Most people believe that getting a car in this day and age is easy. But, the truth is somewhat different from the theory. It seems unless you’ve got a clean credit rating, you’ve little chance of getting finance for your future car.
When folks get declined for car finance, they feel they can’t get the car of their dreams. But, the good news is you’ve still got a few options available. Take a look at these examples:
Think about finance companies for people with bad credit
Can’t get standard car finance deals? If so, you should consider applying to a lender that specialises in people with bad credit. The pro is they can usually let you borrow the money you need. The only con is you’ll end up paying high interest rates.
Still, if the interest rates aren’t that much higher than typical car finance lenders, it’s worth following that approach.
Borrow money from the bank
Have you managed your bank account well? If so, think about approaching them for a personal loan.
Their credit scoring process might not be so exhaustive compared to other lenders. That can work in your favour if you’ve already borrowed from your bank before.
Speak to a credit union
Credit unions are organisations where their members offer personal loans.
The difference between them and banks is that they will discuss your needs with you in person. Banks just use computer systems to accept or decline loan applications.
Do some moonlighting
You could also think about increasing your total income.
There are millions of ways you can do that! And no; you don’t need to do anything illegal! Examples include bar work, affiliate marketing and web design.
Think about how you can make money by drawing from your strengths and skills. For instance, let’s say that you have a knack for restoring unwanted bikes. You can collect scrap models, repair them and then sell them on for a profit.