Nothing’s guaranteed anymore these days. Least of all loans. Even the financially well-off are frequently struggling to convince banks to lend them money. For some bankrupts, meanwhile, access to much-needed cash has been virtually cut off completely. The only almost-guaranteed loans you’ll find today are mortgages on houses, since these tend to appreciate in value over time. Other than that, however, times have become tough.
In our expert guide to guaranteed loans, we’ll explain to you why, exactly, things have become this hard – and how you can nonetheless find guaranteed loans when looking for car finance.
Securing a loan: Why it’s so hard
If you’re looking for guaranteed loans, you’ll first need to understand why it has become so hard to find them. Here are the three most important explanations:
- The global financial crisis has put even some of the biggest banks under immense pressure. What’s more, banks have rightly been criticised for being too lenient for many years in providing cheap cash and creating a dangerous bubble. As a result, there is next to no leeway for risk and many bank employees have zero freedom even if they would love to provide you with a loan. As a result, guaranteed loans have all but disappeared completely.
- Most people still think of banks as the most important credit providers for all investments, from big to small and for all kinds of products. In reality, most banks are mainly interested in two things only: high-volume deals with major corporations and real-estate mortgages.
- After many years of borrowing and spending, many UK households have racked up considerable debt. Credit ratings have taken a dip, which has made it even harder to find a loan.
Even though guaranteed loans are anything but easy to come by, we would nonetheless like to show share at least a few of the best expert recommendations on getting a great deal:
- Guaranteed loans Recommendation #1
Don’t speak to banks, speak to specialised car dealers. They will be able to give you far more personal offer, understand the situation you’re in and, very often, provide you with a better rate.
- Guaranteed loans Recommendation #2
Clean up your debt and verify your credit rating. The better it is, the better your deal with be. If your credit rating should look unfavourable, there are great steps on improving it, so get to know more about the topic.
- Guaranteed loans Recommendation #3
Used cars have many advantages over new ones. Because of the quick depreciation of new models, the price of a two-year old vehicle may have gone down considerably, while the vehicle itself may feel brand new. Also, chances of success are higher when it comes to financing,
How we can help
At Concept Car Credit, guaranteed loans are one of our specialities. If you need a car, we’d love to talk to you, regardless whether you’re an undischarged bankrupt or have had financial problems at some point. Our team is waiting for your call – or your visit at our Manchester salesroom.