Car Finance Deals

Before financing a car it is essential you understand the financial aspect of your potential purchase and from this you must see that your monthly payment offer is not only affordable but also the best possible deal for you.

Buying your vehicle of choice is quite possibly the second biggest purchase you will make, following your home. So, it is not one to be taken lightly. Whilst paying for a vehicle with cash maybe ideal, for most it is not possible. Most people turn to finance to purchase a car. As this route acquires interest as you pay back over time; it is important to understand exactly what you should know before financing a car.

Understand your offer is going to be presented to you from finance lenders that will check your credit history and give you an offer based on your rate for risk. If you have a history of not paying the bills its likely you will not get an offer at all. On the other hand, if you pay all your direct debits and standing orders on time without fail, you will not only get offers but also you will get the best offers. For this reason, its essential you understand your credit score and how to improve it where you can.

1. Know Your Credit Score and How to improve it
2. Apply and Get Approved
3. Calculate your Costs
4. Take your time and decide, before saying Yes!

Know Your Credit Score and How to improve it
Whatever has happened in the past with your credit score has happened. Going forward you have opportunities to improve the score. From here on, make sure you pay all your monthly bills on time without fail. Your score will then start to improve. Every month: it will get better and better. So that when you take out future finance packages, you will get a much better offer than you can get today. That said, what happens if you want a car now? Well; Firstly, you need to check your credit score. Then where you can, improve it. You can do this by challenging the credit scoring company. I have already written articles on your credit score and how to improve them; I will list these below. They are essential and a must read.

How to improve your credit score: Bust myths & improve your rating
https://carfinancedeals.com/blog/104/how-to-improve-your-credit-score-bust-myths–improve-your-rating

What Credit Score is Needed to Buy a Car UK?
https://carfinancedeals.com/blog/179/what-credit-score-is-needed-to-buy-a-car-uk

Car Finance: Do I need a good credit history?
https://carfinancedeals.com/blog/136/car-finance-do-i-need-a-good-credit-history

Once you have read all 3 articles return back to this one and carry on reading the below. At this point, you will understand everything to do with credit scores and hopefully, you would have already got hold of your own score and started working on improving it.

Apply and Get Approved
Next would be to dip your toes into the world of car finance. You need to apply. First place to apply obviously, is here: https://carfinancedeals.com/apply

Here at Car Finance Deals; we work with a large panel of lenders and our aim is to get you the best possible deal on the market. In our opinion it is always best to get pre-approved before going to view any cars. You will already have your offer and you will then know exactly what you are going to be charged per month when viewing the cost of the vehicle. Of course, if you are declined also it will save you a lot of time messing around. So, it makes sense to apply first. Those of you that have good credit will always get offers. For those of you with poor credit I would recommend reading a recent article I have written:

Can I Apply for Car finance with Bad Credit?
https://carfinancedeals.com/blog/149/can-i-apply-for-car-finance-with-bad-credit

Calculate your Costs
You know your offer, so you can calculate the costs yourself if you so wish. Alternatively, ask us. We will give you a breakdown of costs on any vehicle you find. Most people opt for Hire Purchase (HP) when it comes to Car Finance. But it is also useful to understand what Personal Contract Purchase is (PCP) which is sometimes used on more expensive cars. As a customer that is approved, sometimes the option of PCP will be open to you as well as HP so I would recommend reading through the following articles so you can fully understand what you are choosing:

Buying a Car through Hire Purchase: HP Explained
https://carfinancedeals.com/blog/78/buying-a-car-through-hire-purchase-hp-explained

Buying a Car through Personal Contract Purchase: PCP Explained
https://carfinancedeals.com/blog/87/buying-a-car-through-personal-contract-purchase-pcp-explained

Take your time and decide, before saying Yes!
You have found the car you want, and it is all exciting. You want it now, but are you acting on emotions, or intelligence? If your lucky, both. However, many customers make the mistake at this point on acting with emotion. They want the car quick before it sold to someone else; and then once bought, have buyer’s remorse when they later decide they do not like it or realise the deal they got was not the best. My advice would be: Take your time. It is not good for the client, the dealership, the lender, and the brokerage to have to deal with these situations. Please, check your sums, check your deal, be happy with it and then move forward. Even if a vehicle you like is sold, another one will just be around the corner. Do not worry. Enjoy the process as much as you can but once you have made your decision, make sure you are pleased with it before singing the documents.

