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How to Get a Bad Credit Binbrook Auto Loan

How to Get a Bad Credit Binbrook Auto Loan

Despite the world having changed beyond all measure, subjects like money, credit and bad credit are still something of a taboo for some. That can lead to people making poor decisions through lack of good information.


This came to light this week when one of our Binbrook car loan team fielded some questions from a customer around bad credit car loans. As part of our quest to make car finance and accurate information available to all, we are going to discuss how you go about getting a bad credit car loan.


What is a bad credit car loan?


A bad credit car loan is a specialist product designed to provide valuable finance to those with poor credit.


It doesn’t matter how you came to have bad credit. It can happen to anybody and it is often not even your fault. That’s why specialist products like this were created. To give a break to people who need it most.


What is bad credit?


Bad credit is a term used for those with a credit score lower than 600. The cause doesn’t matter. It could be for any reason, missed payments, losing a job, losing health, a family member, some bad decisions or whatever.


We don’t judge the person. We only judge the situation to make sure you can afford the car loan repayments and to ensure we don’t make life worse by securing you a car loan.


Bad credit doesn’t have anything like the stigma it once did. People have found themselves in tough situations for all kinds of reasons. COVID has taught all of us that no matter how comfortable we are or how secure we feel, life can change in an instant.


How can I get a bad credit car loan in Binbrook?


Mainstream lenders don’t usually offer bad credit car loans so you’ll have to work with a specialist. Our Binbrook auto loan team here at Northway Ford can help.


You will need:


  1. Documentation to prove ID, address and job
  2. Proof of savings if you have some
  3. Proof of income and outgoings (bank statements)
  4. A down payment or trade in
  5. An idea of how much you want to borrow


The more you can prepare in advance, the easier applying for the bad credit car loan will be.


Before you apply for a loan, check your credit report and make sure any errors are corrected. Check your score and bear it in mind. Get all your paperwork together to prove you can afford the loan and make sure you have evidence of income.


You can get a rough idea of how much you can borrow using a car loan calculator. It’s only an estimate but should give you a good idea of how much you could borrow and at what rate.


You should also save for a down payment if you can. A down payment reduces the amount of loan you’ll need and shows the lender you’re putting your own money on the line as well as theirs.


Once you have all that, contact our Binbrook auto loan team and we’ll take it from there!


When you’re ready for a car loan, get in touch with the Binbrook car loan experts at Northway Ford for great deals on auto finance.


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Categories: Car Loan

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