Bad credit is always something one should watch out for. Bad credits can deprive one of the loans and other financial support. But recently, many companies have started to provide car loans for consumers with bad credit history. Bad Credit Car finance is a boon for people who have a bad credit history. One may have bad credit for various reasons, often youngsters who are unable to pay their student loans end up with a bad credit history. It can be easily solved as there are a lot of companies that provide this service. It might sometimes be overwhelming to understand about Bad credit car finance, one needs to know all about bad credit car loans before considering it. So here are the answers to all the common questions or queries about getting a car loan even while having a bad credit history.
Can you buy a car with a bad credit history?
Many people think it is impossible to apply for a car loan with bad credit history. But it is possible, and it is relatively easy. The process is simple and the requirements are basic. Buying a loan is one’s right, and bad credit history must not be a constraint for it.
Is my car applicable for the loan?
One can find a loan for almost any car out there. It includes cars, caravans, four-wheeled drives and utes. The loan is also applicable for boats and campervans. It covers most of the commuting vehicles. It is ideal if one is planning to buy wheels for the family.
What are the eligibility criteria?
There are mainly four criteria involved in buying a loan with a bad credit history. They are:
- One is needed to have a regular source of income.
- The loan limit must be between $5000 to $750000
- The applicant’s age must be above 18
- One must provide the details of one’s credit file or discharge from bankruptcy.
All these criteria are basic and can be met quite easily.
How long does it take to get approved?
Many are turned off by loans due to the amount of time it takes to get one’s loan approved. It has been a problem that has been plaguing the finance sector for ages. But getting a car loan nowadays is easy and time-efficient. The same goes for car loans too. The loans are sanctioned within 48 hours of application submission.
How long is the loan term?
Loan terms for most car loans are between five to seven years and the same goes for Bad Credit Car finance. They follow most of the same protocol as traditional car finance.
How flexible is the loan payment?
Flexibility in loan payment is quintessential. A person can’t pay the dues on the same day every month. It is also difficult to pay the same amount every month because the expenses and income may fluctuate. This concern has been addressed by the finance firms. They provide a flexible payment scheme for easy payment. It is a great option that everyone must make use of.
Buying a car is a necessity in this era. And one’s bad credit history must not be a factor stopping one from buying a car. Car finance firms that provide car loans even for people with bad credit history is a step forward in giving the right to the consumer to buy a loan without any limitations like credit history. Buying something one loves is always a great feeling and, everyone has the right to feel that way. Experience the joy of riding without the worry of a bad credit score. Drive safe and drive responsibly.