One more article I would suggest reading and understand before making your decision would be the one below I wrote recently. It may make you realise if finance is for you or not before taking the plunge:

Is it worth getting a Car on Finance?
https://carfinancedeals.com/blog/171/is-it-worth-getting-a-car-on-finance

Car Finance Takeaway:
What Should i Know Before Financing a Car?
Make your decision based on financial intelligence. Do not be too quick to fall in love with a car without understanding the costs involved. The financial side of your purchase is essential to understand. Your offer from a lender is coming from nothing more than a checklist of your repayment’s history. So, make this as good as you possibly can! Instead of just hunting for your dream car, instead take time to understand exactly what car finance is first, to give you the foundations to go out and find your car with the confidence that not only you can afford the repayments but are getting the absolute best deal for you at this moment.

 

Getting a car on finance is a big decision to make. After all; it is likely to be your second most expensive purchase. With most new vehicle purchases in the UK currently funded on finance; you are left wondering is Car Finance worth it? It is something you are likely considering because you are here reading this; so let’s jump in – Is it worth getting a Car on Finance?

The answer is both Yes and No; depending on your financial situation. Not only with what savings you have but also; your ability to earn money with those savings. If you will make more money buying a car outright than what you can make by investing your savings, then maybe Finance is not for you. That said, investments rarely come with a guaranteed return; and I believe finance is a straightforward solution that is offered to enable you to achieve the product you want at a reasonable price. This may explain why it is such a widespread solution for buying vehicles and yes; your credit score will affect whether finance is a good choice for you. I might add; your credit history maybe the deciding factor on whether you can obtain finance at all.

Finance of course also will enable you to purchase a car you might not of otherwise been able to afford. This is also a strong point. However, I would still think sensibly about your purchase. It is likely, you will get a car and be over the moon with it for the first few months. Over time, the monthly repayment might start to get you down. You don’t want to put your lifestyle at risk by stretching your budget too far and you certainly want to make sure you get the best suitable deal for yourself.

What kind of Car Finance Deal will be most appropriate for me?
There are several types of Car Finance available and some will be more positive to your circumstances that others. There are several key factors to consider so let’s have a look at these.

Where do you want to buy your Car?
So you have a choice. Other websites, not naming names, give you wrong information at this point. You can get a car on finance from almost any car dealership in the UK. So, the choice is there. This is an extraordinarily strong point. With the internet now you can live in London and buy a Car in Scotland. You can collect the vehicle yourself or have it delivered. Such services are available today.

You also may have a choice of HP (Hire Purchase), LP (Lease Purchase), PCP (Personal Contract Purchase), and Leasing. Now I will not cover these different types of options in this article however in general they all require you to pay a certain amount every month to the finance lender. Presuming you do get offered finance I would suggest asking your finance brokerage (in this case, us) on what deals you have been offered. You might only have been offered HP. If your credit score is strong then you might be offered multiple options. Whatever you have been offered make sure you choose the best deal available to you from a financial point of view. I will link here below other articles that are relevant to this paragraph that I have just wrote;

BUYING A CAR THROUGH HIRE PURCHASE: HP EXPLAINED: https://carfinancedeals.com/blog/78/buying-a-car-through-hire-purchase-hp-explained

BUYING A CAR THROUGH PERSONAL CONTRACT PURCHASE: PCP EXPLAINED: https://carfinancedeals.com/blog/87/buying-a-car-through-personal-contract-purchase-pcp-explained

CAR FINANCE: DO I NEED A GOOD CREDIT HISTORY?: https://carfinancedeals.com/blog/136/car-finance-do-i-need-a-good-credit-history

HOW TO IMPROVE YOUR CREDIT SCORE: BUST MYTHS & IMPROVE YOUR RATING: https://carfinancedeals.com/blog/104/how-to-improve-your-credit-score-bust-myths–improve-your-rating

Also what can make a difference in your decision is how much deposit you can put down. Usually this will not be mandatory, and maybe you will be better off keeping your monies for your own investments (or having for a rainy day.) That said, some people want to keep their monthly payments as low as possible and putting a deposit down will reduce them for sure. Ask your brokerage (us) how much your monthly repayments will be if you were to put a deposit down that you can afford.

