Tuesday, April 10, 2012

Vehicle Finance - Vehicle Financing Options For Blacklisted People

Getting Vehicle Finance If You Are Blacklisted or have Judgements

Getting finance for a vehicle is no easy task if you have been unfortunate enough to pick up judgements & you have subsequently been blacklisted.

In fact trying to secure credit through the usual mainstream banks and finance houses will be very difficult if you have been blacklisted - in fact it's safe to say that you probably won't have any success at all.

However what really matters is how many judgements you have listed with the ITC and how many black marks you have against your name.

Obviously the more black marks on your credit record the more you will be seen as a risk by any lending institution.

What You Should Do Before Applying For Car Finance

Before rushing off & submitting your credit applications for car financing all over the place you should first establish exactly where & with which companies you have been blacklisted & whether you are listed as having any judgments against your credit record with the ITC.

So applying for credit at several companies will mean that if you have been blacklisted & have had an application denied recently this information will come up on your credit record which will probably mean that you will be denied straight away.

It is therefore worthwhile checking out your credit rating first & establishing exactly where you stand in terms of judgements & blacklisting so that these can be addressed prior to submitting your application for finance.

So Where Can You Get Vehicle Finance Even If You Are Blacklisted

Whilst you could come across many, seemingly, easy car finance options that could tempt you to sign up for.

It is however necessary to exercise caution when engaging with some lenders who could turn out to be loan sharks who may not be operating within the bounds & regulations of the Credit Act.

You therefore need to be very careful as, while a loan shark could seem to be a short term solution, entering into an agreement with such a lender could ending causing you an unnecessary amount of financial & legal trouble.

If you have the means available to you it would of course be wise to get some legal advice to try & get your name cleared which would put you in a stronger position when negotiating the terms of a credit agreement.

If however, you cannot clear your bad credit rating, all is not lost because you still have other options available.

Article Source: M Morgan Bellinger

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