When I was growing up I was always told if you don’t have the money for it right now, you can’t have it right now. But as I’ve gotten older, I’ve realised that actually that’s not true. Working in a bank showed me that people, despite their lack of funds, would treat themselves anyway and on the other side of the coin just because you can’t afford a lump sum of £150,000 on a house right this second, doesn’t mean you can’t afford it!
We recently got a car on finance in January this year. Neither of us had ever had a brand new car and we needed something that was both family friendly, spacious and one that had enough room for all of Jamie’s work equipment. We sat down, did the maths and worked out that we could afford it alongside all of our other bills without struggling month to month. However, some people aren’t so lucky.
In order for us to get a new car we had to pass all the right checks, including a credit check. We’re in a good position financially, and have never been in debt so we have good credit. But what about those who fall on hard times, have a run of bad luck or desperately need a new car but can’t afford it from their monthly outgoings? Lots and lots of companies offer solutions for car finance for people with bad credit and MoneyBarn is a relatively new and unknown one.
There are an infinite number of reasons why you might be rejected for finance when it comes to wanting a new car. For someone like me who is freelance or for someone who is self employed you can tend to find yourself in a position where your monthly income differs month to month. However, bad credit is usually a more likely reason, as well as a county court judgement or if you’ve found yourself bankrupt in the past. As I mentioned, this could’ve happened because of a run of bad luck and it’s very, very frustrating.
Moneybarn is is a company focused on helping people obtain car finance despite their bad credit. They pride themself on a fairer system of decision making when it comes to offering finance, not just looking at your credit score which can be affected by things like student loan debts, a missed payment here or there or a really old issue. They want to act as a responsible lender, so they look at your income versus your outgoings to see if you can genuinely afford to pay for the car, but they also take into account any outstanding debts to ensure you’re in a good place financially.
Getting a car on finance doesn’t have to be all doom and gloom. Some of us require a car to get to work to earn the money we need to pay for those debts and if by some tragedy you’re left without, your situation can only get worse. So Moneybarn offer a solution to this by being as accepting as they possibly can.
What do you think? Have you ever gotten a car on finance? Have you ever had a run of bad luck that left you with bad credit?
*This is a collaborative post.