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Not getting car finance as a result of this? Well, if you have the money or the source of a continuous flow of money, you can opt for the guaranteed car finance which usually comes when you want to buy a used car. You get this kind of loan especially when you have interest in buying a used or second hand car.
With a dwindling credit record history, it is safer to stay away from the banks which will anyway refuse loan to you after they have checked your records. So, if you really want to see the car in your garage, then do opt for guaranteed car finance. What is guaranteed loan? This kind of car finance works best only if you are facing problems of bad credit or have no credit at well.
You are not hiding your bad credit history or the fact that perhaps, you did not get a credit at all.
The lenders who give you guaranteed car finance know very well that you have approached their door step only because you have had problems with getting your credit with the bank. . However, when you opt for guaranteed car finance from a used car lot or any other institution which provides guaranteed loan, you have to pay a much higher rate of interest.
However, the reason why the lender or any organization is willing to give you money for your car at a risk higher than the usual risk taken by banks is because the lender and the organization charge from you a much higher rate of interest than what the banks would have charged. The risk comes at a price. So usually one would advise you to consider guaranteed loans only if all other sources of getting loans are closed. Here your employment details and your employment history do not really matter.
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From: (bad credit car loan) http://carfinance04.wikispaces.com/