If you're looking to purchase a new or used car but have bad credit, you may be concerned that a finance plan is out of reach. However, this isn't always the case, although the terms you're offered will likely differ from those given to drivers with a good credit score.
Your low credit score means the perceived risk that you won't keep up with payments is higher. You should therefore expect a higher APR amount, which can raise the overall cost of your next vehicle 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.
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.
Should you opt for a finance agreement despite your bad credit, it is a good opportunity to build the score back up to a healthy amount, 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.