There are times when the vast majority of us have to rely on credit to get the things we want in life. Whilst you may have good intentions and intend never to get into debt, most of us are not lucky enough to have hundreds of thousands of pounds sitting in the bank, and therefore we have to rely on finance to get things like a home, a car, and other major purchases. However, if you have damaged credit you could find that life is a lot tougher when it comes to finding a lender that can offer you finance, and this could really scupper your chances of being able to buy your own home or get a car.
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In fact, having damaged credit can affect your financial future in many ways. Particularly in the current financial climate things have become increasingly tough when it comes to getting finance, and this is true even for those with decent credit never mind the ones with poor credit. However, on a good note many lenders and financial institutions have realised that being in bad credit is become a more common problem, and in order to fill the gap in the market some lenders have started to cater specifically for those with damaged credit. Below are some of the difficulties you could experience if you have bad credit:
Getting a car: Many of us rely on our vehicles to get to and from work, ferry the family around, and basically to get from A to B, and we all want to enjoy the benefits of a safe and reliable car rather than some old banger that is likely to break down or even increase the risk of accidents. However, getting finance for a vehicle if you have bad credit can be difficult. Often you may find that your only option is to go through a car dealership that caters for those with bad credit, where you will have to take expensive finance through that dealership and will only be able to choose from vehicles from that showroom. Before you make this commitment it is worth checking the rates from lenders offering bad credit loans to see if this will work out cheaper.
Getting a home: We all know of the problems that have affected the mortgage market since the onset of the credit crunch, and as someone with bad credit you will find it particularly difficult to get a mortgage. You may find that the only way you can get a mortgage is by putting down a huge deposit or by paying an extortionate rate of interest that could quickly result in you being unable to keep up with repayments. Always make sure that you shop around and compare bad credit mortgage before you commit.
Getting a loan or credit card: Many mainstream lenders will not entertain the idea of handing out loans and credit cards to those with damaged credit, so you will have to look at lenders that cater specifically for those with damaged credit. Of course, depending on the level of damage to your credit there are still no guarantees, and you could find that you are unable to get a loan or credit card. However, if you do intend to apply make sure that you look at lenders that deal with consumers that have bad credit, otherwise you will almost certainly be rejected.
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