Buying a new or used car when you have a bad credit rating is not impossible and you do not have to reluctantly take the impossibly high interest rate option offered to you by the car dealership. Car dealers see this an an opportunity to enhance their profits at your expense. If you were in their shoes you would probably do the same thing because a profit in a car dealership sometimes is very hard to come by.

Before going to the dealership have your finance organised because if the dealership gets a whiff of a bad credit deal you may be paying too much for the vehicle even if you have external finance. Do some research on the internet and speak to your bank manager because there are companies that specialise in lending to customers who may

Once you have choosen the finance providor agree to a loan value in principal. You are now ready to go to the car dealerships and find the best deal you can for the amount of credit you have organised. Don’t tell the salesman that you have external finance until you have agreed on a car and a price. Some dealers will agree to a lower selling price because they will pick up a lot of money in the financing of the sale. I even know of one dealership where the cars are continually sold below market price and it is up to the people doing the finance and the aftermarket sales to put some profit back into the deal.

Getting back to this second chance you are being offered for motor vehicle finance even though you have a bad credit rating. I cannot emphasise this enough “Do not stuff this up” make sure that payments are made a day or two before they are due. Sell your mother-in-law into slavery if necessary but do not make a late payment you need to see this agreement through to its completion so that your future credit requirements will be met without problems. It is just 3 or 4 years and if you have made all your payments on time as well as met all your other financial commitments then your credit rating will be restored. Do not under any circumstances neglect to pay your utilities on a regular basis as irregular payments to your gas and electric companies will certainly result in higher interest rate charges.