Thinking about buying a car when you have bad credit is a problem that many people have faced over the past few years. Some friends of mine had a challenging time recently, where they had hoped to buy a new home and car but were not able to due to having a bad credit rating.
Bad luck can mean a poor credit rating
Last year, my friend found out that she was expecting her second child. After such wonderful news, a couple of months later, her husband’s hours were cut at work due to redundancies being made within the company that he worked for. He felt very lucky that he was not made redundant but at the same time, he was not able to bring home as much money has he had done previously. At the same time, they had been looking for a larger house for his growing family. Their car was aging and costing more and more each month to repair so they had hoped to buy a new one too.
My friend and her husband decided to apply for a pay day loan to help them to pay their rent due to the sudden cut in wages. After they had applied for one of these loans, they admitted that they had applied for other such loans over the years, some of which they had not been able to pay off as quickly as they’d hoped. This had affected their credit rating.
When a house came up for sale that they wanted to buy, they were turned down for a mortgage, with the pay day loans being the reason for the refusal. The same happened when they found a car that they had hoped to buy. Buying a car when you have bad credit can also be a challenge.
After sitting down with some family members and discussing their options, they decided to stay in their current, rented home. They also decided that they needed to find a way to buy a new car, as their old one was costing a lot of money to repair each month. My friend’s husband is currently looking for another job to supplement the wages he is already earning.
Moneybarn.com could help with buying a car when you have bad credit
I was asked to write about Moneybarn.com, which I think would be a great solution to my friend and her husband, with regard to the problem of getting car finance on bad credit. This company specialises in financing people with bad credit scores so that they can get the car that they would like. I am going to suggest looking on this website so that they can apply to get the car that they would like to buy.
After they have found a car that they would like, they would need to put in the details of the car from the car dealership of their choice. The car finance calculator would then given them some quotes. Once their application has been processed, they would receive a telephone call from the business team at Moneybarn to discuss the quote and to arrange car finance.
Hope for the future
I really hope that this will help my friends to get back on track with their finances and get the car that they need for their family. It is amazing how a few weeks or months of bad luck can affect longer term finances. Many people I know have been in situations where their financial outlook has been good then redundancies or ill health have prevented them from earning as much as they have needed. I think it is good that there are other options. I really hope that this is the end of the bad luck for my friends and that Moneybarn can help them to start a run of good luck.
Disclosure: This is a Sponsored Post. Please make sure you think carefully before borrowing money. If you need more information or need help with your finances, please see an Independent Financial Advisor for advice.