Can people listed as slow payers get car loans? Many people ask this question because they are in need of secured vehicle finance, but they have had some trouble in the past with payments and aren’t sure if they will be allowed a loan. They don’t necessarily have to have a bad credit record in order for loan providers to decline their application, if they can just see that you don’t pay consecutively, they might reject your application because of this. However, they also might allow the loan, but leave you with a high interest rate to pay back, so if you don’t mind that, it could happen that way.
To borrow money to purchase a car isn’t always easy to do as a lot is required of you, but can people listed as slow payers get car loans? The answer is yes, they can. Having bad credit doesn’t always mean that you have a big red circle around your name, being blacklisted is a lot worse and loan providers do pay attention to this. Therefore, a “slow payer” will still be able to borrow money, but they should always look at the high interest rate they are sure to be given and decide whether they are willing to pay back so much more than they will borrow.
There are many places that you could confide in when it comes to getting secured vehicle finance, but how do you choose the right one? Well, first of all, if you are a bad payer or even blacklisted, you have to look for the lenders that are willing to lend to you, and then determine who offers their loans with the lowest interest rate. So the next time you hear someone ask “can people listed as slow payers get car loans?” you know what to tell them and also where to direct them!