Here is How You Can Get Car Financing on Bad Credit

 

Contrary to popular belief, just because you have bad credit doesn’t mean that you cannot get a loan for your car at all. The state of your credit history is usually a matter of opinion, and if your score is just touching the border, some lenders might still be willing to help you finance it.

There are ways to ensure you can get car financing such as:

Get to know your credit score and report

The first thing you need to do is be absolutely familiar with your credit report. This measures your creditworthiness, but that does not mean it tells your whole story.

There are a number of factors that go into calculating credit report, such as your payment history, how long your credit history is, the type of credit you have, and whether you have new credit accounts etc. If there are some missing payments, then you need to note down why they were missed in the first place. This includes searching for errors and reporting any you find.

If you know why your credit score is low in the first place, you can easily take steps to improve it. One of the measures you can take is pay off all of your credit cards and be prepared with documents to explain to lenders why you missed payments. Job loss or medical expenditures can be used as leverage, if they are true of course. The loan officer will ask for documentation as proof of either.

Take care of pending payments and shop around

Before you decide to shop for a loan, you should enhance your credit score by paying all of the bills you have pending on time and least all for the last 6 months. Even though this might not have a significant impact on your credit score, it will show lenders that you are serious about mending your report. This will go a long way in helping you get the loan you need.

Even if one lender rejects your loan request, not all of them will. Some might see it in a positive light. So make sure that you shop around before finalising a lender. If you are a young driver with a negligible credit history, this can be easier to do, but if you have ever been bankrupt or laid off for some time, then getting car loan financing can be challenging.

Driveaway Autos keeps to its namesake so we can help you get UK car finance for bad credit. We have many years’ of experience financing cars for all manner of drivers and will help you through the process.  Just because you have suffered in life does not mean you were irresponsible.

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UK Car Insurance Myths Demystified

Having motor insurance gives you peace of mind that whatever happens to your car, you will be covered to a certain degree based upon what kind of policy you have. However, most people become wary of getting insurance as there have been a lot of myths going about car insurance that may cloud your judgment and keep you from making a well-thought-out decision.

Myth #1: A comprehensive policy covers all vehicles that you drive

While this may be true with some policies, the majority of insurance companies do not provide this kind of flexibility in their insurance. Coverage for driving other cars also depends on a number of factors, such as the insured person’s age, occupation, and other factors.

Myth #2: Third-party coverage is less expensive than a comprehensive policy

Third party, theft, and fire or third party only insurance may appeal to most people because it appears to be a cheap option. However, in reality, a comprehensive policy oftentimes is available at cheaper rates. It is best to compare your options thoroughly before you decide that a comprehensive policy is not for you.

Myth #3: Dealing with an insurer directly is always cheaper

Most people think that by cutting out the broker or any other middleman, they can save a few extra pounds on the fee for their services. However, insurance has become a fully-fledged business industry and insurance agents are ready to sell you everything they have to you to earn more money. On the other hand, when you consult a middleman, they help you identify different insurance options and choose the best one for you, from the right company.

These were just a few myths surrounding car insurance. For more information about your car insurance options, you can find out all you need to know at Driveaway Autos. We also provide services for UK car finance for bankrupts as well as car finance on bad credit history.  Get in touch with us today to discover your motor insurance and financing options today.

Our Customer Care Promise

We are regularly praised by our customers for the customer care that we provide.  It is second-to-none.  Our customers love the fact that we keep the paperwork simple and brief and, after discovering their preferences we email them a choice of cars that exactly fit their budget and tastes. You will receive images and a write-up on the cars’ specification so that you can make an informed choice.  You will also know that if you have any questions they will be answered fully, politely and promptly by our Customer Care Manager.  You’ll drive your car away knowing that everything is in place for years of carefree driving!

 The Added Benefits

DriveawayAutos’ car finance is offered with many other added benefits. For example, when you obtain car finance from us at DriveawayAutos to buy one of our cars, you can count on receiving a fully-serviced vehicle with 12 months’ MOT. These benefits add value to your overall car purchase transaction that is often not available with some other car loans.

You will also have complete peace of mind because the car you purchase from us will carry the highest level of guarantee from Autoguard, one of the most respected companies offering car warranties today.

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How To Recover From Bad Credit

 

 

 

When you apply for a loan such as one for a car for example, your credit score is the first thing banks ask for. This number helps them determine whether you are an eligible candidate and which interest rate would suit you. However, all is not lost if you have bad credit. The following are some ways you can recover from it and get that loan easily.

Reduce your credit utilisation ratio

Your credit utilisation is an important factor in your score. As a rule of thumb the more credit you have each month, the worse your credit score will be. The ratio can be improved via 2 ways. You can start paying off your highest level of credit which means keeping balances lower. Pay multiple times a month if it is allowed, to bring your credit score up to the mark.

The second thing you can do is get a higher credit limit. This will reduce the ratio but only if you don’t indulge. That means you need to cut down on your expenditure significantly. If the limit is raised, only use it if you know you will not be spending as much. However, if your issuer does not offer this and you ask for it, you might find yourself at the end of an enquiry which might damage your chances.

Catch up on pending payments

Your credit score is mostly affected by your payment history so if you are behind on payments, it will show on your score. To remedy this, you need to update all of your accounts or work out a payment plan with your creditors if you cannot afford to make those payments yet. If you choose the second course, be completely honest about your finances with your creditors.

This includes letting them know how much you can pay and come to an understanding that satisfies you and the other party. That is the best way to improve your standing with them and reassure them you are going to deliver on your promises.

