Bad Credit Car Loan No Credit Check Finance
A bad credit history as well as being self employed makes it problematic when attempting to buy or lease an automobile.
Seriouslybad credit car loan bad credit problems are met with much frustration when trying to be approved for financing, refinancing or leasing agreements and in today’s economy the stress runs high. Banks, dealers and other lending institutions have become stricter with their requirements and are adding fewer subprime loans to their logbook.
The average car dealer in the UK regions of Leeds, Liverpool, London, Manchester and Birmingham and all over the US are competing and are more willing to take on and add a high risk loan Bad Credit Car Loan No Credit Check Finance
in the log book to stay in business.
People who fit into a sub prime status can expect to pay higher interest rates; however, the more prepared you are with some type of down payment as well as decent credit score the lower your APR is likely to be.
If you have missed payments found during a credit check you may need to guarantee your finance contract with a larger deposit. Fast and instant no deposit loans are often reserved for good credit or with substantial collateral.
More serious credit problems such as a default on a prior loan, bankruptcy or even CCJ (county court judgment) will be considerably more difficult to obtain a loan if a credit check is performed.bad credit car loan no credit check
For such persons a no credit check loan is advisable as well as an IVA (individual voluntary arrangement). Rather than resolve to simply pay cash for a cheap used car or Van, use that money as a down payment on buying or hire a new BMW, Audi, Vauxhaul, Ford or Mercedes through a no credit check loan with down payment. Keep in mind, the rate will likely be high so weigh this when making your decision.
It is also advisable, if you fear you will fall behind on your current auto loan, refinance that loan to adjust the length of the agreement, lower the payments and in this way you are guaranteed to cause no more harm to your credit by missing payments or defaulting on your financial contract.