If you are hoping to buy a car, be it used or new then you might be looking for some kind of car finance. This shouldn’t be a problem if you have never had any problems with credit in the past. If you have never defaulted on a payment, have held a steady job for some time, have a mortgage with up to date payments, be a homeowner and have held a bank account for a long time then you will more than likely have got a good to excellent credit score.
Unfortunately life just isn’t like that for a lot of people. Difficult economic time, redundancies and changes in a person’s circumstances can all mean that loan/mortgage/credit card/car finance repayments may have all been missed. This may have happened some time ago but the credit history will show every single missed payment and this will unfortunately go against you.
Some people have county court judgments which are when missed repayments have resulted in the case being taken to Court to force you to pay. This is one of the worst things that can appear on a credit history, along with bankruptcy orders. [Read more…]