Buying a car with bad credit: What you need to know.

Buying a car with bad credit: What you need to know.

By | 2013-05-06T10:44:59+00:00 27 May 2013|Vehicle finance|

When you’re looking to buy something as expensive as a car and you have bad credit, the banks will convince you that there is just no chance of it happening – but they’re wrong! Many people who need cars get turned away because of their strict qualifying criteria, but they aren’t the only people you can turn to for financing. Here’s what you need to do:

  • If the banks have turned you away for having a bad credit history, you should find a debt counsellor who can help you consolidate your debt and work out a manageable repayment plan that suits your needs and income. It’s impressive what these people can do to help you get back on your feet, so don’t hesitate to give them a call.
  • Draw up a plan to start saving. Growing your savings is difficult even in the best of circumstances, but you’ll need to have a down payment of some sort if you want to get a car.
  • Get pre-approved by Earn-a-Car. Their criteria for approving clients for cars are nothing like the bank’s, because they are essentially renting the car to you instead of giving you financing. By driving the car you choose, you earn money for every month you complete. That money goes towards buying the car that you’re renting or (if you need it for other expenses) you can spend it how you wish. This system also means that you can get the car you want for less money than the bank would ask for, which is great on your pocket as well!

Why should you choose Earn-a-Car if you have bad credit?

The best reason to choose Earn-a-Car’s solution is because their rules for approval don’t include a credit check. Your bad credit won’t affect your options at all, so you can go through their process confidently knowing that you won’t be rejected because of your credit history.

By earning your car, you get to use your car as soon as you have passed the approval process. If you meet their simple criteria, you are guaranteed to have your own set of wheels in less than 24 hours – and that’s a lot faster than the banks can manage it!

Because of how these programmes work, they will also help to positively affect your credit rating. By paying off your car on time and with the right amount of money, you are improving your credit history with every month that you stick to the programme. This will help you start to be able to qualify for other credit again, from credit cards and store cards to home loans.

Don’t let your bad credit hold you back from achieving independence and moving forward – contact Earn-a-Car today!