When you have some bad credit, you may still be able to get a good interest rate depending on what the bad credit is. Here are 5 ways that may be able to assist you.
Number 1 – Clean Up Your Credit File
This is probably the most obvious one, so if you have any issues on your credit file that can be paid, do so in is quick a time frame as you can. If any of your bad credit listings are being disputed, you should address these as quick as possible and come to some resolution with that creditor, and if you can’t come to a final resolution, get some assistance from someone that may be able to mediate, like the industry ombudsman, or a solicitor.
Number 2 – Wait For Your Bad Credit To Be Removed
If you have any settled or paid matters on your credit file, and everything is settled, they may be due to drop off your file shortly. If you can be patient and wait for there to be no adverse history on your credit file, you may be able to apply for a loan without the concerns, giving you access to more options and a better position to negotiate the best interest rates for you.
Number 3 – Professional Legal Advice
There are an increasing number of businesses opening up that specialise in cleaning up credit files. They may not be able to help in every instance, but if they can and have your bad credit removed for their small fee, this could save you dramatically in the interest rates you may be able to achieve.
Number 4 – Professional Credit Advice
By using a professional car finance broker, they can advise you what steps you require to take to ensure that you get the best possible interest rates for you. A finance broker will have a lending panel and they will know the best lender to go to for your proposal and the best time to apply to help you secure the best interest rates for you.
Number 5 – Be Careful Of Loan Applications
Every time you apply for any type of credit, for that creditor to view your credit file, they require placing an enquiry on your file. If you have applied to many lenders whilst you have had bad credit, by the time your bad credit has been removed from your file, these lenders will still be aware of it, which could still have you being treated like a bad credit client. It is important to only have any creditor place enquiries on your file if necessary.