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A friend of mine recently tried to get car finance. He's in a good job, no real credit problems. He has an overdraft and a credit card, but no real problems there either. He needed a car because his old family banger had finally given up the battle to remain in one piece, and with a new baby he needed a more reliable mode of transport. He'd found a great family car at a dealer nearby, and went to his bank for a car loan. They turned him down. When he asked why, they gave him almost no information, but hid behind that hackneyed excuse that their decision was based on his credit history. He had a look at his credit file, and noticed that whilst his current circumstances were good, there was still information relating to his redundancy experience almost a year ago. Like many people, when the economic bubble burst about a year ago, his employer suffered and was one of the first to go bankrupt. This left my friend with no job, and sadly, no redundancy pay either. One day he had a good job - the next he had no job, no income and no real idea what to do. Although his CV looks great, he has a wealth of experience and expertise, so many people were losing jobs, scaling down, tightening belts and being as conservative as possible, getting a new job couldn't have been much more difficult. Four months went by during which he had no income, and survived using up his savings. Unfortunately he had to prioritise, and food and mortgage payments came first, with store cards, overdrafts and credit cards coming a poor second. He received some pretty nasty letters, but couldn't do much about it. Fortunately he got a new job at last, and has been doing very well. He's paid off the bills and debts and got things going nicely. Unfortunately, his credit history shows a large number of missed payments and defaults, and one company that managed to get the problem as far as a CCJ. It wasn't just employers and employees who were panicking when the city collapsed - credit card companies and finance companies were pulling in whatever they could, as quickly as they could. Anyway, through diligent hard work he put the experience behind him, and had largely forgotten it with a new family taking up much of his attention. Except that when it came to buying a car and looking for car finance, it seemed that the finance companies were not so forgiving. His bank clearly paid more attention to a temporary problem in the past than the fact that he had managed to successfully recover from it and got things straightened out well. My friend decided to forget the bank and visit the dealer himself, looking to get car finance that way. Although the bank would probably have been cheaper, he decided that his need for a family car was greater than an extra one percent on the car loan. Everything seemed to go well until it came to sorting out the finance itself. He was declined. The car dealer couldn't say much except to say almost word for word the same thing as the bank - it was his credit history once again. His next stop was one of those guaranteed car finance companies - the ones that offer bad car finance - car finance bad credit arrangements for those who were in his sort of position. The irony is that a year ago, when he didn't need such a deal, he would probably have qualified easily. But he was turned down, almost certainly because such car finance companies were being very much more cautious than they used to be. He approached another company that offered guaranteed car finance, and all seemed to be going well until he realised that there was a catch. Whilst the finance company said that there was no problem with his credit history - they weren't too bothered about seeing it apart from to confirm his identity - they would only permit him to use the car loan to buy one of their own cars from their own showroom. The showroom turned out to be a small, windy car park which contained a few dozen second hand cars. He wasn't even allowed to choose one - they selected three and he had to choose one. He walked away. However, there is a happy ending to this tale, as he is now driving his family around in a fantastic car that suits them perfectly. He managed to find a company called CarLoan4U.co.uk that was able to balance the best of both worlds - cheap car finance that was also guaranteed car finance, yet without the catch. He could use the car loan to buy any car from any dealer - which is precisely what he did. If his problem sounds familiar - don't give up. Help is out there - you just need to know where to go.
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Car Finance | www.carloan4u.co.uk | Car Credit Finance
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