car finance

A lot has changed in a year !

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Well what a year it has been !12798886_10208853344515025_8582201530600672359_n

Both personally and professionally it has been a very busy  here. This is my first blog post after coming back from Maternity leave. Although I may not have been in the office, as it is a family business I have been involved throughout my time off.

I have loved spending time off with our latest wee addition Faith, but I am glad to be getting back to it after nearly a year away from my desk . I am  still only in the office 3 days a week at the moment but I am enjoying getting a hot cup of coffee and not spending every day covered in Weetabix and snot.

I am also happy to see that everyone has been taking such good care of the place in my absence. We have been busier than ever this year and  with the introduction of a few new finance companies we are now able to offer help with car finance to many more people than before.

The biggest change I have seen is with the introduction of device/pay as you go finance products, these allow customers who previoulsy  would not have been able to obtain car finance,  get into a new car and start rebuilding their credit history. They will consider most circumstances such as:

  • Unemployed
  • Low credit score
  • Discharged bankrupt
  • Self Employed/ Agency /sub contractor
  • Arrears
  • Not on voters roll

How they are able to lend when others can’t is down to the fact that they will fit a device or tracker to the vehicle which gives them more security. A lot of people are put off with this when it is actually a very simple process and in some cases will lower your insurance. The two ways this can be done are as follows

Device

A device is fitted to your car which comes with a keypad and when you make your payment you receive a code which you enter. If you miss a couple of payments then they can imobolise  the car, but this is only in extreme cases where no contact is made and you would receive plenty of notice before they would do it.

Tracker

A tracker is fitted to your car which would allow the finance company to find the car in the event of non payment and this particular method can lower insurance due to the car having the tracker fitted

Neither methods damage the car or interfere with the driving and it allows so many more people to gain access to hire purchase products.

I wanted to give a short explanation of these products as some people are unsure exactly what is involved with our new products. I hope this helps.

Now I’m back to work I hope to keep my blog a bit more up to date

Theresa xx

 

Fact or Fiction ?

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When it comes to car finance there are a lot of Misconceptions regarding who would qualify, for example a lot of people think that if they have been turned down by one lender no one will touch them, or if their partner has poor credit it will affect them. So I thought for my first blog I would cover some of  the questions I am asked frequently regarding this:

Q: “Can I apply if I have been turned down by other lenders?”

A: yes there are many different lenders out there who all have different criteria so don’t be put off if you are rejected by one.

Q: “Can I still get finance if I have a bad/poor credit rating ?”

A: As above there are many different types of lenders out there we use lenders who concentrate more on your current affordability rather than a poor credit past.

Q:” I have recently been discharged from bankruptcy/trusteed does this mean I cannot get car finance ?”

A: no you can still apply for car finance as long as your trust deed is finished or you have been discharged from bankruptcy. Although your credit score may be low at this point there are companies out there who specialise in starter finance to re build your credit rating.

Q:” I am self employed do I qualify ?”

A: yes most companies will accept people who are self employed as long as they can provide proof of their income.

Q: “I only work part time would I get car finance?”

A: As long as you work 16 hours or more even if you are in receipt of tax credits etc. you can still qualify.

Q “At what age can you apply for finance?”

A: most finance companies require you to be 21 or over.

Q: ” Can I get finance if I only have a provisional license”

A: it is still possible but most companies require you or your partner to hold full license when you apply for car finance, if you have been declined and cant understand why it could be down to this.

Q: ” I have had CCJS/ county court judgements does this rule me out ?”

A: no again this may mean you have a poor credit rating but there are still companies who will lend .

I hope this answers some questions you have but feel free to contact me direct if you have any of your own through our website: www.eastfieldcarsales.com