BMW 6 Series models pictures tension street version

BMW 6 Series models pictures tension street version

Bad Credit Car Finance FAQs

Bad Credit Car Finance FAQs

The following questions are the ones most regularly receive in relation to bad credit car finance loans.

What is a bad credit history?

All credit transactions are stored in your credit history. This keeps a record of all of your financial dealings with credit institutions such as lenders, banks and building societies. Bad credit, also known as poor credit or adverse credit, occurs when a consumer falters in their credit transactions.

This can be as minor as missing a credit card payment. Missed payments on a mortgage are a common cause of a poor credit rating. County Court Judgements are likely to result in a severely damaged credit rating, known as heavy adverse credit.

I have no credit history and I’ve been turned down for car finance, why is this?

Unfortunately, in some instances people who have no credit history have problems with applications for credit.

Some lenders will not lend to borrowers who have no history of credit, because their credit status is unproven. However, when it comes to car finance, there are a number of companies who will provide finance to people with no credit history.

How does having bad credit affect my car finance situation?

Most car finance lenders will still consider your application for car finance if you have poor credit, and many will offer you a deal.

However, some mainstream lenders will refuse you car finance or personal loans if you have bad credit. In some cases, poor credit car finance deals will be set at slightly higher interest rates, particularly in cases with heavy adverse credit such as bankruptcy.

Does having bad credit restrict the level of car finance one can receive?

Not in all situations. There are many lenders out there who believe borrowers should have access to car finance whatever their credit history, and whatever type of car you buy. The risk you represent to the lender may be passed on in higher interest rates on your car finance loan, however.

Is it possible to get car finance even with bad credit?

Absolutely. Just fill in the free, no obligation car finance enquiry form for those with bad credit below and one of our specialist car credit experts will contact you to discuss your options.

Net worth: Champ Car auction rakes in $1.2 million

It is hard to put a price on history, but it turns out the last vestiges of the Champ Car World Series were worth about $1.2 million.

Most of the assets of the defunct series sold at auction June 3, as organizers liquidated an extensive catalog of pace cars, racing equipment, transporters and other memorabilia.

Champ Car filed for bankruptcy March 5 after agreeing to merge with the Indy Racing League. The cash from the auction will be used to pay an extensive list of creditors. Will Power won Champ Car's last-ever race, at Long Beach in April.

Car transporters were big-ticket items, with one selling for $92,000 to Newman Wachs Racing. The team plans to use it for Atlantic Series and vintage racing duties. Several other trailers each sold for more than $55,000.

Pace cars also drew extensive interest, led by a 1996 Dodge Viper and 2006 Ford Mustang. Each sold for $37,000. A wide range of other cars sold for between $5,000 and $29,000.

Other items of note included:

-- A one-of-a-kind red Lola race car that hung on the lobby wall inside Champ Car's former headquarters ($17,000).

-- A 2000 Reynard show car with no engine ($47,500).

-- A slew of memorabilia, including posters, helmets and racing suits, was also sold.

The chance to own a slice of history proved alluring for fans and collectors, while several racing team reps arrived looking to augment their own equipment. About 750 people showed up for the auction in Indianapolis, and there were another 800 online bidders.

The strong turnout made for competitive bidding--used transporters went for nearly six figures--and even fairly insignificant items went for well above their market value. Tents--that's right, tents--with the Champ Car logo went for more than $700, while tools also sold at a premium.

"A lot of people were out for a piece of history," said Norman Gallivan II, chief executive of Gallivan Auctioneers & Appraisers, which handled the sale.

Still, not everything was museum ready. An '87 Volvo that had 317,669 miles on the odometer sold for $300, and a '91 Cadillac Eldorado went for $850. They were joined by cases of oil, used brake rotors, tires and other assorted parts.

"It looked like the greatest collection of crap I've ever seen," said Eddie Wachs, who owns Newman Wachs Racing with actor Paul Newman.

For those still looking to grab a piece of Champ Car, the series is auctioning off more memorabilia with an online sale that ends June 12.

For more details, go to http://www.autoweek.com/article/20080606/FREE/8696893