We really struggled to find the right car after Bob was born. I loved my Beetle and I was sad to see it go but it just wasn’t practical.
I still tried to have a ‘girly’ car but I got one with 4 doors to make things easier. I exchanged my Beetle for a Nissan Note and I hated it! It was a bit more practical but it didn’t feel as solid as my Beetle and it wasn’t anywhere near as pretty.
I decided if I was going to go down the practical route I should forget about what the car looked like. This was harder than it sounds!
I swapped my Nissan Note for a Dhiatsu Terrios. This car suited us really well until one day a tyre blew and the car rolled. It was so scary! Apparently these cars are prone to it as they are taller but narrow.
It took me a long time to dare to drive again and safety was my main priority when we got another car. I ended up getting a Jeep Cherokee and I love it! It feels so safe and it is very roomy! I never thought I’d be able to drive something so big but there isn’t much difference.
We wouldn’t have been able to do any of this without HPR. We are still paying for the Jeep but our payments finish in June. We would never have been able to afford to but it outright.
It is worrying thinking about getting finance as you wonder if you will be accepted. I have a guest post from Bethany explaining about credit and how it affects car finance.
Do You Have Good Enough Credit To Get Car Finance?
Credit is something that guarantees the lender that you have the right amount of financial capacity to pay for the loan that you are about to receive to get a brand new car. The higher your credit score is, the less risk the lender will have to take. In order to purchase the car that you want, you’re going to have to worry about the condition of your credit. The amount of debt that you currently have determines your credit score, giving you a look at how much you can lend in order to make the big purchase.
Knowing your credit score is important to help you make wise decisions when you are out to make the purchase. Here are some things to consider that can help you reach the car financing help that you’ll need.
Determining your credit
Your credit is determined by a number of factors. If you incurred a lot of debts in your life, it’s highly probable that you’re bound to get a poor credit score. Making late payments and even missing out on paying can have a serious impact on your credit. Lenders also take into consideration the amount of time that you’re in debt and the other credits that you might have on your record.
You can gather your credit report from a number of websites. AnnualCreditReport.com offers three free reports while sites like MyFICO.com requires you to shell out a few bucks to get your one-time Equifax and TransUnion FICO scores. These scores can help you determine if you have the capacity to take over more debt, or whether you should focus on improving your credit instead of gathering more debt.
What your score means
The auto loan is determined by lenders based on the credit score that you have. People who have high income and low debt usually get around 850 – 740 credit score which enables them to enjoy a 3.2% interest rate on the average. Those with middle ground credit scores from 739 – 680 are considered to be average. These folks can enjoy about 4.5% of interest rate. Those who have credit scores that are below 680 are considered to be sub-prime. Although lenders would usually stay away from customers like you, some can enjoy higher interest rates that can amount to almost 13% on the average.
Bad credit doesn’t mean that you can’t purchase a car, some lenders can allow you to take on an auto loan if they see that you are going to pay.
Find a great deal
One way to find the right deal is to shop around different lenders and auto distributors. Finding the right people can help you get the loan that you want. People with lower credit scores should make it a point to choose a used car instead of buying a new one. Make sure that you have the right papers and necessary documents in order. Bank receipts, income payment copies, and proof of residence are just some of the paperwork that are needed in finding a great deal.
Researching online can help you find the right deal for your needs. You can also try and take sample theory tests that can help you determine whether you are fit to drive a vehicle on your own.
