Nowadays you see a lot of people advertising Bad Credit Car Loans or Poor Credit Car Finance, but what does it really mean? And who will qualify for this?
Most of the time, when a finance company talks about ‘bad credit’ they are referring to a low credit score or poor credit report, but all finance companies definition of bad or poor will vary!
Why will I have a low credit score?
Your credit score is affected by many things but the common ones are;
• Credit defaults
• Past repossession
• Bankruptcy or No Asset Procedure
• A high volume of credit enquires
So which factors are the most important?
Well, they are all considered together and different combination can results in different outcomes.
As a guideline, Community Financial Services can help you arrange car finance even if you have had a few credit hiccups in the past.
• If you have had small defaults to things such a gyms or the power company we can often get you pre-approved for a car loan.
• If you have larger defaults, but they are paid or you are paying them off we can often get you pre-approved for car finance.
• If you have a high number of credit enquires, but no defaults or repossessions we can often get you pre-approved for a car loan.
Still not sure if you qualify?
Remember we are here to help, and where possible we will try our hardest to get you approved for an affordable car loan.
Why not complete our online car finance application form here!