Even if you have a low or bad credit score it is possible to obtain finance. Whether you want a loan to buy a new car or to refinance your existing home loan or simply need more money for a holiday, you should be able to find the suitable credit.

What to avoid

Avoid choosing the first loan or finance deal you come across. The interest rates & terms of products varies significantly from lender to lender. It is crucial to invest time in finding the best deal as in the long run it could end up saving you hundreds if not thousands of dollars.

Another tip to increase your chance of obtaining credit is to do your research before applying for any credit or finance. Every time an application for credit is made it will have a negative effect on your credit score which in turn means your chances of obtaining credit are lowered. Therefore if you are refused credit with one lender avoid simply taking no action apart from applying to another lender. Instead seek to improve your credit rating or apply for credit with a specialist provider.

Where to find credit

Rather than looking on the high street where lenders criteria are generally quite high, the best place to look for credit is a specialized sub prime lender. There are many lenders that tailor their products specifically to borrowers with a poor credit rating. These lenders will be able to offer you a wider range of products than the normal lenders.

By: James McKerr