There are many different kinds of car finance deals available. However, in the past couple of years getting financing for a car has become far more difficult than it once was. The credit crunch has led to banks and other financial institutions being far more careful about whom they lend money to and for what reason. Even someone with a relatively good credit rating and a steady job can struggle to get financing for a new or used car. However, if you know where to look it is possible to find finance and it is even possible to find some good deals.
Finding Car Finance Deals
If you have a relatively good credit rating, it is well worth at least speaking to your bank and other financial institutions about a loan. The worst that can happen is that they say no.
If this is not really a viable option speaking to the car dealer or garage you are planning to buy from about the car finance deals they have to offer is a good idea. Because of the fact less finance is available from the banks the car industry has had no choice but to respond and to come up with their own car financing solutions and packages. Without doing so sales of cars would be very flat indeed, because most people cannot afford to buy a car outright.
Car Finance Deals For Those with Bad Credit
If you have a very poor credit rating things can be more difficult. However, luckily, there is still a solution, and that is to buy from a dealer that specialises in selling cars to people with poor credit ratings.
These specialist dealers offer easy to understand and access car finance deals. They will lend to anyone who is in permanent employment and earns a reasonable amount per month. The service they provide is just as quick, efficient and professional as any other loan company's. Rates of interest can be high, but you still have the option to shop around and find the best deal, so this need not be a problem. Some will even take your existing car as a full deposit on any car you buy from them.