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If you have found buying a used car something of a hit and miss experience, you’re not alone. And yet after choosing and buying a house, a car is the biggest purchase most of us ever make and yet many of us make the mistake of leaving it to chance in selecting a vehicle. Perhaps because these days we all lead busy lives and simply don’t have time to drive miles looking around at vehicles, then to find that often the car was not as described or quite what you were looking for anyway.
Then there’s arranging the car finance. Should you go for a personal loan to allow you the flexibility of buying privately? What you will find is that unless you are a homeowner or have an excellent credit rating an unsecured personal loan is not so easy to obtain, especially if you have had bad credit in the past. Also the more loans you apply for, the more credit searches are made of your credit file. This actually weakens your credit profile making it less and less likely you’ll be approved. Should you obtain a loan there’s then the buying from a private seller. They don’t have to offer you any kind of warranty so you’ll need to know what you’re looking at. It’s not for everyone.
So if you’ve had any bad credit the other option is to go with a garage offering the “Guaranteed Car Finance” option. This can be fine if the individual garage is offering a good standard of service, a wide selection of vehicles at reasonable prices and a finance deal you are happy with. The problem is that the quality of these independent businesses varies greatly and so it’s probably not going to be you’re first choice. It really can seem as if having had poor credit in the past prevents you from getting the car and finance you want and need today.
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