Bad Credit Car Finance

Having a good credit record is important as this will ensure you receive good rates whenever you decide to borrow. Lenders will usually investigate your past borrowing and repayment records and use it to determine whether you are a risk or not. Bad signs, for example, are any instances of late payments, missed payments and unpaid bills.

If for any reason you fail to stick to the terms of your agreement, you may develop a bad credit record. Bad credit can be caused by anything, from a missed mortgage payment, through to the more severe instances of a county court judgement, and at the extreme end those who have an IVA or are bankrupt. Bankrupts can't borrow and can only have the simplest bank account with no credit facilities.