How a hard drive can get you driving

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How a hard drive can get you driving

17th October 2009

The internet becomes the place to obtain used car loans instantly

Many buyers who have been suffering from bad credit scores and ratings have found that the up and coming online market for obtaining used car loans is genuinely a buyer’s market.

It’s great news as many people who have bad credit have been struggling to get car loans from face-to-face car dealerships.

Even though the rates that people have been offered online are nowhere near as competitive as the rates that have been offered to people who have good credit scores, it is believed that the online sector of car finance could be the catalyst in getting the troubled market sector back on its feet.

One of the principle reasons that the car market has been so affected by the recession is because tight lending policies have meant that people with bad credit have not been able to get finance for a car. What’s more, the amount of people who have seen their credit score worsen in recent months has risen significantly.

The introduction of a car finance format which is similar to conventional forms of loans has meant that more people can get something that is suited to their circumstances. Secured and unsecured loans have becoming more and more popular which have meant that people can obtain a loan that is ideal for their financial situation, can be low risk and can help them to get finance in the first instance.

Statistics have revealed that comparison websites which analyse different types of loans on the market have been doing more research into the types of clientele that they get through their doors, meaning the websites are more informed when it comes to linking people with a poor credit rating (or indeed no credit rating) with a loan that they can get on the road with.

This is an option that is becoming a lot more viable for people as the small window of opportunity to get a hefty discount with the car scrappage scheme begins to close as the summer reaches its conclusion soon.

Many of the loans which are available for people to purchase a used car are known as pre-approved, which are helping people to get finance to purchase a used car, even with bad credit.

Some people are even using these websites to refinance car loans in order to get a better rate. The Internet is beginning to open up to people who need a way to get car loans without breaking the bank or damaging their credit reputation from application refusal further.

Posted in Car finance

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