When it comes to consumers credit ratings the pinnacle of what is deemed to be ‘Bad Credit’ has to be Bankruptcy and the associated stigma that comes along with it. In the year 2011 we saw that a total of 41,845 people in the UK filed for Bankruptcy {Bankruptcy figures 2011} and to put this into perspective this level is the lowest number since 2004 but it certainly effects a decent sized number of people. The common consensus is that by being tarred with the Bankrupt brush the chances of ever being considered for a financial product ever again are slim to absolute none but is this correct? In one work – ‘NO’. A specialist area such as the Non Prime market requires a specialist lender and so this means that with MSG Cars you application is being handled by people that understand your situation and also can look past what the ‘mainstream’ opinion is.
Bankruptcy results in a clean slate
The basics of carrying out a Bankruptcy order means that the applicant has all existing finance agreements wiped clean and after the 1 year period required has passed what you are left with is a consumer that has very little in the way of outgoings. In this current age of credit this can often mean that compared to the typical man in the street and person who has completed a bankruptcy will maybe have no Hire Purchase Car Payment, no Bank Loan, no mobile phone, no credit cards, no T.V. on credit – basically no anything! To the lenders we operate alongside this pattern has been identified and so there business model will take into account the fact that the customer will have very little other than there living expenses and housing costs. Our instant scoring system means that an application when entered onto our website will provide us with an answer from our first line lender straight away and there calculations are worked in favor of bankruptcies believe it or not.
Bankruptcy can even help Bad Credit finance applications
As mentioned previously the types of lenders we operate with will look at a Bankruptcy in more of a positive light than you would get from a high street finance house. Many consumers will approach ourselves for funding and it will be the first things that they have attempted in several years since the Discharge of the order and so it is often a case of hit and hope for the best. The fact that we regularly respond with a car finance approval is the best news we can supply and often at a better rate than customers who are just in a bit of a financial mess.
What Car can i choose?
With many specialist car finance companies you might find that you are given an approval but when it comes to the choice of your new car you are restricted to either what is in stock or a small amount of cars from a list. With MSG Cars we try to ensure that our customers get to pick the exact make and model of their new vehicle as this obviously helps with customer satisfaction but also if you are going to be paying more than usual for a monthly payment as is to be expected with Non Prime finance then why shouldn’t it be for the car you want! With our main company this means that providing the vehicle isn’t over 7 years old or have more than 70,000 miles on the clock we can simply pay the requested dealership for the motor. This means that once you are accepted all you have to do is search for the ideal car – speak with your consultant and when happy with the monthly cost we will do the rest for you.