Check your Budget
Which brings us to this; how much you can afford. Your budget is an important aspect when considering finance – work out what you can afford in terms of monthly repayments. Extending your loan over a long term (e.g. 5 years instead of 3) will reduce your monthly outgoings to a reasonable affordable level. This will mean you will be paying more in total interest over the life of the deal, but still an extremely popular option. 5 Years (60 months) is standard and most selected choice by CarFinanceDeals.com customers.

Your Credit History
The final aspect, and maybe the most overlooked, is if you will be approved for finance at all. Lenders want to minimise risk, and so they should. If you have a record of not being responsible with your money, then why should a lender borrow you anything at all? They will not, and you will be left without a finance option. The more responsible you are (e.g. Paying your bills on time every month without fail) then the more likely you will be offered more products as a finance solution and furthermore; you will highly likely obtain better rates because of this. Better rates equal less in monthly payments and less in total interest. So, you see; it pays to be responsible with your money.

Conclusion; Is it worth getting a Car on Finance?
The answer to the question is based on your own circumstance. First you need to be approved for finance. To do this you need to apply for Car Finance. Secondly you need to consider your options, e.g. What financial packages you have been offered from the lender. Then compare these offerings with your budget and whether you will put down a deposit or not. Then you should have your financial figures written down that will enable you to make an educated decision based on the best offer for you.

Your starting point is to apply now and you can do this with us here at Car Finance Deals by clicking this link: https://carfinancedeals.com/apply

London, 1^st July 2020
Vehicle finance broker Car Finance Deals are today celebrating on two counts. The brokerage based on Birchwood Park in Warrington is enjoying its second Birthday. Car Finance Deals are also enjoying the beginning of which it believes will be fast scalable growth after reaching a milestone of financing over £3 million worth of vehicle transactions.

Business partners Stephen Staley and Vincent Hilditch set the business up with extremely limited funds in 2018; and have grew the business with zero outside investment. The obstacles faced have been no different to any other small business; incredibly challenging; setbacks; minor wins and losses. The focus from day one was to build CarFinanceDeals.com into the UK’s Most Loved Car Finance Broker; something that has never changed.

Stephen Staley, Director of Car Finance Deals, commented: “We understand we are a small business today; however, we have large ambition. With this we have the determination and patience and expect to make a difference in the Car Finance Sector. The difference largely will be based on our innovative strategy and vision.”

Car Finance Deals have an average vehicle finance lend of £8410 and offer a broad range of finance packages that suit both the Prime and Sub-Prime market. “We want to offer a fantastic solution to as many clients as we can; whether the vehicle being financed is a McClaren or Mercedes. Furthermore, I know both Vincent and myself take great pride in achieving solutions for customers who have a historic poor credit rating.” Stephen added.

Business to Business partners for Car Finance Deals include; Paragon Bank PLC, Marsh Finance Ltd, Premium Plan Ltd, Moneybarn and Auto Money Motor Finance.

About Car Finance Deals
Founded in 2018, based in the UK; Car Finance Deals (Cheshire) Limited was born with two immediate objectives; to make the vehicle buying process as easy as possible and to take the greatest of care in making its clients its number one priority.  Car Finance Deals aims to set new standards when it comes to accessing finance to buy a used vehicle and prides itself on taking a modern approach to a motor industry that is in need for an upgrade.

Manchester, 18th June 2020 – CarFinanceDeals.com – the UK’s Most Loved Car Finance Broker has partnered with leading privately owned lender Marsh finance. The rapidly expanding Car Finance brokerage is focusing on building solutions for all its clients; with the addition of Marsh on the lending panel now even a greater percentage of customers can access the best possible Car Finance Deals.

Stephen Staley, Director of Car Finance Deals, commented: “We have been communicating with Marsh for some time and we both feel now is the right time to work together. Having Marsh on the panel will open more opportunities in offering the best deal possible to the client and this is essential to our business strategy. The customer must be able to access the best products and Marsh has an excellent offering.”

