There’s a fact for everyone’s credit score: it’s arduous to maintain a solid credit foundation, yet all too easy to damage what you’ve built up. It happens to anyone who lost their financial security in a sudden. This is when you cut down on expenditures to alleviate the situation and one of the first things to go is undoubtedly your current car.
Here’s the thing, bad credit score happens. When you have to get your car repossessed, it leaves an impacting mark on your credit history. However, despite what’s commonly the belief, getting approved for a loan and affording a car on minimum income and bad credit score is definitely possible. In fact, it is something that we deal with all the time. Here’s how you cope with bad credit and manage to keep a car running during tough times.
It’s obvious, but first and foremost you should immediately look for a job. Granted, it’s not as straightforward as going out and getting one. But being approved for any loan, especially when you have bad credit, should be put on the back burner until you can source a job. Not having to explain yourself to the creditor on why you can’t produce an up-to-date pay slip helps with your odds. It also greatly improves your chances of being approved for a loan when you have a consistent income.
Following that, when you need a bad credit car loan, the last thing you want is to deal with a shady car lot. That 20-year-old obscure car may look appealing and very affordable now, but running costs may cripple you in the future. Always look for a reputable, well-known dealership who knows what they’re talking about. Even if they charge a higher premium for their services, well-known dealers with a large credit network can generally sort out even the worst credit history and find a deal that’s appropriate for your current condition. It’s also likely that venerated dealers curate their own inventory to ensure there’s a quality threshold for every car they sell. This is to prevent customers from buying a lemon, and larger dealers nowadays even offer their own after-sales warranty services.
Importantly, you should temper your expectations and understand that it’s more important for you to buy a car you need rather than want. This generally means sticking with mainstream models, avoid anything expensive to keep running and objectively ascertain what type of car best fits your criteria now.
There are a few cars that we find that are suitable for most people struggling to make ends meet. If what you need is a compact sedan with a decent boot, good interior space, potent yet affordable powertrain and surprisingly refined NVH characteristics, look no further to a pre-owned Chevrolet Cruze. If you need an all-round excellent small hatchback, it’s difficult to go wrong with a Ford Fiesta. Want something bigger? It’s brother, the Ford Focus is one of the best-sellers for a reason. Looking for something with a taller ride to cope with rougher roads yet remains cheap to run? The Chevrolet Equinox fits the bill.
People may argue that if you’re struggling, you shouldn’t get a car at all. The truth isn’t quite so simple. Public transport in many places still remain lackluster and having a car around is just a lot more convenient overall. You have to play it smart and adjust accordingly to budget for nasty surprises. If you still have doubts, do get in touch with us at Garston Motors, as we’ll gladly dispel myths and answer your questions for you.