One of the biggest questions we get asked and so, we thought we would pop it into a post for you to read, save and come back to! Of course, if you have any questions, do get in touch but for now, we will dive in.
There are a number of reasons you may have no credit history, and we don’t think you should necessarily be penalised for this! Whether you’re new to finance, just starting out or there is another reason for your lack of history, we still may be able to help.
Even without credit history, you still can be approved for car finance with We Finance Any Car. However, that doesn’t mean it doesn’t have its challenges! This is usually because lenders like to see proof that you can manage your credit, and are therefore a lower risk when it comes to borrowing money.
There is a way around this that can make things a little easier in some cases…
If you have no credit history, it might be worth looking at a guarantor. This is a third party, usually a family member or close friend, who agrees to make repayments for you if you fall into financial difficulty or do not pay. This is a bit of security for the lender, and having someone listed on the agreement means you are more likely to be approved.
As well as making you a more attractive candidate for lenders, having a guarantor can also strengthen your credit profile for any future applications you may make.
While a guarantor may not be necessary for your application, it may be something you want to consider, if finance is an option you want to go for. At We Finance Any Car, we have a long history of helping people find the right car and right finance deal for them, and we have a team of experts in-house and waiting to help. To find out more, apply online or get in touch.