Marsh Finance will join other lenders on the panel for Car Finance Deals that include but are not limited to; Paragon Bank PLC, Moneybarn, Premium Plan and Auto Money Motor Finance.

About Car Finance Deals
Founded in 2018, based in the UK; Car Finance Deals was born with two immediate objectives; to make the vehicle buying process as easy as possible and to take the greatest of care in making its clients its number one priority.  Car Finance Deals is setting new standards when it comes to accessing finance to buy a used vehicle and prides itself on taking a modern approach to a motor industry that is need for an upgrade.

About Marsh Finance
Marsh Finance Ltd, Marsh Finance & Commercial Ltd and Marsh FM LLP (“Marsh”) are UK motor finance specialists providing bespoke lending, outsourcing and IT solutions. Marsh was established in 1973 and has grown to become the leading lender within its chosen sector of the UK financial services market. Marsh is an independent, privately owned and well-capitalised finance company.

You have decided you would like a new car, yet you know that your credit is not the best. You could have been unlucky; you could have just missed a few payments in error; whatever the reason; you are playing at a disadvantage when it comes to finance. But do not worry; all is not lost. You can still get car finance with bad credit.

Can I Apply for Car finance with Bad Credit? The answer is YES. Despite having bad credit, you can apply for Car Finance Online. You would apply by entering your details using the Car Finance application form. It is simple, easy to do and you will usually get you a decision on your application within hours of applying.

The only difference between applying for finance with good credit compared to bad credit is likely going to be the rate you are offered from the lender. Those with bad credit will get a lesser rate, which ultimately means over the duration of the loan they would pay more monies back. The decision is based on the lenders due diligence that is usually rate for risk. The lender needs to be sure you will pay back the monies and if you have bad credit on paper, they will believe you are less likely. This is something not to take personally, but to take professionally.

You may have bad credit now however there is nothing stopping you from having good credit in the future. You are in control of your score; and if you make your payments; whatever they are, on time and in full, your credit score will improve. For example; you could get a car on finance with bad credit; pay the loan off over a period of time and then presuming you have made all your payments on time by the time you come out of the loan its likely you will have good credit. Which means; when you apply for finance on the next car you purchase you will be offered a much better rate. The future of your credit score is yours to determine.

Really, bad credit car finance is just a loan for consumers who have a poor credit history. When it comes to finance; the most popular choice for clients that have bad credit is Hire Purchase (HP.) Hire Purchase is a straightforward popular finance option where you pay a certain amount each month over a duration of usually 5 years (60 months.) For more information on HP; check out our information packed blog post: Buying a Car Through Hire Purchase: HP Explained by clicking to: https://carfinancedeals.com/blog/78/buying-a-car-through-hire-purchase-hp-explained

If you have a poor credit rating it can be difficult to get an approval for car finance. You do have options though as here at Car Finance Deals although we deal with the prime end of the finance market, we are also a specialist in the subprime car finance market. This is especially for customers who have bad credit. So if you are to be approved with bad credit anywhere online, you have a great chance of being approved with us. Even if you are unsuccessful applying on your own; there is always a chance to get finance via a joint application. This is another option we can offer. We really will try to do everything we can to get you finance even if you have a poor credit history.

At this point you are probably wondering about any other ways to improve your credit score. Well wonder no more! We have also done an extensive article on this; How to Improve your Credit Score: Bust Myths and Improve your Rating: https://carfinancedeals.com/blog/104/how-to-improve-your-credit-score-bust-myths–improve-your-rating

The page is packed with helpful tips on improving your score. If you follow the advice; your score will not improve overnight however it will be updated at a minimum every month. Pay close attention to this article if you want to make sure when you apply you will get approved or even better – you get approved with a very good rate from lenders.

By now you understand you can apply for finance with bad credit. You also know how to improve your credit score and its highly likely you will end up getting a car loan on HP if you are approved. Long term, you can improve your credit score yourself. However right now, you just might want a car no matter what. If this is the case, it is time for you to apply for car finance online.

So, how do we apply for finance with bad credit? Simply head over to our website application page here: https://carfinancedeals.com/apply

You will be presented with a screen that will look similar to this image below;

Choose how much you want to borrow and what type of vehicle you would like. Then answer all the questions following this screen. Hopefully within a few hours you will have an answer, where you will either be approved or declined. If approved, which we of course hope; then you will be offered a financial package from the lender. At this point, one of our dedicated account managers will help you through your journey.

