In life, there are passages of adulthood that everyone observes – certain rites, if you will. Among them that can be commonly counted include one’s first kiss, graduation from education, or even moving out from your parents’ house to your own. And though we may not have to hunt a lion as the Maasai choose to, a definitive adult moment that most of us agree upon is the complicated process of buying your own car.
Buying your first car at seventeen is fraught with its own challenges: finding the right car, finding the right source to buy it from, and most importantly, finding the budget. Rare is the person who has all the means immediately available to buy the car, and without a supportive (and generous) parent, one may have to turn towards a financial establishment to provide the funding instead. Whether from a bank, a dealership, or a car credit provider, the presence of a co-signer with a good credit background raises the success rate for getting such a necessary loan or financing considerably. Studying and researching definitions such as Hire Purchase (buying the car with a set of monthly repayments) and Unsecured Personal Loans (fixed loan length and monthly repayments) may be challenging, but you will be rewarded with a definitive sign of growing up: that shiny vehicle, ready to transport you anywhere you desire.
But fast-forward a few more years and you may find yourself in the same situation – but with a few more obstacles. That first beloved car is long gone, consigned to the scrap heap pile, and you’re looking to recommence that same ritual again. This time you’re well settled into adulthood, with more smarts and more knowledge on how to buy that perfect car this time; confident in your choice of loan, you may knock on that bank door and ask – only to get rejected on the basis of your bad credit rating. Your poor credit score may be due to long-term illness, or redundancy, that has made it impossible to make the mortgage payments on the time, but to the regular financial institution such reasons are dismissed instead as excuses. The hurdle of buying a new car as an adult is simultaneously easier and harder.
But even with the setback of bad credit, car finance is still entirely possible. Car credit providers offer buyers the benefit of doubt where others may not, and utilise their relationships with lenders to get you the optimum plan for the car that you need. If not from such lenders, they often have an internal finance company that guarantees you funding. Even if you are plagued with a host of problems such as IVAs or even recent bankruptcy, there are solutions available to you to ensure that you pass the rite as successfully as you did that first time.