Nobel Finance Sydney – Money Matters Newsfeed

by Noel Clarke 

There are not many people in this world who do not get excited by the prospect of buying a new car. This excitement can sometimes be deflated by the whole finance thing. If your credit history is not so good, or basically non existent, then you may need to find a bad credit car loan.

The fact is buying a car for most people is one of the biggest purchases they will ever make. Owning a car is kind of like a right of passage for a lot of people, and definitely a sign of “coming of age” for most teenagers. Let face it , we all need a reliable car to get around, and most of us would rather drive a nice new or late car than an old bomb. But nice new or late model cars are obviously a lot more expensive than old cars, and that means that most of us will require some sort of finance. The problem is that if you have a poor credit history, or have not had time to establish a good credit record, then its going to feel like the whole financial system has it in for you. Unfortunately many banks and most financial or lending businesses do not look favorably on people with no or bad credit history’s.

But before you decide to give up, bad credit finance is available, be it a bad credit personal loan, or in the case of buying a car, a bad credit car loan.

A point to bear in mind, is that quite often the bank will be more inclined to grant you bad credit finance on a newer vehicle, due to it having more value if the bank should need to repossess it.

There are lenders out there who specialize in bad credit finance, and who will be able to furnish you with a bad credit car loan.  When considering bad credit financing, it is advisable to shop around and do your homework, because the interest rates offered can vary quite significantly between the various lenders. A finace broker is the key here. They know the market and know which lender would be able to help you. The most important thing to remember is not to go filling out applications all over town. The more enquiries you have on your credit file in a short time, the less likely you are to get approved. Use a finance broker to apply once and get the loan. 

When buying a car, some things to keep in mind may include. If you are planning to buy a used car, get a friendly mechanic to give it a once over. Keep in mind additional costs such as insurance, registration etc. And most importantly, to enjoy the pride and freedom that owning your own car creates.