Guaranteed Car Finance

Many of us have had times in our lives when we have struggled financially 
and have been unable to pay bills, meet the repayments on a loan or 
struggled in some other way. This can often make a dent on our credit 
history as lenders can pass on your details to a credit reference agency. 
When you next apply for guaranteed car finance, the person you are borrowing from will
probably check your credit rating and base their decision on this. Even 
if your county court judgement or missed payments were years ago these 
can still affect your chances of getting finance from a company.

Of course everyone’s situation is different however, and one good thing 
is that usually the fact that you can secure your loan on your new car 
can help your chances of getting the credit you need.

There are other ways that you can help yourself to get guaranteed car 
finance. It literally means you have to set about proving that you are 
in a stable, financial position to be able to pay back the money you 
have been loaned.

The first thing you will need to do is show your potential employers 
a copy of your latest bank statements. Usually they look back over a 
period of six months. They will be looking to see whether you have 
been charged bank fees or gone over drawn. They will also be looking 
at when your wages are paid in and how long these actually last in 
your account. Your potential lender will want to make sure that you 
have the means to pay back the money you are borrowing.

Being in a steady job can also help your chances of guaranteed car 
finance. They look favourably on you if you have been in your current 
job for more than six months. They also check your employment history 
for the past three years. This will give them a good indication on 
how stable your employment is and how likely it is that this will 
continue, because at the end of the day you are going to find it 
very difficult to pay back the money you have borrowed if you are 
unemployed, so your creditors will not want this.

If you have a dented credit history, showing willingness with a 
deposit is also a good move. If you can pay something like 15% 
deposit out of your own (un-borrowed) money, then this goes a long 
way with credit company’s and can improve your chances of getting 
crediting.