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Guaranteed Car Finance No Credit Check

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April 26, 2022
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Guaranteed Car Finance No Credit Check No Deposit

People with bad credit or with no credit at all will usually find it hard to get approved for financing. Lenders will want to take a look at your borrowing history to determine what behaviour you are going to exhibit if they are to grant you a loan. A blemished credit record isn’t going to make you look good in the eyes of potential lenders. You could have missed payments in the past or have defaulted on past loans and lenders will consider you a high-risk borrower as a result. 

However, if you think that having no credit at all will spare you from getting rejected when applying for a cash advance, you are wrong. Customers with no borrowing history are no better than those with bad credit and will also have a hard time getting access to financing or financing with good rates. If you’re planning on getting a car financed but are worried about the current state of your credit records, it would make sense for you to look for guaranteed car finance no credit check no deposit. It would be very reassuring to know that you will get approved no matter what. 

Today, you can take advantage of guaranteed car finance no credit check no deposit through a rent to own arrangement. Since this is not a loan type, there will be no credit assessment involved. All the lender wants to know is that you have the means to afford the weekly rent. With this arrangement, your dream of finally owning a car will become a reality. 

Understanding credit checks

When people look for guaranteed car finance no credit check no deposit, they do so because they fear that getting a financing arrangement where a credit inquiry is carried out will diminish the chances of them getting approved. When lenders carry out credit checks, they do so by taking a look at your borrowing history and how well you have managed your unsecured loans in the past. They’ll also assess your credit score as this is a determinant of the interest rates and charges that they will attach to any loan they might offer to you. Needless to say, the higher your credit score, the better loan deals you will get. Also, a low credit score or a bad credit rating can prevent you from getting access to loans. 

Guaranteed Car Finance No Credit Check

Applying for guaranteed car finance no credit check no deposit

If you’re worried about your credit score and how it might hamper your chances of owning a vehicle, you can sign up for a rent to own arrangement instead. This is where you will have access to use a vehicle in exchange for a rental fee that will need to be paid weekly. Depending on the terms of the arrangement, in most cases it is 2 years, you will have the choice to purchase the car. The rent you are paying on a weekly basis will eventually add up to a substantial amount over time which is then used to cover part of the costs involved in purchasing the vehicle. Since the arrangement is not considered a lease or a short term loan, a credit check is no longer necessary. 

Still, it is important to remember that providers offering guaranteed car finance no credit check no deposit will still carry out their own assessments and checks before agreeing to grant you one.  For instance, they will want to get a good look at your financial history to ensure that you really have the means to afford the weekly obligations that you will be expected to fulfill. Your identity will also be checked. Today, people who are worried about getting turned down for a car loan are going for guaranteed car finance no credit check no deposit arrangements. 

Understanding rent to own a car arrangement

The process involved with rent to own a car is quite straightforward. You start by deciding on a car you like from the choices offered by the provider. You will then pay a weekly rental. Providers will need to assess your finances first to make sure that you won’t have a hard time making the payments every week. However, this is not the same as a proper credit check, so having a bad credit history is not going to be a problem. 

Once your request gets approved,  all you have to do is pay the car rental every week until such time as the rental term ends. What’s really good about renting to own a car is that there is no need for you to spend your own pocket money on insurance, registration and regular servicing. The provider is going to cover all of these costs. In a way, the guaranteed car finance no credit check no deposit becomes similar to a lease but without the usual obligations you are expected to follow before you will finally own the car. 

In a rent to own with guaranteed car finance no credit check no deposit arrangement, you are offered the choice to buy the vehicle through the funds you have already built up over the length of time that you were paying for the weekly rental, upgrade the vehicle to a new car with a different rental agreement, hand it back to the provider or just walk away. It is also possible to just hand back the vehicle within the rental period. However, doing so would mean you are forfeiting the money you have already paid so far. 

What cars are available for me?

Providers offering a rent to own scheme tend to have a wide range of vehicles to choose from. Whether you prefer compact cars or people-mover types, then you should have a good number of options to choose from. Among the many options you can pick from include wagons, hatchbacks, coupes, sedans, SUVs and even light commercial vehicles such as utes and vans. If upon your visit to the provider you do not see any make or model that you like, you can always return in a week or two as the list of available vehicles are updated constantly. 

Why choose Car Loans

No deposit required

You won’t be asked to make a deposit in order to drive around a vehicle through the rent to own arrangement.  

No credit checks 

Worried about your bad credit? Concerned about not having any credit at all? This is not a problem since providers of rent to own arrangements which we have in our network of partners will not need to check out your credit records to approve your request.

MagicLoan.com.au (Credit Representative Number - 535991) which is an Introducer Appointed Representative of Marketplace Finance Pty Ltd (Credit Representative Number: 487316).  

MagicLoan is not a lender and does not make credit decisions. MagicLoan matches customer applications with lenders in our network based on the information provided, in exchange for a commission paid by the lender for advertising services provided. There is no guarantee that you will be accepted by a lender or that you will be offered terms suitable for your financial needs. Not all lenders will be able to provide amounts up to $5000. The time required to process and transfer the loan varies by the lender. This website does not directly endorse any particular product or service. Any information on this site should serve as opinion only. As a condition of extending credit, some lenders you may be matched with may run a credit check from a credit reference agency. Late or missed payments may be subject to increased fees and/or interest rates.

1. Subject to application being approved by the lender. Not all lenders are able to provide up to $5000

2. Subject to lenders requirements and approval. The time that it takes for the cash to be received in your account will depend on your bank’s policies and procedures. 

Consumer Advisory: MagicLoan is a loan matching service. This site will submit the information you provide to a direct lender. Upon loan approval, a direct lender may require further information from you which will be collected after we transfer you to their website or they may contact you via phone or email.

All applications will be subject to credit checks and affordability assessments in line with responsible lending. Loan terms, conditions and policies vary by lender and applicant qualifications. Late or missed loan payments may be subject to increased fees and interest rates. Not all lending partners offer up to $5,000 loans, and not all applicants will be approved for their requested loan amounts. Loan repayment periods vary by lender also. Lenders may use collection services for non-payment of loans.

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