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The Benefits Of Black Box Car Finance
22 May 2023

The Benefits Of Black Box Car Finance

We'll take a closer look at what black box car finance is and some of the benefits it has for car buyers.

If you're in the market for a new car but struggling to get approved for finance, black box car finance may be a solution to consider. You might have heard about black boxes that track driving habits for insurance purposes, evaluating your driving skills and offering personalised pricing. However, the black boxes we're discussing here serve a different purpose. They are solely intended to assist you in staying on top of your car finance payments. These boxes do not monitor your driving style.

Here, we'll take a closer look at what black box car finance is and some of the benefits it has for car buyers.

What is Black Box Car Finance?


Black box car finance involves installing a small device, or black box, in your car that tracks your monthly repayments.  It's usually installed underneath the dashboard or glovebox and connects to your car's internal computer. 

Whenever your car payment is due, it will send you reminders so you'll be less likely to fall behind on your repayments. As long as you stay up-to-date with the payments the device will work continuously and you probably won't even realise it's there. Your car wll be imobilised if payment isn't made on time, however, most lenders will get in touch with you prior to imobilising the vehicle, giving you the opportunity to make payment.

Black Box Car Finance
3 Black Box Car Finance

3 Benefits of Black Box Car Finance

There are several benefits to choosing black box car finance, including:

  1. Increased Acceptance Rates: Opting for black box car finance can increase the likelihood of getting your application approved. The convenient notifications provided can help you stay on track with your repayment schedule, minimising risk for the lender and instilling greater confidence in your repayment capabilities.
  2. Better Terms: You may also be eligible for better loan terms, such as a longer repayment period.
  3. Improved Credit Score: Making regular payments on your black box car finance can help to improve your credit score over time. This can make it easier for you to get approved for other types of credit in the future.

How to Get Black Box Finance

To get black box car finance, you'll need to apply for a loan through a lender that offers this type of finance option, such as Autozone. You'll typically need to provide some basic information about your finances, including your income, expenses, and credit score. 

Once you've been approved for finance, the black box will be installed in your car and you'll be ready to start making payments.

 

To Summarise

Making regular payments on your black box car finance can help to improve your credit score over time. If you're interested in black box car finance, get in touch with Autozone today, the UK's leading bad credit car finance company!