Pay bills on time

Once you have your credit situation sorted out, start by paying all of your bills on time. This includes utility bills you might have delayed too long, or rent payments. Since your payment history will be judged, ensuring that it creates a reliable pattern is essential for future stability. The worst thing you can do when you have worked out a way of improving your circumstances is to miss more payments or pay late. Automatic withdrawals are an excellent idea as they prevent late payments.  Even if you forget to make the payment, the money will be paid on time for you.

If you have had your car loan rejected just because you got into a spot of trouble with your finances, come to us at Driveaway Autos. We are one of the UK’s sub-prime car dealers and it only takes 60 seconds to apply for a car with us. We help clients with poor credit ratings buy the car they want with the finances they need to buy it in full. Apply today and get a decision from our financial analysts within 24 hours. Or call us on 01733 367727.

Apply for car finance for your new car from us today.

Click here, www.driveawayautos.co.uk to complete the application form in just 60 seconds.
Or,
email us at enquiry@driveawayautos.co.uk.

You can also call us on 01733 367727 for a friendly, helpful service.

No question is too trivial!

Please share this information with friends on social media.

 

How To Claim Employment and Support Allowance

 

We Help You Out!

 

ESA or Employment and Support Allowance refers to a benefit that aids people who cannot work either due to a disability or a debilitating illness. There are basically 2 types that you can claim namely Income and Contribution based ESA.

The latter is taxable and you can acquire it if you have enough National Insurance Payments and you can pay the latter if you don’t have an income or low income to support yourself. Income based ESA does not require insurance payments and it is not taxable either.

The ESA is beneficial for those who are unable to support themselves by offering financial support and personalised aid to help you get back on your feet with appropriate employment. You can also apply for it if you are self-employed and employed and you can also be transferred to it if you are benefiting from Income Support.

 

Claiming ESA

The fastest way to claim this benefit is via phone and the numbers you call will depend on the type of Employment and Support Allowance you need.  You can contact the contact centre for the aforementioned claims.

Fill out the form and submit to your local Job Centre to get the process started. Or you can just call the contact centre and ask which other formats can be used. Common ones include forms with larger print, braille and audio. In order to claim any of these you need to be at least under the State Pension age or have a disability or illness that prevents you from working to support yourself. In addition, you cannot claim this benefit if you are already claiming:

  • Income Support
  • Sick Pay
  • Jobseeker’s Allowance

If you have savings amounting to more than £16,000, you are not eligible for ESA either.

In order to prove your eligibility, you need to undergo a medical examination called a Work Capability Assessment. As the name implies, this test will determine whether your disability or your illness is serious enough to prevent you from working. If you are not considered fit for employment, you will be entitled to this claim.

Once you are, you will be placed in either the support or the work-related group depending on your ailments. Those who fall under the former are excused from the benefit cap and those in the latter do not get as much money in the hopes that they will eventually return to the job market and start supporting themselves. If this is not done within a specific time period, the money will be reduced for a certain period of time.

If you can claim ESA, you can also claim other benefits such as Council Tax Reduction as well as housing benefits and get aid for covering your health expenses.

 

If you have a credit score that has seen better days, you need a car to take you from one job interview to the next. Driveaway Autos provides car financing in the UK for those who are facing financial issues and cannot get a loan from elsewhere. Applying takes just 60 seconds on our website so apply today for a bright future.

Apply for car finance for your new car from us today.

Click here, www.driveawayautos.co.uk to complete the application form in just 60 seconds.
Or,
email us at enquiry@driveawayautos.co.uk.

You can also call us on 01733 367727 for a friendly, helpful service.

No question is too trivial!

Please share this information with friends on social media.

 

What you need to know about car financing in the UK

 

 

 

UK car financing for new drivers is applicable if said driver is at least 21 years of age and lives in the UK.

If you wish to apply for financing for a used or even a brand new car in the UK, you need to provide a number of documents and information as proof of your identity. The car loan officer you visit will also look up more information about you from third parties before finalising a deal. This includes checking on employment references from past employers to ensure that you are eligible for the loan.

The finance company will also ask for some credentials and personal information on the finance application you must complete. This will include the specific details of the car you need along with the exact amount you will deposit for monthly payments. Once the application has been approved, you will need to provide a proof of income to confirm that you can make said payments without reneging.

You will also need to provide some personal information to confirm your identity. This will include your full name and any name you might have had in the past along with your date of birth, residential status i.e. whether you live at home, with your parents etc, along with complete address history for the last 3 years at least.

Once you understand the type of financing you are applying for, take the time to read every quote and offer in the contract you are given. This should be done before you commit to anything and make sure you understand all of the terms, conditions and obligations. All financial quotes should be in writing as well and this is in fact a FCA requirement. The agent you deal with should give you a complete and accurate quote for the vehicle you choose.

A quotation that is FCA compliant should give a detailed breakdown of all of the charges, fees and the total cost you will incur when borrowing. You should also be given Pre-Contract Information along with Adequate Explanations which will give you a snapshot of what exactly you are signing up for and agreeing to.

In other words, before signing on the dotted line for a car loan, make sure your rights are being respected and none of your queries is left unanswered. The car loan officer should have your best interests at heart so that you can acquire a deal and car that can fulfil all of your needs.

Driveway Autos has more than 20 years of experience helping clients like you who have suffered in life and have a bad credit history, ccjs or bankrupt status. A car can do wonders for your self-esteem and will ensure you do not have to rely on others any longer.  So, apply for your car finance today and see what you have been missing out on.

 

Apply for car finance for your new car from us today.

Click here, www.driveawayautos.co.uk to complete the application form in just 60 seconds.
Or,
email us at enquiry@driveawayautos.co.uk.

You can also call us on 01733 367727 for a friendly, helpful service.

No question is too trivial!

Please share this information with friends on social media.

Find us on Facebook and see the fantastic range of cars that we have been selling lately to our very happy customers!