchase a far, whether it’s new or used, can prove difficult especially in challenging economic times. The problem with new cars, of course, is that they cost considerably more than second hand ones and their value depreciates as soon as you sit behind the wheel for the first time. Second hand cars are less expensive and they retain value better. What’s more, you can even enjoy access to affordable loans even if you have been refused car finance elsewhere.
A poor credit rating is the most common reason for being reused car finance although it may be that you have applied to borrow more than the lender is willing to offer. Poor credit, though, can come about for a variety of reasons. Missed payments, defaults, and CCJs, in the past, will lead to damage to your credit rating and this will make it very difficult for you to be accepted for credit.
With unemployment on the rise and people being forced to take lower paying jobs, this can be another cause for being refused car finance. You need to have and be to shoe that you have a regular income in order to borrow the money you need to purchase a car. Lenders will typically ask for details of your income and expenditure to determine whether or not you can afford to make the necessary loan repayments.
If you have been refused car finance there may still be an option that will enable you to purchase a car. First, ensure that you are looking at cars of a suitable amount. Don’t look to spend too much because not only will it become difficult for you to meet the payment arrangement necessary but you will also be less likely to have your application accepted.
There are specialist lenders and car loan companies that deal primarily or solely with people that have been refused car finance elsewhere. These lenders can help you secure the capital that you need to buy a car. They can offer acceptable repayment terms so that you can afford a decent quality car without having to sacrifice quality in order to find a new vehicle.
PowerLease.co.uk
offers extensive financing options. If you’ve been refused car finance elsewhere, contact us today to see if we can help you purchase your next vehicle.
