At the beginning of 2018, it was revealed that prospective vehicle buyers are often afraid of checking their eligibility for car finance. This is because most car finance companies need to perform a credit check at the first stage of the buying process to confirm a buyer’s financial health. Customers are concerned that having multiple car finance companies run a credit check whilst they are comparing options will facilitate changes in their ratings. A negative score brought about by multiple checks can determine your interest rates and make it more difficult to secure credit in the future.
It was suggested that car finance companies should adopt a ‘soft search’ solution that allows customers to find where they can get the best car finance deal without the need to go through a credit check. At Accept Car Finance, we only do an initial ‘Soft search’ as we know most people are concerned about the foot print left during these checks. In the meantime, however, there are a number of customers can tell what kind of deal they are likely to get for car finance. This can give you an idea of how much you could be able to spend, and what vehicles are within your budget.
You do not have to rely on car finance companies to check your credit for you; this is something that customers can easily perform themselves. All you need in order to check your credit history is a laptop, an email address and an internet connection. Experian, for instance, allows you to check in on a rough estimate of your credit score every 30 days. It gives you an idea of what car finance lenders will see when you apply for finance. If there are no issues and you have an excellent credit history, you should be offered a good finance option. If there are issues, you may need to look at urgent ways of improving your credit score.
There are some immediate steps that customers can take to improve their credit score and thereby secure a better car finance deal. Outstanding debts should be paid off instantly, for instance, and you should join the electoral roll if you have not done so already. You may also wish to speak to your bank to increase your credit limit and ensure there are no errors on your credit report that may be hindering it.
Accept car Finance can arrange upto 7 years car finance deals, find and fund your dream car today. Apply Now and you could have your new car in as little as 24 hours once finance has been approved.