Speaking with many of my customers I know that the credit crunch is a long way from over. Some of my customers and some family friends as well have been struggling to keep their heads above water.
During a recent brain storming session I came across some unusual lines of thought, this took me down a path that I wouldn’t normally have followed.
You see recently a friend had problems getting a replacement car when his old one had to be scrapped. The problem was that like many people in the recent credit crisis the friends credit score was damaged. This meant no finance for a vehicle, that would mean no job because unfortunately with shift work there would be no public transport.
As it happened, this time, his mother helped out, but it got me thinking about other people who might not be so fortunate.
It took a while to research the right solution. I needed to find a company that had a range of quality used cars and a legal and responsible finance solution for people with a poor credit history.
Credit Score
There are several companies in the UK that are used to check someone’s credit status. Equifax and Experian are the better know firms.
One thing that many members of the public don’t understand is that every time they apply for finance that request is recorded on their credit file. If you are refused credit then each subsequent application within a set period of time has a further adverse affect on your credit rating.
As a result some people make life worse by applying time after time with different companies, each of which adds the line “Refused for credit” or similar to their file.
So how can you get transport?
A lot of the work we did during our research to find a company that would of been able to help my friend only highlighted the poor service and unfriendly companies or unprofessional companies that would be willing to lend money with APR rates well above 300% – a disgusting way to treat people who are desperate.
What was most annoying was the fact that the people who could afford vehicles easily got charged very high rates because they had a poor credit rating and were considered a risk based just on that score.
Good News
Eventually we did find a site that could help and because this company like to pre-qualify people with such care we have developed a relationship that allows us to act as a first contact agent to promote their service.
The criteria for being considered for vehicle finance is very simple:-
- Aged 18 or over
- Hold a valid UK Driving Licence
- UK Resident
- Employed or Self Employed
- Benefits accepted with proof
- Must not be currently bankrupt
- Can prove income with bank statements
- Minimum Earnings of £8000 per annum for single applicant Minimum Earnings of £12000 per annum for joint applicants
- Can afford at least £350 deposit
Best of all – NO CREDIT CHECKS
If you are looking for a quality used car with a 12 month warranty and MoT and you have been turned down for car finance then you should visit Can’t Get Car Finance today!
CTS North Wales 