Most of you will be aware of what is commonly called a credit rating - especially if you have ever applied for any type of financial product and perhaps some of you will have a looked a little closer into it if you have been declined for any reason.
A Credit rating is a system utilised by lenders to have an instant overview of a potential customers profile when it comes to how they are likely to repay credit agreements in the future. The way this works is that each and every Company that operates on any form of finance contract such as Mobile Telephone, Credit Card, Bank Account or Mortgage will notify a third party company called a credit reference agency each and every month of the duration of your agreement and report in if you have made your payment on time. The lender involved will also provide the start balance of the loan or credit card and update and changes.
What this does though is keep a precise and informative record of everything financial you do and so if you are late or miss a repayment it is recorded forever more. The way this Credit profile is then used is that any company you apply to asking to borrow money or take credit from will consult your data and decide if your history should allow it. This all works reasonably well providing you meet each months payments on time and keep yourself within an avarage amount of money owed out but the problems will begin - especially when looking for vehicle finance or a Car Lease contract if you suffer failure on any agreements.
This is where a specialist lender comes into play and through companies such as MSG Cars you can locate the funds you require to still be able to drive the car of your dreams. Lets face it not many consumers can afford to pay cash for an outright car purchase and with it being the second biggest outlay after a house.
Now a lender that operates in the Non Prime or poor credit market is more than able to underwrite applications - and look at your credit report yet still offer approvals for a great many customers. A Bad Credit Car Lease is the same as a standard lease deal but the higher monthly repayments reflect the fact that issues such as Bankruptcy, IVA and debt management plans are all catered for and you can have peace and mind that you won receive an instant refusal.