LONDON, April 03, 2019 /PRNewswire-PRWeb/ -- About three-quarters of the growth in consumer credit since 2012 has come from car finance.
The Bank of England estimates the annual growth rate of dealership finance has been around 20% since 2012.
Banks have contributed about £24bn in loans, while other providers, such as manufacturers' own finance arms, make up the bulk of the market at about £34bn.
So looking at the growing market and demand, it's only normal that many finance companies like CarVine, have to accommodate.
A recent study by giant switching company uSwitch shows that 1 in 3 brits get rejected credit due to bad or poor credit score.
Of the 18-34 year olds who have been turned down for credit, 65 per cent have been turned down multiple times and a 25 per cent have been rejected more than five times –that's over one million young people.
Looking at the studies above it's safe to assume that more people have problems maintaining a good credit score. For that reason, car finance companies like us have several options for people with bad credit.
The good news is that obtaining finance for a car or van is now easier compared to previous years due to market demand.
You may also have a better chance of getting approved if you can show a regular income and the debt is secured against the car.
Car Finance Advantages
Despite the fact that getting https://carvine.co.uk/bad-credit-car-finance/ bad credit car finance has its disadvantages like high-interest rates, larger deposits and the difficulty of actually getting accepted, it also has its advantages.
1. You can get a car with a low initial deposit. It could also be handy for those who would otherwise struggle to get decent rates on a personal bank loan.
2. Buying a car on finance enables you to purchase a better car than you couldn't otherwise afford.
3. You can budget better because you will know exactly how much you'll be paying, every single month, which makes it easier to budget your future expenses and will also help you with any future savings.
4. You can buy any car from any dealer which keeps your options opened.
SOURCE Carvine
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