Having a car is a necessity for most families. It just makes everything easier; whether you’re driving the children to school, doing the weekly shop or visiting the in-laws, having a car gives you and your family the freedom to live flexibly.
Owning your own car can be costly, though, and if you’re worried about your credit score you may be put off from pursuing that perfect family car. If you have bad credit, are unemployed, or even if you are self employed, you may have found obtaining finance difficult in the past.
Luckily, there are many ways you can buy a new family car, even if you have bad credit, are self employed or out of work. Here are some tips to help.
Find out your credit score
When you apply for finance from any kind of lender, they will look at your credit report to determine if you are a risk to lend to. If you have a high credit score then your application is likely to be accepted. If you have a low credit score, and you have missed payments, CCJs, are unemployed, or have ever been made bankrupt; it will show up on your credit report and may put lenders off.
Many lenders have specific requirements and your application will be looked at with those requirements in mind.
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If you know your credit score, you will be in a much better position when applying for finance as you can work out what you are likely to be entitled to.
Don’t presume you can’t afford it
The truth is, there are so many deals around that the majority of families can afford a car, and in many cases, a new car. If you are not sure if you can afford a new car, look into the types of finance deals available and work out how much you can afford to pay per month. A car loan is like any other monthly payment, and if you include it into your monthly bill budget, you will be able to work out how much you can afford to pay. This will also help you to narrow down the search process.
Choose a budget and stick to it
Choose a budget and make sure you stick to it. When you choose your budget, don’t forget to include interest rates and any extras such as insurance and tax costs. Cars are expensive and you will be paying for more than just the initial vehicle cost.
Another tip is to factor in fuel costs; if you work out the maximum you can pay on a car each month, this can help you to determine the kind of car you want to buy.
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If you want to pay less for fuel, for example, it would be wise to look for an economical car with low running costs.
Apply for bad credit car finance
If you have a low credit score, it could be difficult for you to obtain finance. Stoneacre Motor Group’s financial arm Stoneacre Financial Services offers bad credit car finance to those who have bad credit, CCJs, or have been made bankrupt.
It’s important to remember that though you have bad credit, you can still be eligible for car finance, and companies like Stoneacre will help you to obtain credit so you can buy a family car. Lenders who work with bad credit applications understand that you are more than your credit score, and will look at your overall circumstances to grant your application. As long as you can pay the monthly repayments, then getting car finance is possible no matter what your credit history.
Research special offers and deals
Many dealerships offer special offers and deals all year round, so it is a good idea to keep your eye out for these. Holiday periods such as Boxing Day deals are perfect for getting a good deal on a car, and any money saved is a bonus.