Why you should get a car loan!!

The country as it stands is going through one of the toughest times since the 1990s, with the economy shrinking by 0.5% this year alone the first time it’s had a decline since the 90s as well. Unemployment set to rise to 3 million next year and the banks could cut interest rates by zero %.

As the banks are having the worst time in 16 years, more and more people will find it hard to get a loan of any description. Even if you wanted to walk into a show room and purchase a nice new car, but if you don’t have like 8 grand laying around it used to be easy enough to fill in a few forms and you could be driving away the very same day. Even though the car companies are struggling and could collapse, it’s not the car companies that give out the loans, it’s actually banks and loan companies that work with the car companies.

The banking system has new ways of reviewing and passing people through to allow them credit. With the country in almost £1 trillion of debt the banks are taking stricter actions and not releasing any money, slowing down over drafts and cutting the amount of loans it gives out. This also applies for the car companies the rate that you would of paid back a few years ago, with some finance companies working with the car companies could have been 0% APR on the new purchase.

You would have to look long and hard to find a car company/finance company that would approve you, so the best place to look it bad credit car companies, witch are all on the bad credit loan doctor site. The rates you would pay are slightly higher, but if you have fairly good credit you would get a much lower APR as the better you have been to the credit system the better deal you will get, and there are many good car companies on this site which can be found on the front page, as this is were i got my deal from.