Less attractive terms
Your low credit score means the perceived risk that you won't keep up with payments is higher. You should therefore expect a higher interest rate , which can raise the overall cost of your borrowing, especially if you enter into a lengthy contract. A larger deposit amount is also likely to be required, so that your creditor has some form of financial security.
A narrower choice of cars
With potentially higher overall costs, you may find your budget limits you to lesser-priced vehicles. Although that perfect model may therefore be beyond you, the quality of today's cars means cutting-edge technology and many other attractive features are often offered as standard.
Opportunity to build a good score
Should you opt for a finance agreement despite your lower credit score, it is a good opportunity to build it back up to a healthy level, meaning future car purchases are enjoyed with better terms.
Making sure you can meet all payments should be the first consideration when thinking about financing a car, and Lookers can help you understand the rest. Contact your nearest dealership to discuss your options with one of our experts.
