Car Finance Myths
If you’re interested in getting car finance but aren’t too sure how to go about it, read on. Due to a lack of useful info and many car finance myths, lots of people are wary of going ahead with this type of loan. Myths about car finance are just that – myths.

More often than not they can portray things in a negative way. Here are four of the biggest myths circulating out there.

  1. Do I need a deposit when applying for car finance – with Zoomo Car Credit a no deposit car finance package can be arranged. It does depend on the type of finance you decide upon. A deposit is also at the discretion of the lender. If you wish to borrow a sensible amount as a deposit the value of the car will be taken into account.
  2. Who can apply for car finance – whether you have defaults, rent or mortgage areas or CCJs, anyone can apply for car finance. If you’re on benefits, have just started a new business or are self-employed this shouldn’t make things difficult. So, it’s a myth that you can’t get car finance due to employment status.
  3. How much can I borrow and can I pay off the loan earlier than agreed – many factors come into the equation of how much car finance you can borrow. Income and finance commitments are taken into account. You can pay off any outstanding balance earlier than agreed but do check for any charges or penalties first.
  4. Bad credit rating – if you have a bad credit rating, defaults or CCJs, finance is still out there. A large lending panel offer various levels of finance although it must be said that if you apply for too much credit, it could have a negative effect on your credit rating.

Car credit companies that care

If you need some advice regarding your car finance, we can help. It can be quite a worry when you read either online or in newspapers about the many myths surrounding car finance. Things like “shopping around for car finance might ruin your credit score” – wrong, “PCPs are only available for new cars” – untrue.

When it comes to car finance just make sure you don’t miss any repayments and always pay on time. You could be thought of as being a high risk to lenders if you don’t keep payments up to date. It’s also a good idea to choose affordable deals while keeping monthly payments within your budget. These are not myths by the way, just plain facts.

Put all the myths out of your head and enjoy searching for a car of your dreams. No matter what your circumstances are, Zoomo Car Credit are on your side.

Jan has worked in the car finance industry for the past 20 years and I currently run Zoomo Car Credit. I specialise in car finance, helping customers who who have bad credit get accepted!