If you are declined; do not be down. You know where you stand with lenders and it is up to you to improve your credit score so that next time you apply you will get approved. You can do this. You just need to be disciplined. Make sure you pay everything on time. Yes, this will not help you right now; however, you need to build today for a brighter tomorrow. For now, find an alternative solution to your transport issue. As I have mentioned earlier in this post; your credit score is updated monthly so you can always apply next month. Every month you make your payments on time; your score will increase. Keep this up and its only a matter of time before you are approved. Good luck!

You have made the decision to buy a new car. You have also decided that you would rather finance the vehicle rather than spending your hard-earned money on buying the vehicle out right. Or maybe you do not have the funds to do so. Either way, you are left wondering Can I apply for Car Finance Online?

The answer in brief, is simply YES. Yes, you can apply for Car Finance Online. You can do this quickly and easily by filling in your details using our Car Finance application form. It will take you a matter of minutes and we aim to get you an answer on your application the very same day.

To break things down and make things as easy as possible for you. I have noted below a simple 4 stage process that you can follow to apply for Car Finance online.

1. Apply for Car Finance.
2. Receive a decision from the lender.
3. If Approved, you can now Choose your Car.
4. Enjoy your new Car.

Let us look at each stage a little more in depth;

Apply for Car Finance
Easy. Just head to the Car Finance Deals application page. To reach this page click to: https://carfinancedeals.com/apply

The application process has been made so that it’s easy for you to navigate. It is also optimised for mobile devices. Once you have navigated through the application form you will reach a screen that advises you that we will be in touch with you with a decision.

Receive a decision from the Finance lender
Your application will be sent to various finance lenders. If one of them approves your application, then we will contact you and advise you of this decision. This of course is excellent news and the first major step and likely the largest hurdle that you will need to overcome to obtain finance. The lender will offer you a finance package that usually will be between 36-60 months in length; will be of a certain maximum lend value and they will offer you a flat rate and/or APR rate that they will use to determine how much you will be paying back per month depending on how much you would like to borrow.

If Approved, you can now Choose your Car.
So at this stage you will know the finance package you are being offered. This is the most exciting part, where you can go out and choose your car. Or you can use the helpful staff here at Car Finance Deals to find a car for you. If you would like us to search for a car for you, we will ask a certain amount of questions that will help us to determine what you would like. These questions will include (but not be limited to)

What make/model of vehicle were you looking for?
Have you any colour preferences?
Do you want an automatic or manual? (or do not mind)
Do you want a petrol or diesel? (or do not mind)
What budget would you feel comfortable spending? (per month) – in general the more you spend the newer vehicle with less mileage.
…. and anything else you feel will be relevant to you.

Answering these questions will help us to find you a suitable car. On the other hand, if you want to search for a car yourself this is fine. We can give you advice on how to do this. We work with 99% of all garages in the UK so in general we can finance a car from any dealer if they are reputable and licensed by the FCA.

Enjoy your new Car.
Of course the best part. You get to drive away in your new car. Because you have navigated through the application and you have been successful you now get to the most magical part. You have applied for Car Finance only. You have been approved. You have found your ideal vehicle. Now time to drive it. Show your friends and your family. Most importantly be pleased with yourself; drive safe, take care, and make sure you make the monthly payments on time!

What if I have been Declined?
There will be moments in most people’s lives where they will be declined for finance, for whatever reason. This is disappointing sure; but the good news is that you can turn a decline into an approval over time. You can do something about your credit score. When the lenders receive your application, they will consider it based on your credit report and/or credit score. They will check to see if you have any missed or late payments. These will damage your score. So, it’s very important, even if you are declined for Car Finance, to know that only you have the ability to improve your score. You must try to not live beyond your means and always, always make your payments on time. In the long run, with an improved credit score you will also gain the benefit of being approved by multiple lenders and thus being offered even better finance packages with less monies to pay back.

How do I improve my Credit Score?
I am glad you asked! We have written a complete article on how to do this. Its packed full of excellent information that will help you turn your decline into a future approval. To view it please click here.

