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Special Finance Companies

Banks and Loans

Hi, my name’s Andrew. I work for a finance company that provides loans to people that have poor credit ratings. This happens for a number of reasons. Life sometimes sucks and things go wrong. Making monthly repayments on car loans or housing loans can get difficult, at times impossible. As a human being, you are just a statistic to some businesses, particularly banks.

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Why is that? It’s simple. A bank has thousands if not millions of customers. If you go to a bank and ask them for a loan and they find one negative on your credit rating, you will be refused a loan. Yes, you’ve been a loyal customer for 15 years, they gave you a credit card, or two, but 6 years ago you didn’t pay an electricity bill and missed a car payment 8 months ago. So, you’re a credit risk. Really! The bank doesn’t care, because with all those other customers and an annual profit of 5 billion quid, your request for £15,000 is a drop in an ocean. Next!

Feel Good Story

This is where smaller finance companies come into their own. They are able to provide a service to customers who don’t want to deal with a large bank for a smaller loan or they have a poor finance record. The funny thing is, the bank provides the money to the small finance companies anyway. Go figure. I have come across some unbelievable bad luck stories about why a person’s credit score is a mess of bad remarks and red comments. One of my greatest achievements was being able to successfully obtain a loan for an ex-prisoner. The guy had been out of jail for more than a year and needed a car. 12 months of working in a steady job, a new relationship, a good report from his parole officer were all positives that should be taken into account. Even his employer had given him a second chance, so why couldn’t a finance company?

Help is Available

That’s a good ending story. This finance company was prepared to lend him the money he needed. Our philosophy was he had already paid a debt to society, why should he be penalized a second time? I admit there are times when the challenge to obtain a loan is nigh on impossible. The repayment record and defaults are far too big a hurdle to overcome. Almost impossible, I said. Larger deposits and a higher interest rate can at times be applied in these cases. Of course, if you have little money, then a larger deposit will be out of the question.

My message to prospective customers is, don’t despair. In the majority of cases, we can find a workaround to get you car finance on bad credit. It’s simply a matter of arranging an appointment and laying your record on the table. There are usually good reasons for the poor credit rating. It’s our business to listen, then help if we can.