PAYG (Pay as You Go) Car Finance is becoming more and more of an option for clients who have poor credit.
If you have ever been denied car finance, then you probably know how frustrating this can be. Thankfully, there are quite a number of lending institutions that focus on providing financing car loans to people that have bad credit or are have had financial challenges in the past that could affect their chances of getting car finance.
If you somehow fall into this category of car loan borrowers, you can be sure of still getting finance to purchase that dream car of yours. One of the easiest ways of getting car loans even with your bad credit history is to check online lenders which offer car finance for people who are struggling and the Golden Rule is NOT to aplly with every one of them. This will surely ruin your changes of getting a great rate as this could really hurt your credit record.
PAYG Car Finance is nothing new, it uses technology to ensure that customers who have taken car finance indeed pay for their car regularly and if they dont pay, steps can be taken to stop the car in its tracks. Not all companies actually stop the car, but can locate it and take the car back after none payment. That said PAYG car loans are a great way to get you back on the road and can make it easier for you to rebuild your credit rating so in the future youcan get even better rates of finance for new cars and indeed most credit opportunities in life.