So to wrap up; Yes, you can apply for Car Finance online. Yes, you can buy a new car online and Yes you can do everything from the comfort of your own home. Some dealers even deliver the car for you! Afterall, everyone loves to get a great Car Finance Deal. That is why here; at Car Finance Deals we do everything we can to make your experience; from application through to driving away your new car – as easy as possible. When you apply for Car Finance with us, you get a dedicated manager who will help you at every stage of the process and answer any questions you may have. We pride ourselves on giving a customer centric experience so do not delay; apply for Car Finance online with us today.

We are asked this question so often we have decided to write an article on it. Customers want to know is it hard to get accepted for car finance; and if they have a poor credit score can they still be accepted for a car loan. Bad Credit Car Finance – does it exist? Is finance out of reach for me?

In general, you don’t need a good credit history to be offered car finance. Your credit history will determine what offer you are given. Experian have recently advised that nearly 20% of there customers that have accepted car finance offers have credit scores below 600. Obviously; those with an extremely poor credit history will not be offered finance.

What credit checks are done for Car Finance?
Finance companies will not want to offer money out to just anyone. Imagine if you were lending your own money out; you would want to be positive that you will get the sum returned right? For this reason; your credit score will be checked by finance companies. They will look at your credit history so they can evaluate how likely you are to repay the car loan you are about to take out.

It is up to the lender what credit checks they carry out for their due diligence. They could use a third-party service; such as Experian or Equifax. Or they could use have their own internal credit scores; which can be based on various sources of information including your credit report. A good credit report is not the sole factor but will play a strong part in your chances of getting a loan.

Your credit report is useful for lenders because it shows them how consistent you are when repaying your debts in the past. It will show missed payment or defaults. If you have these, they will think you are less likely to repay a new loan than someone that pays for everything on time. Makes sense, right? Also, if you already have many loans and are near to your credit limit, this may suggest that you cannot afford to take on another loan.

My credit history is poor? What next?
If you have applied and been declined; all is not lost. The decision to decline you would have been made by the finance lenders. Just because you were declined; doesn’t mean that you will be in future. There are several ways you can improve your credit score; one of which is by paying your bills on time.  Paying on time is a great way to prove to lenders that you’re capable of managing finances effectively.

More ways to improve your credit score can be found on our blog article: https://www.carfinancedeals.com/blog/104/how-to-improve-your-credit-score-bust-myths–improve-your-rating

The good news is that your credit report doesn’t stay the same from the moment you first get one. It’s a constantly changing record that reflects if and how you use credit throughout your life. It updates every 30 days. If you pay everything on time; within 3 months you should have improved your score enough to re-apply and hopefully, this time get finance approved.

We are often asked from our customers; “can you get us a cheap car finance deal with no deposit” in short the answer is; give us a try and apply.

When looking for a Cheap Car Finance Deal with no deposit – it is important to understand; Yes – it is possible that it can be achieved; but no matter which company you apply with; ultimately the best deals will be given to the customers who have the best credit score.

I have already wrote about how to improve your credit score in a previous article; so please click here to view this. I therefore wont spend time covering this on this article but instead focus on some commonly asked questions. That said; please do view the article as it is packed full of useful information.

Firstly; if you are looking for no deposit car leasing with free insurance; please note we currently only offer hire purchase and lease purchase solutions. If this changes in the future we will update the site accordingly. We have also wrote a good in-depth article on hire purchase; please click here to view this. It covers all the pros, cons and ultimately the benefits of HP and explains why this is the most popular form of car finance.

We do offer Cars on finance with no deposit. We do offer much more than just cars; although these are most popular. We also offer finance for motorbikes, caravans, camper vans; and other vehicles; even quad bikes. We have a Car Finance Calculator that allows you to set your budget to see examples of how much per month you will be asked to pay depending on how much you are willing to put down.

We offer car finance deals with no deposit for customers that have bad credit. So yes; we offer bad credit car finance however if your credit score is currently poor you will not receive as a competitive rate as we would like to offer you. It is important to be realistic with your current situation and improve your credit score so that in the future you will be offered more attractive car finance deals.

