Owning a car has become a necessity these days rather than a status symbol. Yet buying a car is a costly affair for many of the UK residents. Most of the people drop their idea of having a new car just because they don t have enough funds with them. They think of getting a loan but their bad credit history and lack of collateral with them doesn t allow them to get a good loan deal. But now there is an answer to such financial problem, and the answer is bad credit tenant car loans.
Bad credit tenant car loan is a form of unsecured loans for buying car for people with bad credit. Earlier it is said if you are a tenant and you fall under bad credit you can t get a loan. Though, it is a valid reason for lender to deny the borrower from taking the loan.
The reason is that in case of an unsecured loan the credit score of the borrower is the only thing that assures the lender that he is going to get back his money in form of repayment.
But with a bad credit tenant car loan you can get the loan approved without offering any collateral to the lender. The only thing which is affected by your credit score is the interest rate which you may get. Better the score, lesser the rate.
Talking about you credit score, it is a 3 digit figure calculated by financial agencies such as Experian, Equifax and Transunion. You can get the score along with your credit report for the financial year at some charge from these agencies. You can also get help from these agencies regarding how to make your credit score better faster. As it is not so easy to improve your score it definitely takes time. But you can t wait that long, this makes bad credit tenant car loan the best option for you to apply for.
Following are the people, which lie under bad credit and can easily apply for a bad credit tenant loan in UK:
Defaulters (non-payments or late payment makers)
A person with CCJ s and IVA s taken in the past.
People with large number of debts with them.
People frequently changing place of resident.
While applying for a bad credit tenant car loan it should be taken into consideration that these loans carry a little higher rate of interest. The lender will ask for your employment status and monthly earnings while processing your loan application. Once he is satisfied with your application he himself will contact you for rest of the formalities. So see your wish of driving your own car into reality with a bad credit tenant car loan in UK.
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