Understanding your credit report can help you in your new car purchase. It can make the difference between getting the credit for your dream car and not! It is now recommended that you get a credit report before applying for finance and in most cases before even choosing your new car. This way you as a customer should be able to find out what level of finance you can expect to be accepted for and also the best rates available for your credit profile.
In most cases car buyers believe it is the dealers fault that they have been declined. However this is not the case as most car dealers never see your report unless they are a lender. You may also be able to make changes to your (credit) profile before your new purchase. This way you can get the best rates, and hopefully the amount of credit that you desire. Here at Car Credit 123 we hope to be able to show you how to improve your credit score in as many different ways as possible before even taking a new agreement you can start improving your credit score! We are also in partnership with UK Credit Ratings so we can help you obtain your credit report and supply alerts whenever there is a change helping you improve your credit over time to get the finance you desire for the car you dream about.
Here are the types of credit we provide-
At Car Credit 123 we provide a diverse selection of products to help all of our customer needs. Most companies are offering HP also known Hire Purchase which is the traditional form of car finance. Hire Purchase means that the lender has an asset against which they are lending. This makes them more likely to lend you the money. The lower the ratio between the loan amount and the retail value makes it more likely for the loan to be approved. That’s why Car Credit 123 try where possible to sell you a car at a competitive price, as this improves your chances of getting credit.
With HP you can choose to add a joint hirer to make your application more likely to succeed. In rare cases the finance company may ask for this as well. A vast majority of customers choose this method as it’s a very easy way to borrow.
Car Credit 123 now offer a new way to borrow against your new car – a guarantor loan. This guarantor (usually a friend or family member) backs up your loan agreement by signing a guarantee and indemnity form. By doing this the guarantor agrees to meet your repayments in case you have problems. This means that even if you have had difficulties with credit before, or you don’t have a credit rating you may take out a loan to put the credit in place. This works on trust and relationships which is a great way to get the credit application approved