Car Finance Deals is one of the leading car finance companies online with a host of quality lenders. We are FCA regulated and aim to get you the best possible vehicle we can on finance with £0 deposit. Whether you want a automatic car on finance or a manual car; we will view the whole of the UK market for you to get you the best offer we can. We also provide our customers with finance options such as used cars with no deposit near me; or should i say near where you live. We can search from a radius of 5 miles from your house to a national search of over 100 miles to get you the best offer we can; depending on how far you are willing to travel. Also worth mentioning; we may also be able to offer a delivery service so you do not have to travel at all to collect your car.

If you are looking for low interest car loans or just in general; the best car loans on offer in the UK right now; give us a try. Apply by clicking here.

I am going to cut to the chase as fast as i can with this article and offer advice on how to improve your score and bust myths so you can completely focus on getting a better rating. But first, just to cover all bases i will explain what a credit score is and where to check your current score.

Improving your credit score (also known as a credit rating) is important because it will affect your ability to borrow money or access products such as loans. Furthermore; the better your credit score, the more lenders will be attracted to offering you a loan, and thus in this case the better deal Car Finance Deals can offer you.

What is your Credit Score?
Your credit score is created from information held in your credit file. Your credit file is a record that shows how responsible you are with your repayment of debts. And then your score comes from this file as a numerical expression based on a level analysis of your credit file; to represent the creditworthiness of you.

Why is your Credit Score important?
The information held on your credit file will be used to decide whether the finance company will lend to you. Going further, even if you are approved, a poor score will result in less money the lender will borrow you and more interest they will charge, as they will see you as a greater risk. This is why it is absolutely so important you should never miss any debt payments. It can have a dramatic affect on your earnings in the long-term. The most recent information on your credit file will have the most impact, as lenders will be interested in your current financial situation. That said; your file will have at least six years of your previous activity on record. We would advise you to check your report often, because if can help you spot any mistakes on your file and to spot any fraudulent activity which maybe harming your ability to lend.

How do i check my credit score?
You can check your credit score by using many credit agencies, some are paid for services and some are free. You can request full details of your credit file or simply get your score online. Four of the most popular websites in the UK are listed below. Click on each to go directly to those websites:

Equifax: https://www.equifax.co.uk/
Experian: https://www.experian.co.uk/
ClearScore: https://www.clearscore.com/
Noddle: https://www.noddle.co.uk/

What you will see in your Credit File
In general your file will include;
Name, address and date of birth.
How much money you owe to lenders.
Any late/missed payments or defaults.
Any CCJs (County Court Judgements) against you that are not paid in full within one month of receiving the notice.
If you are entered into an IVA (Individual Voluntary Arrangement) or have been declared bankrupt.

Busting Credit File Myths
There is no such thing as a blacklist or uniform credit rating.
Your score is not actually on your credit file, this is because the score varies depending on which credit agency you are checking your file with.
It is important to understand what lenders know and dont know about you; so you can make sure you have the best credit file possible;

What lenders know (data shared on your credit file)
Past dealings you have had with the lender
Electoral roll information
Court records
Search, address and linked data
Bank Account(s) data
Some history from utility providers
Fraud data
and the application form (in this case, the one you use when applying for Car Finance: https://www.carfinancedeals.com/apply)

What lenders don’t know (data not shared on your credit file)
Student loans
Council tax arrears
Parking or driving fines
PPI, CPP, bank charges and other reclaims
Race, religion, ethnicity
Salary
Savings accounts
Medical History
Criminal Record
Child Support Agency payments

How to improve your Credit Score
Make your payments on time. Never miss or be late on any credit repayments.
Use a credit card little and often.
Pay for your insurance(s) yearly rather than monthly.
Register to vote or it’s much harder to get credit.
Don’t withdraw cash on credit cards.
Don’t let your partner or flatmates score damage yours. Keep your finances separate.
Stay away from Payday loans; they can kill applications.
Never pay for a credit repair company.
Avoid making multiple credit applications in a short space of time.
Cancel unused credit and store cards.
Fix mistakes on your report.
Reduce your debts with savings, doing this can save you more money in the long run.

How long it will take to improve your Score?
It depends on a number of things, but you should know it won’t happen overnight. Credit history is built up slowly over time as you increase the number of on-time payments you make. So keep making those payments on-time and you will ultimately get access to more offers; higher credit limits and lower interest rates.