Finance Options: Don’t Let Poor Credit Stop you Getting your Dream Car

by admin on August 22, 2017

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For many car buyers, paying for a car outright just isn’t an option. That is why finance has become more popular over recent years, as it gives buyers more flexibility when shopping for their dream car.

Knowing the best finance deal for you can be a stressful endeavour, especially if you have bad credit. We’ve outlined the finance options available for those who feel like bad credit may hinder their search.

Understanding Car Finance

If you choose to pay for your car with a Hire Purchase agreement, you will normally pay an initial deposit followed by monthly instalments to pay off the entire value of the car. When all the payments have been made, the Hire Purchase agreement ends and you own the car.

On the other hand, Personal Contract Purchase (PCP) is a type of long-term rental that will suit you if you’re not looking to buy the car at the end of your contract. You lease the car for an agreed period of time by making fixed monthly payments. Please note that these monthly instalments are only paying off the depreciation of the car, rather than the entire value of the car.

With both Hire Purchase and Personal Contract Purchase options available, our car finance service is designed to be as flexible as possible. Our expert staff are on hand at our dealership to discuss the plan that’s best for you and talk you through all your options.

Do you Qualify for Car Finance?

Typically, a lender will consider the following things when you apply for finance: your past credit good or bad, your overall credit ‘profile’ which assesses your employment and duration at your current address. By combining these elements, the lender can then determine your ‘credit rating’ which will impact your options as a buyer.

If you’d like to know if you qualify for car finance on an Eddie Wright vehicle, complete the brief online application at a time convenient to you by clicking here. One of our specialist customer service team will be happy to look at your application and answer any queries you may have. We will help you secure a credit limit that fits your ideal monthly budget, and then you can visit our dealership to test drive a selection of cars that you already know are affordable and suitable for your individual needs.

Overall we offer great value and versatile payment solutions to all customers. We have access to 14 various lenders, giving us the ability to offer the full range of used car finance options on all the models at our Lincolnshire location. No matter your budget preferred payment plan, we’re here to get you off the forecourt and onto the road.

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