I f You Have A Poor Credit H istory Can You Get Guaranteed Car F inance? It is wrong to think that because you have had a problem with credit in the past that you can no longer obtain a loan for a car. This article explains how you can use guaranteed finance to do it. Having your personal car to ride around in is probably the most important thing for an adult to have, other than food, clothes and shelter. Moreover, not having a car can actually affect your life in ways unimaginable. You can expect yourself having to take public transportation all the time, even though there is nothing bad that, but it wastes a lot of time. You will lack the freedom and ability to get anywhere at any time. In addition, over the last few years more and more people have been forced to give up their personal mode of transportation because of the financial crisis. The sudden drop in purchasing power combined with accumulating debt has made it difficult for people to live in the same way before the recession. Another problem that has become more prevalent is that of bad credit rating, which actually effects people in more way than one. However, recent financial institution policies are moving towards making it easy for people with a bad credit history to once again own their own car through guaranteed car finance. Traditional car finance is much like other types short-term loans, in which only small amounts of money are handed out to keep the risk low. However, guaranteed car finance will not get into scrutinizing each detail regarding your credit history. Even though there are a lot of stories out there regarding how guaranteed car financing is mostly a ploy to trap you into paying extremely high interest rates, it is very likely that you might actually be able to buy yourself a car using this type of financing. In reality, guaranteed car finance ensures that you will pay reasonable interest rates and will have a very high success rate in your endeavor to buy a car. Moreover, you do not even need to have a credit history to be eligible. In addition, if you happen to have a poor credit history it is totally up to whether or not you want to disclose this information to the financier. Many people who are weighing their options usually ask whether this is the right type of financing. While some people will no other options available, others are also advised to consider this as a serious contender. The notion that guaranteed car finance consists of high interest rates is a major misconception and in actuality is very close to market rates. However, it is important to keep in mind that it is completely possible that two people applying for this type of loan can have varying interest rates, which would be determined on how bad each of their credit history is. More importantly, not all institutions that offer this type of financing will overlook your credit history and will take a brief look at it, but will not base their decision on this aspect entirely. Once again, like most other types of loans, your ability to repay the loan will have an impact on the loan amount and interest rate. In conclusion, it is still a great option that more often than not will help the majority buy their own personal car.
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