bad credit car finance\ndeal in Ireland<\/a><\/strong> at affordable interest rates is quite challenging, but\nthere are many ways that you can do this. <\/p>\n\n\n\nArrange a large deposit size<\/h2>\n\n\n\n
Regardless of the funding option you choose, you need\nto arrange a down payment that is not less than 10% of the market value of the\ncar. If your credit report is not up to par and you are looking to borrow money\nat lower interest rates, you should arrange a deposit of at least 20%. <\/p>\n\n\n\n
The higher the down payment, the lower the loan and\nthe lower the interest rate will be. Even if you have a good credit rating,\npaying down a large upfront payment will make it much more manageable. <\/p>\n\n\n\n
Arrange a guarantor<\/h2>\n\n\n\n
If you cannot arrange a large down payment, you should\ntry to put a guarantor. Note that they must have a good credit rating. It\nlowers down the risk of the lender to lend you money because they can call upon\nthe guarantor when you fall behind the repayment. <\/p>\n\n\n\n
A guarantor can be your spouse, family member or\nfriend. Finding a guarantor is not that easy when your spouse or any other\nfamily members are not in a position to become your guarantor. This is because\nnobody would like to pay off your debt when you fall behind the repayment. <\/p>\n\n\n\n
Further, it will not only pull your credit score but\nwill also ding the guarantor\u2019s credit score. Of course, it will make it\ndifficult for them to borrow money at affordable interest rates down the road.<\/p>\n\n\n\n
Avoid having another debt<\/h2>\n\n\n\n
When you are taking out a car loan, make sure that you\ndo not have any outstanding debts. If you have any other debts to pay off, a\nlender will assume that it can be quite tricky for you to keep up with\nrepayments. <\/p>\n\n\n\n
As a result, you will not be able to qualify for the\nloan at better interest rates. If you have any debts to pay off, try to settle\nthat debt before taking out a car finance deal. <\/p>\n\n\n\n
If you have already settled your current debts, the\nlender may be able to sanction the loan at better interest rates. Further, it\nwill be much easier for you to manage the debt. <\/p>\n\n\n\n
Avoid taking a no deposit car finance deal<\/h2>\n\n\n\n
A few direct lenders offer car finance deals with zero\ndeposit to bad credit borrowers. A zero deposit deal means you will fund the\ntotal market value of the car. It increases the risk on the part of the lender,\nand hence such deals carry very high-interest rates. <\/p>\n\n\n\n
If you are looking to buy a car, make sure that you\nhave at least 10% of the value of the car as a down payment. Otherwise, you\nwill end up paying much more than the value of the car. <\/p>\n\n\n\n
Buy a cheaper car<\/h2>\n\n\n\n
A bad credit rating is one of the causes of getting a\ncar finance deal at higher interest rates. A higher deposit can make the loan\nrepayment affordable, but you will still likely get a loan at high-interest\nrates. <\/p>\n\n\n\n
Therefore, you should choose a cheaper car or a\nsecond-hand car. Since the car prices are low, it will not put a burden on your\ndown payment, and you can easily manage to pay off the debt even though the\nlender charges high-interest rates due to your poor credit rating. <\/p>\n\n\n\n
The bottom line<\/h2>\n\n\n\n
Buying a car finance deal with bad credit can be\ndifficult, but you can still have some ways to get a manageable deal. <\/p>\n\n\n\n
You should try to buy a secondhand or cheaper car so\nyou can easily manage to pay off the car loan. Try to arrange a larger deposit\nsize or arrange a guarantor. <\/p>\n","protected":false},"excerpt":{"rendered":"
You are fortunate if you have money to pay for your dream car outright. However, most people take out a car loan. While there are three ways of financing a car like a hire purchase, personal loans and personal contract purchase, you need to figure out which deal suits best your budget and needs. Whether…<\/p>\n","protected":false},"author":1,"featured_media":383,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[49],"class_list":["post-382","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-bad-credit-car-finance-ireland","entry"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.mylenderloans.com\/blog\/wp-json\/wp\/v2\/posts\/382","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.mylenderloans.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.mylenderloans.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.mylenderloans.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mylenderloans.com\/blog\/wp-json\/wp\/v2\/comments?post=382"}],"version-history":[{"count":1,"href":"https:\/\/www.mylenderloans.com\/blog\/wp-json\/wp\/v2\/posts\/382\/revisions"}],"predecessor-version":[{"id":384,"href":"https:\/\/www.mylenderloans.com\/blog\/wp-json\/wp\/v2\/posts\/382\/revisions\/384"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.mylenderloans.com\/blog\/wp-json\/wp\/v2\/media\/383"}],"wp:attachment":[{"href":"https:\/\/www.mylenderloans.com\/blog\/wp-json\/wp\/v2\/media?parent=382"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mylenderloans.com\/blog\/wp-json\/wp\/v2\/categories?post=382"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mylenderloans.com\/blog\/wp-json\/wp\/v2\/tags?post=382"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}