A great business opportunity has come your way, but you need a car – now! And you are struggling to get car finance because you have a low credit score. What to do? Rent-to-own is the ideal solution for you! And, the good news is that your credit history will not affect your application or ability to get a vehicle. You will even get the car at a very low interest rate.      

Trying to get car finance when you have a low credit score is difficult, at times even impossible.  This is what you can do, to improve your credit score and timely, in-full monthly payments for your rent-to-own-car is a good way to start.  

What is a Credit Score?

Your credit profile, on which your credit score is based, is a summary of all your transactions with financial institutions or retailers for the last 6 to 10 years. Your credit score is typically a number from 0 to 999, and the higher the score, the better your credit profile. This credit score measures a consumers’ potential risk to a creditor. It is even checked by potential employers.   

What are the Reasons for a Low Credit Score?

  • A credit history of fewer than 6 years,
  • Late or missed payments over the last 6 years,
  • Ownership of very few or no credit accounts,  
  • Court judgements or a record of insolvency, and/or
  • Account balances too close to your credit limit.

How can You Improve Your Credit Score?

To improve your credit score you must make all payments on credit accounts promptly and in full. A good way to maintain this discipline is to set up regular automated payments.  Contact your credit provider to set up a payment plan, if you have any difficulty in making your payments. Also, consistently reduce the balance on accounts that have reached their credit limit.   

Our Top Tip

You have the right to one free credit report annually. Get it from a reputable credit bureau. 

If you fulfil all the pre-approved criteria, have the initial down-payment and can afford the monthly payments, contact us by sending an e-mail or calling us. We look forward to helping you with a rent-to-buy car.