Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk
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Representative example: £500 borrowed for 90 days. Total amount repayable is £672.60. Interest charged is £172.60, interest rate 140.0% (variable).
You may think that you are out of options when you need to finance your car, but you have bad credit. Although in the past, it used to be harder to find bad credit car finance options, but today there are more lenders available to fund borrowers with low credit scores.
NowLoan can help match borrowers with over 40 lenders for the best rate quotes possible. Even with low credit scores, there is sure to be a lender to match your needs. It can be time-consuming filling out applications on lenders’ websites and making phone calls. NowLoan makes it easy for you. All you need to do is fill out our online form. We use special software to find lenders that will accept your application and we provide you with their rate quotes within minutes.
Compare car prices, not monthly payments. Be sure you’re getting the best price for your car whether it is used or new. Do your research and find the going rate for your car. Sometimes car salesmen will make it confusing by wanting you to look at monthly payments instead of the overall price. Be sure you know exactly what the car is worth, and what you are paying.
Compare loan rates. Once you know your car price, you can shop around with multiple lenders and compare rates. After all, even one percentage point in your loan rate can make a big difference in how much you end up paying over the life of the loan. It’s important to shop for rates even when you have bad credit.
Avoid multiple hard credit pulls. Yes, you want to compare rates, but you need to be careful of applying for several different loans on lender websites. They may do a hard credit pull, which can show up on your credit report and bring your score down. What can you do to avoid hard credit pulls? You can apply with NowLoan. We allow you to shop around for quotes without affecting your credit score.
Compare different loan terms. You may find you can get a lower rate on financing your car by taking out a loan with a shorter repayment term. However, you need to be sure you can afford the monthly payment. Even though you are paying less in interest on a shorter-term loan, you will have higher monthly payments.
Don’t think that you don’t have bad credit car finance options available to you. There are options out there. By comparing multiple quotes with lenders that accept your application, you can get the best possible loan rates available. NowLoan will increase your chances of finding lenders by letting you shop around with only filling one form. It’s no cost to you and it won’t affect your credit. Try NowLoan today.