5% Get Me Car Finance Discount Codes ( Get Me Car Finance Voucher Codes) 2024 UK

Get auto financing with a Ccj

One of the main reasons people are denied auto financing with lenders is that they have a CCJ on their credit file. We constantly remind clients that the actual credit score on their file doesn't really matter. It is simply an indicator of your credit history, and having a low credit score does not prevent some of our clients from being accepted for financing.

What is a CCJ

A CCJ is a county court judgment, they occur when you have defaulted on a loan or credit card and have entered DEFAULT. This means that you have not returned what you owe. We can tell you right up front that having a CCJ on your credit history is not a good sign and depends on the type of CCJ you have on your credit. The creditor has decided to try to get your money back by taking it to court and giving you a judgment that formally means that you owe the money.

The worst kind of CCJ

There are two types of CCJ, a liquidated CCJ and an unliquidated CCJ. In simple terms, imagine that a friend borrowed £ 20 from you. In the past you lent him money and he forgot to pay you back, however, after a while, he paid off the debt and now he will come back for more. He is more likely to give you another £ 20, because in the past he paid you back. Which is actually a good sign (pay off your debts). Now imagine a friend who wants £ 20 and in the past he borrowed money from you and, despite asking several times, he never paid you back.

You have to ask yourself which friend you prefer to lend money to as well. The one who finally paid you back or the one who never paid you back. Car Finance works very similarly when it comes to CCJ. If you have a CCJ but have paid it off, auto finance lenders are more likely to loan you money than if you have an unpaid CCJ that you have never paid.

What can I do if I have a CCJ not settled?

If you have a non-liquidated CCJ on your file, it is advisable to liquidate it and settle the debt, by doing this, the CCJ becomes a liquidated CCJ and that type of CCJ is more favorable. in your credit file. You can download apps like credit karma to view all your existing debts and CCJs in your name. Once resolved, you may have to wait a month or two for the CCJ to show up as resolved, but once you get to that stage, it's worth reapplying with us to see if you can get a better rate or get accepted for auto financing.

Things to know about used car leasing

Monthly payments may be lower

With a leased car, the amount you pay monthly comes down to the car's expected depreciation, so obviously with a used car, it will go down because the vehicle loses value. Therefore, you will pay less each month. However, it also depends on the car you want, some cars will be more expensive than others, so be sure to budget efficiently.

Shopping around

You may need to shop around to find a dealer that leases used cars because they are much less common than renting new cars. Start by identifying what type of car you would like to lease and its price range, so you can start comparing prices with different dealers. You can also rent used cars from leasing agencies. It is recommended to avoid dealerships that rent very old cars.

Cars may not be covered by warranty

If the car is older, the warranty may run out while you rent it, you may be able to avoid costly repairs by renting a certified pre-owned car that comes with some type of dealer warranty.

You are renting the car

You have to remember that you are renting the car, so even at the end of all your payments, you are not yet the owner of the car. When you return your vehicle to the dealer at the end of the lease, you may have to pay a fee due to damage to the car, so make sure it is kept in good condition throughout the leasing process so there are no unnecessary fees. you have to pay.

A used rental car may not be right for you

If you want a new vehicle with the latest technology, then used rental cars are probably not for you, a new rental car might be better for you. However, if you want to save money, it is probably worth renting a used car.