Getting loans has become an activity of necessity even for those who can afford to buy with their own capital as no one prefers to reduce one’s own capital over a deferred period of time period. However, this option is not always available for people with poor credit history. Stringent banking laws and restricted lending policies have put such people in quandary and made loans a distant option.
Car finance is one such loan company who sought after loans among the most demanded finance options by individuals. Being introduced as a luxury item, cars have made their way to become an indispensible necessity. Cars have become one of the most frequently bought commodity in today’s world and loan disbursements for the same as increased in the same proportions. Many financial institutions have realized the need to channelize funds through lending and this has proved to be a bane for people with bad credit rating.
Banks normally develop serious concerns whether such people could repay the loan but emerging financial institutions do not take applicant’s history of debt into consideration. They believe such loans would give them a chance to clear that blemish on their credit history. No one is denied any loan but the differentiating factor will be the credit rating which would decide the APR to be charged. A person with excellent score might be offered loans at cheap interest rates whereas a person with poor rating will be charged a higher rate.
One such platform is Carfinance.co.uk, based in United Kingdom, which enables borrowers to meet prospective lenders. It has teamed up with many top notch lenders like Barclays, Paragon Finance and Santander to provide guaranteed car finance according to the following APR and credit rating norms:
• Excellent rating : Lowest APR
• Good rating : Competitive APR
• Average rating : Less favorable APR
• Poor rating : Higher APR
• Bad rating : Highest APR
The online portal also provides an option of finance calculator which helps you to know the amount of EMI and the amortization period.
CarFinance.co.uk is a UK based online platform which connects people seeking bad credit car finance from various lenders. It offers various deals to the buyers so as to enable them to choose the most profitable one. For more details, you may log on to Carsfinance.co.uk